中金：稳定币自身的潜在风险会影响金融市场的稳定

Core Viewpoint - The potential risks associated with stablecoins can impact the stability of financial markets, including liquidity risks, financial disintermediation, and price volatility linked to market dynamics [1] Group 1: Liquidity Risks - Stablecoins are issued by private entities, and their stability relies on the quality and transparency of their reserve assets. Insufficient reserve mechanisms or declining asset quality can lead to a trust crisis, causing a run on stablecoins and subsequent asset sell-offs, which may indirectly affect the stability of the traditional financial system and trigger broader liquidity risks [1] Group 2: Financial Disintermediation - Stablecoins may divert business from traditional banking services such as deposits, loans, and remittances. In high-inflation countries, residents may prefer holding stablecoins over bank deposits. Additionally, stablecoins facilitate cross-border payments that bypass traditional banking systems. The further development of decentralized finance could exacerbate the loss of business for traditional financial institutions, leading to financial disintermediation [1] Group 3: Price Volatility and Market Linkage - There is a high correlation between stablecoins and the cryptocurrency market. The boundaries between cryptocurrencies and traditional stocks are becoming increasingly blurred, evidenced by the emergence of crypto assets in traditional financial markets (e.g., listings of companies like Circle) and traditional financial institutions entering the crypto space (e.g., offering crypto trading services, issuing tokenized stock products). This trend enhances the price transmission and linkage effects between the entire crypto asset market and traditional financial markets [1]