Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - Stablecoins are private currencies pegged to fiat currencies, with US dollar stablecoins dominating the market due to their liquidity and established network effects [1][4] - The demand for stablecoins is driven by their utility in facilitating cross-border payments and trading in cryptocurrencies, despite their lack of interest income [1][12] - The report highlights the potential for stablecoins to lower transaction costs in cross-border payments compared to traditional banking systems, although they face competition from existing digital payment platforms [12][14] - The growth of US dollar stablecoins is linked to the dollar's status as the world's primary reserve currency, which provides a competitive advantage over other currencies [22][24] Summary by Sections Macroeconomic Perspective - The report discusses the economic implications of stablecoins, particularly US dollar stablecoins, and their role in the international monetary system [1][3] - It emphasizes the need for regulatory frameworks to address the challenges posed by the rapid development of stablecoins and digital assets [3][36] What are Stablecoins? - Stablecoins are defined as cryptocurrencies designed to maintain a stable value by being pegged to specific assets, primarily high liquidity assets like the US dollar [4][8] - The report focuses on US dollar stablecoins, which account for over 90% of the total stablecoin market capitalization [4][5] Cost Reduction Potential - Stablecoins can reduce transaction costs in cross-border payments due to their digital nature and competitive market structure [12][14] - However, they do not inherently lower costs associated with currency exchange between different fiat currencies [15] Supply Elasticity and Demand - The supply of stablecoins is highly elastic, primarily driven by demand, as issuers earn income from the interest rate differential between their assets and liabilities [17][21] - The report notes that the market capitalization of US dollar stablecoins has surged from billions in 2020 to over $220 billion by early 2025, driven by rising short-term interest rates [17][18] Future Development Potential - The report suggests that the growth potential of stablecoins is closely tied to the dollar's international currency status and their ability to serve as a medium of exchange in cross-border transactions [22][25] - It also highlights the risks associated with stablecoins, including their reliance on private institutions and potential vulnerabilities in their operational mechanisms [26][28] Policy Implications - The report concludes with policy recommendations, emphasizing the need for regulatory oversight to balance the private profit motives of stablecoin issuers with the public good of a stable payment system [34][36]
中金：稳定币的经济学分析