王永利：美元稳定币依然存在着很多挑战，并不是全部都是真理

Core Viewpoint - The issuance of USD stablecoins requires sufficient reserves, which should consist solely of cash deposits in USD and short-term U.S. Treasury securities or central bank-backed repurchase money market funds, with U.S. Treasuries being the largest component [1] Group 1 - The necessity of having adequate reserves for USD stablecoin issuance is emphasized, highlighting that reserves must be in the form of cash deposits and short-term U.S. Treasury securities [1] - A challenge arises from the potential market price fluctuations of U.S. Treasuries, which could lead to insufficient reserves even if they are initially 100% backed [1]