Group 1 - The core argument is that the legalization of stablecoins does not guarantee their acceptance or success in all payment scenarios, as they are not legal tender and have specific application contexts [1][2][7] - The recent legislation in the US, Hong Kong, and the EU aims to regulate stablecoins, but existing stablecoins may not comply with the new rules, necessitating a transition period for issuers [2][4] - Stablecoins are primarily seen as payment intermediaries rather than currencies themselves, and their use is contingent on the existence of a transaction need [2][7] Group 2 - The article outlines four potential strategies for stablecoins post-legalization: maintaining existing markets while exploring new ones, reducing gray areas, integrating mainstream transactions on-chain, and identifying unique payment scenarios [8][10] - Current stablecoin applications are categorized into four types: virtual world payments, cross-border transactions to evade sanctions, usage in countries with unstable currencies, and illegal activities [8][9][10] - The main challenge for stablecoins in mainstream payment scenarios is that they do not offer advantages over legal tender in environments where the latter is readily available [10][11][13] Group 3 - Retail payment scenarios for stablecoins include general retail transactions and merchant-issued stablecoins, which face limitations in acceptance across different platforms [12][11] - In domestic and cross-border trade payments, stablecoins have not demonstrated significant advantages, as traditional currencies remain the preferred method for transactions [13][14] - The potential for stablecoins to serve as a transitional tool for companies navigating foreign exchange regulations is highlighted, particularly for businesses operating in multiple jurisdictions [15][16] Group 4 - The article discusses the concept of tokenized financial instruments, such as bills of exchange, which may be more appealing than stablecoins due to their dual function of payment and financing [19][20] - The idea of deposit tokenization is presented as a more advantageous alternative to stablecoins, as it directly links to bank deposits and offers seamless integration with existing banking systems [20] - The regulatory landscape in the US is characterized by a balance between maintaining financial order and allowing space for innovation in the cryptocurrency sector [21][22]
刘晓春：稳定币合法化后有哪些发展路径
3 6 Ke·2025-09-10 10:47