稳定币将给传统金融体系带来多重影响

Core Insights - The rapid development of stablecoins, which are cryptocurrencies with "pegged" attributes, is reshaping the financial landscape, with a projected global market value exceeding $250 billion by mid-2025 [2][3] Group 1: Impact on Financial Systems - Stablecoins are expected to revolutionize cross-border payment and settlement systems, offering advantages such as convenience and lower costs, which could challenge traditional banking and payment institutions [2] - The rise of stablecoins may disrupt the monetary policy transmission mechanism and financial stability by causing shifts in bank deposits and altering money velocity [3] Group 2: International Monetary Dynamics - The dominance of stablecoins, primarily pegged to the US dollar, reinforces dollar hegemony, but increased innovation in non-dollar stablecoins could challenge this status and reshape international currency competition [3] Group 3: Financial Innovation - Stablecoins are pivotal in the growth of decentralized finance (DeFi) and the tokenization of real-world assets (RWA), lowering barriers for user participation and facilitating the digital transformation of tangible assets [3] Group 4: Strategic Responses - China is encouraged to integrate digital yuan with stablecoin technology to enhance the internationalization of the yuan, exploring applications in cross-border trade and investment [5] - Traditional financial institutions should upgrade and innovate their services in response to the pressures from stablecoins, with regulatory support to foster the development of new financial products [5][6] - There is a need for a comprehensive regulatory framework for stablecoins to ensure their development is compliant and to mitigate financial risks, alongside international cooperation on regulatory standards [6]