观学院直播厅【思想者说】第11期（上）| “游击队”变成了“正规军”：稳定币的风险究竟在哪儿？

Group 1: Regulatory Developments - The U.S. has introduced three significant bills in July, including the GENIUS Act, which establishes a federal regulatory framework for stablecoins [2][4] - The GENIUS Act aims to provide oversight for stablecoins, acknowledging their existence and associated risks, rather than simply launching new stablecoins [5][8] - Hong Kong has also enacted its Stablecoin Regulation, allowing local companies to apply for licenses to issue RMB stablecoins [1][2] Group 2: Definition and Types of Stablecoins - Stablecoins are defined as digital assets pegged to fiat currencies at a 1:1 ratio, but they are not equivalent to legal tender [4][5] - There are three main types of stablecoins: fiat-backed stablecoins, asset-backed stablecoins, and algorithmic stablecoins, with the latter losing market favor due to past risks [7][8] Group 3: Risks Associated with Stablecoins - Stablecoins face three primary risks: counterparty risk due to private issuers, peg risk from potential de-pegging from fiat currencies, and systemic risk from integration with traditional financial systems [8] - The GENIUS Act requires stablecoin issuers to hold high-quality liquid assets equivalent to the amount of stablecoins issued, which could introduce systemic risks if not managed properly [8]