中金：稳定币影响初探

Core Viewpoint - The article discusses the evolving regulatory landscape for stablecoins, highlighting recent legislative developments in the US and Hong Kong, and their implications for the stablecoin market and the global monetary system [2][7]. Summary by Sections Regulatory Developments - In May 2023, the US Senate advanced the GENIUS Act, which was officially passed on June 17, establishing a regulatory framework for stablecoins [2]. - Hong Kong's Legislative Council passed the Stablecoin Ordinance on May 21, 2023, introducing a licensing system for fiat-backed stablecoin issuers, set to take effect on August 1, 2023 [2]. - The EU also enacted the MiCAR regulation in 2023, further contributing to the regulatory framework for stablecoins [2]. Characteristics and Functions of Stablecoins - Stablecoins maintain price stability by pegging to other assets, typically fiat currencies, distinguishing them from more volatile cryptocurrencies like Bitcoin [3]. - The current global stablecoin market is approximately $261.5 billion, with USDT and USDC accounting for about 85% of this total [3]. Issues Faced by Stablecoins - The stablecoin market has faced challenges, including de-pegging events and bankruptcies due to a lack of regulation [5][6]. - Notable incidents include the collapse of TerraUSD in 2022 and the bankruptcy of FTX, which have contributed to a decline in stablecoin market size [6]. Impact of Recent Legislation - The GENIUS Act introduces regulations on market access, asset backing, and disclosure requirements for stablecoin issuers, aiming to mitigate risks of de-pegging [7]. - Hong Kong's Stablecoin Ordinance also addresses licensing, reserve assets, and risk management, balancing financial stability and innovation [7]. Influence on the Global Monetary System - Stablecoins could reinforce the dollar's reserve status, as most stablecoins are dollar-pegged, facilitating cross-border payments and potentially increasing demand for dollar-denominated assets [8]. - However, the emergence of non-dollar-pegged stablecoins could challenge the dollar's dominance in the international monetary system [9]. Potential Risks and Market Impact - The growth of stablecoins may disrupt traditional banking, affecting demand for demand deposits despite regulations limiting interest payments on stablecoins [10]. - The inflow and outflow of funds into stablecoins could impact monetary policy transmission and create asset scarcity in non-bank financial institutions [10]. Affected Entities - The development of stablecoins may impact various sectors, including bank IT service providers, telecom operators, cryptocurrency exchanges, and financial institutions facilitating stablecoin transactions [11].