强化虚拟货币监管，维护经济金融秩序稳定

Core Viewpoint - The central theme of the articles is the Chinese central bank's ongoing commitment to prohibiting virtual currencies, including stablecoins, due to their potential for illegal financial activities and risks to financial stability [1][2][3] Group 1: Regulatory Actions - The central bank has convened a meeting with 13 departments to coordinate efforts against virtual currency trading and speculation, emphasizing the need to protect public financial security [1] - Stablecoins are classified as a form of virtual currency and are currently unable to meet customer identification and anti-money laundering requirements, posing risks of money laundering and fraud [1] Group 2: Market Dynamics - The market for stablecoins is expanding, with significant interest following their recognition in the U.S. as a legitimate financial instrument, despite concerns about their actual use primarily for purchasing cryptocurrencies [1][2] - The U.S. aims to leverage stablecoins to maintain the dollar's status as the world's primary reserve currency, with projections indicating that the issuance of dollar stablecoins could reach $2 trillion by the end of 2028, creating additional demand for U.S. short-term government bonds [2] Group 3: Financial Risks - The rapid growth of stablecoins could lead to significant outflows from retail bank deposits, increasing volatility in the banking sector, with estimates suggesting a potential $6.6 trillion in deposit outflows for U.S. traditional banks [2] - The largest dollar stablecoins hold substantial amounts of U.S. short-term government bonds, and a potential run on these stablecoins could trigger a sell-off of these assets, posing systemic risks to financial markets [2][3] Group 4: Speculative Environment - The instability of stablecoins is rising, highlighted by the recent decoupling of USDe, which is not backed by fiat or hard assets, leading to a dangerous leverage cycle in the market [3] - The speculative atmosphere surrounding cryptocurrencies is influenced by optimism in the U.S. stock market driven by AI, which could lead to significant sell-offs in cryptocurrency assets if concerns about an AI bubble arise [3]