一文读懂“稳定币”是否真“稳定”！

Core Viewpoint - The article discusses the rise and significance of stablecoins, particularly in the context of recent regulatory developments and market interest, highlighting their role as a bridge between fiat and cryptocurrencies [4][110]. Group 1: Background and Emergence of Stablecoins - Prior to September 4, 2017, purchasing cryptocurrencies in China was relatively easy, leading to a surge in the issuance of various altcoins, which resulted in significant financial losses for many investors [10][14]. - Following regulatory crackdowns on cryptocurrency exchanges, the concept of over-the-counter (OTC) trading emerged, allowing users to trade without direct involvement from exchanges, although this method faced issues with transaction efficiency due to price volatility [25][37]. - The introduction of "USD stablecoins" provided a solution to the inefficiencies of OTC trading, as these stablecoins are backed by fiat currency, maintaining a stable value around one dollar [57][63]. Group 2: Regulatory Landscape and Market Dynamics - The lack of regulation allowed stablecoin issuers to expand rapidly, often leading to risky practices such as using collateral for speculative investments, which raised concerns about the stability and security of these assets [78][85]. - Regulatory bodies began to take notice, leading to investigations into stablecoin issuers to ensure they maintained adequate reserves, with notable cases resulting in significant fines for mismanagement of funds [90][94]. - The recent passage of the "Hong Kong Stablecoin Regulation" reflects a growing consensus among stakeholders, including large institutions and regulatory agencies, on the need for clear legal frameworks governing stablecoins [108][112]. Group 3: Economic Implications - There are claims that USD stablecoins could help alleviate the U.S. debt crisis, as they are often backed by U.S. Treasury securities, effectively channeling investment into government debt [115][119]. - However, the scale of stablecoins relative to the total U.S. debt is minimal, with the current stablecoin market being insufficient to make a significant impact on the overall debt situation [123][124].