建信基金：全球热议的“稳定币”会替代主权货币吗？

Group 1: Core Insights - The article discusses the recent developments in the stablecoin market, highlighting the implementation of the Hong Kong Stablecoin Regulation and the passage of the GENIUS Act in the U.S. Senate, which are significant regulatory frameworks for stablecoins [1][15]. Group 2: What are Stablecoins? - Stablecoins are defined as blockchain-based cryptocurrencies issued by private entities, pegged to real-world assets, serving as a bridge between digital and traditional assets, offering stability in value compared to other volatile cryptocurrencies [2][4]. Group 3: Mechanism and Participants - The operation of stablecoins involves several key participants: issuers (convert fiat to tokens), exchanges (provide trading support), custodians (store reserve assets), payment channels (wallets for transactions), blockchain networks (underlying technology), and economic agents (offer interfaces and trading services) [4]. Group 4: Types of Stablecoins - There are four main types of stablecoins: fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic stablecoins. Fiat-collateralized stablecoins, like USDC, are particularly favored for their price stability, with USDT and USDC holding 60% and 23% market shares respectively [7][8]. Group 5: Significance of Stablecoins - Stablecoins enhance payment efficiency by simplifying cross-border transactions, reducing fees, and operating 24/7, thus improving overall transaction speed and cost-effectiveness [9]. - They serve as foundational assets in decentralized finance (DeFi) lending markets, allowing users to earn predictable interest returns, with USDT offering annual yields up to 8% [10]. - Stablecoins are positioned to facilitate asset tokenization, lowering investment barriers and streamlining processes for investors [10]. Group 6: Market Size and Growth - The stablecoin market has seen rapid growth since 2020, with a trading volume of $27.6 trillion in 2024, surpassing the combined transaction volume of Visa and Mastercard. As of May this year, the total market capitalization of stablecoins reached $250 billion, a staggering 11-fold increase over five years. Projections suggest the market could expand to $1.6-3.7 trillion by 2030 [13]. Group 7: Legislative Developments - Recent legislative advancements include the U.S. Senate's approval of the GENIUS Act, establishing regulatory guidelines for dollar-pegged stablecoins, and the enactment of Hong Kong's Stablecoin Regulation, marking a comprehensive regulatory framework for fiat-backed stablecoins [15][16].