王永利：稳定币立法可能会严重反噬稳定币

Core Viewpoint - The legislation surrounding stablecoins may have adverse effects on their development, potentially limiting participation from licensed financial institutions and creating opportunities for non-financial entities like Tesla [3][5]. Group 1: Stablecoin Legislation - The lack of clear legal status for stablecoins and the associated crypto assets makes it difficult for banks and licensed institutions to engage in this market [3][5]. - Once stablecoins are recognized as legal, financial institutions such as banks, securities firms, and funds will aggressively compete for market share [3][5]. Group 2: Market Dynamics - Recent trends indicate a shift towards tokenization of deposits and rapid on-chain integration of real-world assets (RWA) like stocks, bonds, and ETFs, driven by licensed financial institutions rather than non-licensed entities [3][5]. - The regulatory framework for financial institutions is more robust compared to that of non-licensed issuers, which could significantly alter the competitive landscape if these institutions adopt blockchain technology [3][5].