【计算机】意在重构全球支付体系，稳定币或将成为人民币国际化的链上支点——稳定币专题报告之一（刘凯/白玥）

Core Viewpoint - Stablecoins are positioned as "digital cash" in the blockchain era, providing price stability through pegging to fiat currencies, commodities, or other assets, with applications in cryptocurrency trading, cross-border payments, and RWA transactions [2] Group 1: Market Overview - As of June 26, 2025, the total market capitalization of stablecoins is approximately $252.6 billion, with USDT and USDC together accounting for 87% of this total, valued at $157.9 billion and $61.4 billion respectively [3] Group 2: Profit Models - The profit model for fiat-collateralized stablecoins primarily relies on the management of reserve asset returns. Tether's reserves allocate 80% to cash or cash-like assets (mostly U.S. Treasury bonds) and 20% to Bitcoin and gold, while Circle's reserves consist of about 10% cash and 90% in short-term U.S. Treasury bonds or repurchase agreements. In 2024, Tether and Circle achieved net profits of $13 billion and $156 million respectively [4] Group 3: Regulatory Developments - Significant legislation has been passed, propelling stablecoins into a compliance-driven development phase. The U.S. "GENIUS Act" establishes a strict regulatory framework for stablecoin issuance, including issuer limitations and reserve asset requirements, and was passed in the Senate with a vote of 68 to 30 on June 17, 2025. Additionally, Hong Kong's Legislative Council passed the "Stablecoin Ordinance" requiring institutions issuing or promoting HKD stablecoins to obtain licenses with stringent standards [5] Group 4: Strategic Roles in Finance - The core of the "GENIUS Act" mandates that stablecoins must be 100% backed by U.S. dollar cash or high liquidity assets like short-term U.S. Treasury bonds, and issued by licensed entities. This creates a structural demand for U.S. Treasuries, shifting the holders from sovereign entities to ordinary users. In contrast, Hong Kong's regulations emphasize stablecoins as payment tools, contributing to the internationalization of the Renminbi, which has seen a notable increase in its share within the SWIFT cross-border settlement system and foreign exchange reserves [6]