21社论丨强化虚拟货币监管，维护经济金融秩序稳定

Core Viewpoint - The central theme of the articles is the Chinese government's continued strict stance against virtual currencies, including stablecoins, emphasizing the need to combat illegal financial activities associated with them and protect citizens' financial security [1][3]. Group 1: Regulatory Actions and Implications - The People's Bank of China has reiterated its commitment to prohibiting virtual currencies and will continue to crack down on illegal financial activities related to them [1]. - Stablecoins are classified as a form of virtual currency and are currently unable to meet requirements for customer identity verification and anti-money laundering, posing risks of being used for illegal activities such as money laundering and fraud [1][2]. - The international financial community is increasingly recognizing the systemic risks posed by stablecoins, particularly in the context of the U.S. using them to reinforce the dollar's global dominance [2]. Group 2: Market Dynamics and Risks - The market for stablecoins is expanding rapidly, with projections indicating that by the end of 2028, the issuance of dollar stablecoins could reach $2 trillion, creating an additional $1.6 trillion demand for U.S. short-term government bonds [2]. - The significant growth in stablecoin supply may lead to outflows from retail bank deposits, putting pressure on banks and potentially resulting in a $6.6 trillion deposit diversion in the U.S. banking sector [2]. - The largest dollar stablecoins hold substantial amounts of U.S. short-term government bonds, and a potential run on these stablecoins could trigger a sell-off of these assets, leading to broader financial market risks [2]. Group 3: Market Sentiment and Speculation - The instability of stablecoins is increasing, as evidenced by the recent significant de-pegging of USDe, which is not backed by fiat or hard assets but rather by users collateralizing their crypto assets [3]. - Speculative activities in the cryptocurrency market are being fueled by optimism in the U.S. stock market driven by AI advancements, creating a dual risk where concerns over an AI bubble could lead to a sell-off in crypto assets [3]. - The interconnectedness of AI infrastructure financing and cryptocurrency speculation presents substantial financial risks, particularly in a volatile market environment [3].