秩序重构下的新旧资产系列1：稳定币：资本新焦点

Group 1: Overview of Stablecoins - Stablecoins are blockchain-based digital currencies designed to maintain a stable value, primarily used as a medium of exchange in the cryptocurrency market[2] - Since 2014, stablecoins have evolved through exploration, diversification, and regulatory improvements, with major economies like the EU, Singapore, and the US advancing legislation[2] - The US stablecoin market may increase demand for the dollar but cannot reverse the trend of de-dollarization[2] Group 2: Types and Mechanisms - Stablecoins can be categorized into four types: fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic[5] - Fiat-collateralized stablecoins, like USDT and USDC, maintain stability by being backed 1:1 by fiat reserves, primarily the US dollar[21] - Algorithmic stablecoins, such as UST, rely on market mechanisms to maintain their value but are subject to significant risks, as seen in the UST collapse[6] Group 3: Market Trends and Future Outlook - The stablecoin market has seen rapid growth, with USDT and USDC having market capitalizations of $155.5 billion and $61.6 billion, respectively, as of June 2025[21] - Regulatory frameworks for stablecoins are being developed globally, with the US focusing on enhancing national credit backing for stablecoins[7] - Future trends may include accelerated legislative progress for stablecoins, increased use in real-world asset transactions, and potential competition with Central Bank Digital Currencies (CBDCs)[7]