Core Viewpoint - The article discusses the rise of stablecoins as a significant market phenomenon, particularly following the U.S. Senate's passage of the GENIUS Act, which legitimizes the stablecoin industry and pushes it towards regulatory compliance [3][4][5]. Group 1: Stablecoin Market Dynamics - Circle's stock price surged by 750% within 12 trading days, reaching nearly $299, with a market capitalization approaching $60 billion, reflecting strong market sentiment towards stablecoins [3]. - Stablecoins are defined as cryptocurrencies pegged to fiat currencies or other assets, aiming for price stability, thus enhancing liquidity and security in transactions [4]. - The U.S. government has historically been cautious about regulating blockchain and cryptocurrencies due to concerns over the potential disruption of the existing financial system and its global dominance [5][6]. Group 2: U.S. Economic Pressures - The U.S. faces significant challenges, including a diminishing technological edge over countries like China, a hollowed-out manufacturing sector, and soaring national debt, which has surpassed $36 trillion [6][7]. - There is a notable shift of capital away from the dollar system, with funds moving towards more volatile assets like Bitcoin, indicating a loss of confidence in traditional U.S. financial instruments [8][9]. Group 3: Stablecoin as a Strategic Tool - Stablecoins are viewed as a crucial tool for the U.S. to maintain its financial hegemony in the digital age, allowing for the re-establishment of liquidity in the dollar asset pool [11][12]. - The GENIUS Act mandates that stablecoins must be backed 1:1 by U.S. dollars or equivalent short-term assets, aiming to ensure the stability and trust in these digital currencies [11][12]. Group 4: Limitations and Risks of Stablecoins - The total market size of stablecoins is approximately $250 billion, which is insufficient to address the structural debt issues faced by the U.S. [15][21]. - Stablecoins primarily invest in short-term U.S. Treasury securities, which do not meet the long-term funding needs of the U.S. government, highlighting a mismatch in financial requirements [16][21]. - The reliance on the dollar's credibility means that any significant depreciation of the dollar could undermine the stability of stablecoins, as their value is intrinsically linked to the dollar [18][19]. Group 5: Regulatory Concerns - There are concerns that if stablecoins are misused, they could exacerbate the existing credit risks associated with the dollar, particularly if regulations are loosened [20][21]. - The current regulatory framework prohibits the use of U.S. Treasuries as collateral for stablecoin issuance, which helps maintain the integrity of the dollar's credit [20].
特朗普的最后一搏