专家观点 | 稳定币本质上仍属于虚拟货币

Core Insights - The recent passage of the "Genius Act" in the U.S. and the implementation of the "Hong Kong Stablecoin Ordinance" highlight a global focus on stablecoins as tools to reinforce the dominance of the U.S. dollar and establish regulatory frameworks for their development [1][2]. Group 1: Regulatory Developments - The "Genius Act" mandates that stablecoin issuers maintain a 1:1 reserve ratio with high liquidity assets like U.S. dollars or short-term U.S. Treasury securities [2]. - The "Hong Kong Stablecoin Ordinance" establishes a licensing system for stablecoin issuers, granting legal status to compliant stablecoins [1][2]. - Hong Kong's Financial Authority emphasizes the need to mitigate speculative trends and financial risks associated with stablecoins, indicating that the market is still in its early stages [1][3]. Group 2: Characteristics of Stablecoins - Stablecoins are not considered legal tender and do not fully possess the basic functions of currency, relying on the value of the fiat currency they are pegged to [2][3]. - The creditworthiness of stablecoins is heavily dependent on the issuing entity's management efficiency and the underlying assets, which may expose them to market volatility risks [3][4]. Group 3: Investment and Usage Limitations - Stablecoins are primarily designed as payment tools, with legal frameworks prohibiting interest payments to holders, limiting potential returns to price arbitrage or transaction convenience [4][5]. - The lack of a stablecoin investment market restricts holders from diversifying their investments, leading to potential opportunity costs when holding excess stablecoins [5][6]. Group 4: Future Development and Innovation - The stablecoin market has surpassed $270 billion but only accounts for about 7% of the total cryptocurrency market, indicating room for growth [6][7]. - Future developments will depend on the innovation of application scenarios while ensuring compliance with financial risk management and regulatory standards [6][7]. - There is a need to explore stablecoins as collateral for financing and to create trading markets for different stablecoins to enhance liquidity and meet payment needs [7][8].