王永钦：美国终将无力向世界提供安全资产，这是中国国债的机会

Core Viewpoint - The rapid development of stablecoins may exacerbate the shortage of U.S. Treasury bonds, impacting global financial stability, and China should promote its bonds as a global safe asset to enhance the international status of the Renminbi and facilitate its internationalization [1][2][12]. Group 1: Stablecoins and Their Characteristics - Stablecoins are designed to improve upon cryptocurrencies like Bitcoin, but they fail to meet the three essential characteristics of money: singularity, elasticity, and integrity [1][8]. - The current form of stablecoins is primarily backed by sovereign currencies, particularly U.S. short-term Treasury bonds, which are similar to money market funds [1][6][7]. Group 2: Challenges and Shortages - The growth of stablecoins creates an inherent contradiction due to the shortage of global safe assets, especially U.S. Treasury bonds, leading to increased demand and higher prices for these bonds [2][9]. - This shortage is reminiscent of historical financial crises, such as the "National Banking Era" in the U.S. and the failures of shadow banking before 2008, where the scarcity of underlying safe collateral was a fundamental issue [2][10]. Group 3: Implications for China - To address the global shortage of safe assets, China should expedite the process of making its bonds a global safe asset, which would also support the internationalization of the Renminbi [2][19]. - The development of Chinese Treasury bonds is crucial for enhancing the Renminbi's status and providing a secure asset for international investors [20].