王永利：美元稳定币依然存在着很多挑战

Core Viewpoint - The speech by Wang Yongli highlights the significant challenges facing USD stablecoins, emphasizing that not all aspects of the current regulatory framework are effective [3][6]. Group 1: Challenges of USD Stablecoins - The first challenge is related to the requirement for sufficient reserves, which must consist of cash deposits in USD and short-term U.S. Treasury securities. If the market price of these securities fluctuates, it could lead to insufficient reserves despite initial compliance [3][6]. - The second challenge involves the lack of a unified structure for reserve types among different issuers of USD stablecoins, potentially creating arbitrage opportunities. This situation contrasts with the Hong Kong dollar, which has a highly unified backing system [3][6]. - The third challenge pertains to the regulation of stablecoin issuance in decentralized finance (DeFi). If not managed properly, there is a risk of over-issuance and derivative creation, especially with non-licensed institutions involved in stablecoin issuance, leading to significant regulatory challenges [3][6].