日本三大行发行稳定币，背后暗藏美国策略，中国如何应对变局？

Core Viewpoint - Three major Japanese banks, Mitsubishi, Mitsui, and Mizuho, have launched a stablecoin, which is a digital currency tied to the value of the yen and the dollar, aimed at facilitating transactions for large corporations, with a significant potential market given their combined client base of over 300,000 companies [1] Group 1: Stablecoin Overview - The most popular stablecoins in the market are fiat-collateralized, such as USDT and USDC, which are backed by actual dollars or short-term U.S. Treasury bonds, providing a high level of security [2] - Other models include crypto-collateralized stablecoins, which require a higher collateral value in cryptocurrencies, and algorithmic stablecoins that rely on programming to maintain value, though the latter has seen failures like UST [2] Group 2: U.S. Financial Strategy - Stablecoins account for over 80% of the cryptocurrency market, acting as a hard currency and facilitating a system where users must buy U.S. debt, effectively creating a cycle that returns money to the U.S. [4] - The U.S. faces a dilemma known as the Triffin Paradox, where to maintain the dollar's status as a global reserve currency, it must circulate widely, necessitating continuous purchases of U.S. debt by foreign holders of dollars [4] Group 3: Impact on U.S. Debt and Global Finance - As confidence in U.S. debt wanes and buyers decrease, stablecoins are seen as a lifeline, with legislation like the GENIUS Act mandating that companies issuing dollar-pegged stablecoins must use user funds to purchase cash or short-term U.S. Treasury bonds [6] - This creates a new cycle where global users' investments in dollar stablecoins ultimately support U.S. debt, despite their primary interest being in the convenience of digital transactions [6] Group 4: China's Position - China is cautious about the rise of dollar stablecoins, recognizing that if they surpass the efficiency of the yuan in cross-border payments, it could hinder the internationalization of the yuan [10] - The challenge for China in creating a globally accepted yuan stablecoin is compounded by capital account restrictions and the nature of its trade surplus, which limits the yuan's global circulation [12] - Hong Kong's recent legislation on stablecoins positions it as a potential bridge for China to engage in the global stablecoin market while navigating the associated risks [12] Group 5: Public Perception and Regulatory Landscape - Public sentiment reflects skepticism towards stablecoins, with some viewing them as a means for the U.S. to leverage foreign investments to support its debt [14] - Regulatory measures are being developed to address the rapid flow of money and associated risks, indicating a growing recognition of the need for oversight in the stablecoin market [16] - Individuals are advised to be cautious and informed, focusing on reliable platforms and understanding the underlying collateral of stablecoins to avoid being misled by high returns [18]