更为深层的问题在于，这种由美国科技公司主导的稳定币体系，正在悄然构建一种新型的国际金融霸权 工具。正如经济学家朱嘉明先生曾警示的，"稳定币的结构伦理存在致命缺陷。它以'技术中立'之名， 行'金融权力集中'之实，一旦发行方滥用权限或储备不足，便可能演变为一场全球性的信用危机。"表 面上看，稳定币确实为跨境支付提供了高效便捷的解决方案；背地里，它却同样可能成为美国实施金融 制裁、收割全球虚拟资产的"灰色通道"。由于其发行、流通与清算均受控于美国企业及监管体系，一旦 地缘政治紧张升级，美国完全可以通过冻结账户、限制交易甚至操控发行量，对特定国家或地区实施精 准打击。倘若一个国家的金融体系对美元稳定币形成路径依赖，无异于在数字时代为他人敞开后门，埋 下巨大的安全隐患。 10月16日，一则消息震惊全球金融市场：PayPal旗下稳定币PYUSD的发行方Paxos，在以太坊区块链上 意外铸造了300万亿枚代币，名义价值高达300万亿美元——相当于2024年全球GDP总和的两倍以上。这 一堪称"史诗级乌龙"的事件，虽然以"误铸"的稳定币在半小时内被紧急销毁、未引发系统性危机而告一 段落，却如一面棱镜，折射出稳定币这一所谓"数 ...

Core Insights - The rise of stablecoins is a significant force driving the mainstream adoption of the digital economy, with TRON leading the way under the leadership of Sun Yuchen [1][3] - TRON has established itself as a core player in the global stablecoin settlement space, with over $82 billion in TRC20-USDT circulation [1][3] Group 1: Stablecoin Network Foundation - TRON is recognized as a "battleground" for global stablecoins, offering near-zero transaction fees, high throughput, and a large user base, making it the preferred platform for personal payments, cross-border remittances, and DeFi transactions [3][4] - Over half of the USDT circulation operates on TRON, highlighting its unique advantages in the globalization of digital dollars [3] Group 2: Capital Efficiency Breakthrough - The partnership with Everclear introduces a new solution for efficient liquidity distribution and rebalancing within the stablecoin network [3][4] - Automated clearing and cross-chain collaboration mechanisms allow TRON's large stablecoin pool to avoid friction caused by dispersed liquidity, enhancing user experiences in cross-border payments and DeFi transactions [3] Group 3: Global Payment Application - The collaboration between TRON and Everclear is particularly significant for regions reliant on USD pricing and cross-border settlements, such as Latin America, Africa, and Southeast Asia [3][4] - This efficiency improvement enhances transaction experiences for small and medium enterprises and individual users, providing reliable clearing and settlement infrastructure for cross-border e-commerce and financial institutions [3] Group 4: Blockchain Technology Value - TRON's partnership with Everclear not only achieves technological breakthroughs but also establishes new standards in financial infrastructure [4] - The upgrade in stablecoin network efficiency represents a leap in industry technology and is a key annotation for the future landscape of the digital economy [4]

Core Viewpoint - The signing of the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (also known as the "Genius Act") by President Trump marks the formal inclusion of digital assets into the national strategic framework of the U.S., amidst global concerns regarding the uncertain future of stablecoins [1][3]. Group 1: U.S. Debt Crisis and Stablecoin Legislation - The imminent U.S. debt crisis is a primary motivation for the rapid introduction of the "Genius Act," which is seen as a reaction to the challenges faced by the dollar hegemony in the wake of technological revolutions [3]. - The legislation mandates that stablecoin issuers must peg their assets to the U.S. dollar at a 1:1 ratio, effectively creating a "digital dollar colonial system" that positions stablecoins as "shadow buyers" of U.S. Treasury bonds [3]. - Tether (USDT) reportedly held nearly $120 billion in U.S. Treasury bonds in the first quarter of this year, surpassing the holdings of countries like Germany, leading to concerns about systemic risks such as "stablecoin runs" that could trigger urgent sell-offs of U.S. debt [3]. Group 2: Global Payment System and Financial Sovereignty - The "Genius Act" aims to reshape the global payment system, asserting that stablecoins can be used for cross-border payments, payroll, and energy trade settlements, directly challenging systems like China's CIPS and the EU's INSTEX [4]. - The U.S. Treasury's requirement for stablecoins to utilize smart contracts approved by the Federal Reserve reflects a "technological new cold war" mindset, which has drawn significant opposition [4]. - The act's intention to "consolidate the dollar's dominance" is criticized as a misguided approach, as it may ultimately alienate global partners and exacerbate the risks of currency substitution [4]. Group 3: The Future of Dollar Hegemony - The so-called "digital dollar revolution" is viewed as a façade for a crumbling hegemony, with the belief that the end of dollar dominance is an inevitable outcome of global cooperation and consensus-building [5]. - The historical context of U.S. financial policies suggests that attempts to reinforce dollar supremacy through such measures may be counterproductive, as evidenced by the growing movements towards digital currencies in the EU and BRICS nations [5].

Core Viewpoint - The passage of the GENIUS Act by the U.S. House of Representatives marks a significant victory for the cryptocurrency sector, providing a regulatory framework for stablecoins and other digital assets [1][3]. Group 1: Legislative Developments - The GENIUS Act was approved with a vote of 308 in favor and 122 against, with notable bipartisan support [1]. - The Senate had previously approved the same legislation in mid-June, indicating a strong momentum for stablecoin regulation [1]. - The legislation requires stablecoins to be backed by liquid assets, such as U.S. dollars or short-term treasury bills, and mandates monthly disclosure of reserve assets by issuers [4]. Group 2: Market Reactions - Following the House vote, the stock price of Circle, a stablecoin issuer, remained relatively stable, while Bitcoin experienced a minor increase from $118,500 to $119,300 [3]. - Major financial institutions like JPMorgan, Bank of America, and Visa view the legislation as a catalyst for entering the stablecoin market [5]. Group 3: Future Regulatory Framework - The House also passed the CLARITY Act, aimed at establishing a regulatory framework for cryptocurrencies, which will now be sent to the Senate for consideration [5]. - The CLARITY Act seeks to reduce the SEC's regulatory power over cryptocurrencies, transferring more authority to the Commodity Futures Trading Commission (CFTC), which has faced opposition from many Democrats [5].

Group 1 - The current status of US dollar hegemony is facing unprecedented challenges, with a significant decline in its share of global foreign exchange reserves from 71% in 1999 to 57.4% in Q1 2024, marking a historical low [4][5][6] - Emerging markets, particularly Brazil and India, are actively reducing their dollar reserves, with Brazil and China agreeing to conduct trade settlements in local currencies, indicating a shift towards de-dollarization [4][5][6] - The dollar's share in international trade settlements has also shown a slight decline, with its current share at 49.08%, while the euro and yuan are gaining ground [12][13] Group 2 - The US federal debt has surpassed $36 trillion, with a debt-to-GDP ratio of 124%-125%, the highest since World War II, raising concerns about the sustainability of dollar hegemony [16][17][19] - The US is employing unconventional debt monetization strategies, including the introduction of century bonds and inflation-linked bonds, to maintain the attractiveness of dollar assets [40][41] - The Federal Reserve's aggressive monetary policy, including a cumulative rate hike of 500 basis points since March 2022, has led to significant global financial repercussions, exacerbating the trend of de-dollarization [21][22][24] Group 3 - The "de-dollarization" process has accelerated, with over 110 countries actively participating in initiatives to reduce reliance on the dollar, particularly following geopolitical tensions such as the Ukraine crisis [27][28] - Various regions are adopting different strategies for de-dollarization, with BRICS countries establishing local currency settlement systems and Southeast Asian nations planning to reduce dollar settlements in regional trade [28][29] - The challenges to de-dollarization include the high conversion costs associated with the dollar's established network effects and the depth of the US debt market, which remains unmatched by non-US markets [29][30]

Core Insights - The emergence of stablecoins, particularly USD Coin (USDC), has raised alarms among global central banks as they begin to influence the U.S. Treasury market, indicating a shift in the underlying financial order [2][7] - The regulatory landscape for stablecoins is evolving rapidly, with the U.S. introducing the GENIUS Act, the EU implementing the MiCA regulation, and Hong Kong establishing a comprehensive regulatory framework for fiat-referenced stablecoins [2][6][9] Group 1: Stablecoin Overview - Stablecoins are categorized into four types: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), algorithmic (e.g., UST), and hybrid [2] - The total transaction volume of stablecoins reached $27.6 trillion in 2024, surpassing the annual transaction volumes of Visa and Mastercard [7] Group 2: Regulatory Developments - The U.S. GENIUS Act mandates that non-U.S. issuers must demonstrate regulatory comparability to enter the U.S. market, potentially reshaping global financial order [6] - Hong Kong has become the first major financial center in Asia to legislate stablecoin regulations, establishing a legal framework for fiat-referenced stablecoins [6][9] Group 3: Market Dynamics - The combined market capitalization of USDT and USDC exceeds $210 billion, accounting for 86% of the global stablecoin market [7] - Stablecoins are increasingly seen as a "shadow Federal Reserve," influencing U.S. Treasury yields through their high-frequency circulation and anchoring to U.S. debt [7][8] Group 4: Implications for Digital Currency - The rise of stablecoins is prompting a new monetary policy transmission mechanism that could replace traditional interbank systems [8] - Hong Kong's regulatory framework for stablecoins is viewed as a potential model for the internationalization of the digital yuan, with plans for offshore RMB stablecoin initiatives [9][10][14]

Core Viewpoint - The introduction of the GENIUS Act by the U.S. Senate represents a strategic move to reinforce the dominance of the U.S. dollar in the global financial system under the guise of innovation and regulation, effectively turning stablecoins into tools of U.S. financial hegemony [1][9]. Group 1: Stablecoin Regulation - The GENIUS Act mandates that all stablecoins must be 100% backed by U.S. dollar cash or U.S. Treasury securities, restricting the asset base and effectively tying global stablecoin issuance to U.S. debt [3][4]. - This legislation aims to prevent any potential threats to the U.S. financial system by ensuring that stablecoins cannot operate independently of U.S. financial instruments [3][4]. Group 2: Global Financial Control - The act introduces a new dimension of sanctions, requiring both domestic and foreign stablecoin issuers to register with U.S. authorities and comply with stringent regulations, thereby extending U.S. regulatory reach globally [4][6]. - The GENIUS Act is seen as a step towards a "digital Bretton Woods" system, where the U.S. seeks to control the blockchain transaction ecosystem under its regulatory framework [4][7]. Group 3: Economic Implications - Analysts predict that if stablecoin market capitalization reaches $3.7 trillion by 2030, with half allocated to U.S. debt, the U.S. could gain $1.5 to $1.75 trillion in debt financing capacity, highlighting the financial leverage the U.S. aims to achieve through stablecoins [6]. - Currently, 99% of stablecoins are pegged to the U.S. dollar, and two-thirds of cryptocurrency transactions rely on stablecoins for settlement, indicating the potential for the U.S. to manipulate global capital flows through this legislation [6][9]. Group 4: International Response - Various regions, including Hong Kong, the EU, and Singapore, are exploring localized stablecoin regulations that prioritize technical safety and user protection, contrasting with the U.S. approach of regulatory dominance [9]. - Without a unified international effort to establish a fair and decentralized global stablecoin governance mechanism, the blockchain landscape may become increasingly unequal and controlled by U.S. interests [9].

Group 1 - Stablecoins have become a focal point in the financial market, with U.S. Vice President JD Vance supporting their potential as an "economic booster" for the U.S. [4] - The U.S. Senate passed the procedural legislation for the GENIUS Act, which aims to create a regulatory framework for stablecoins, potentially making them "mainstream currency" [7][8] - Deutsche Bank predicts that the issuance of stablecoins could reach $2 trillion by the end of 2028, leading to an additional $1.6 trillion demand for U.S. short-term Treasury purchases [6][18] Group 2 - The GENIUS Act requires stablecoins to be backed by high liquidity assets, including cash and U.S. short-term Treasury securities, to ensure stability [13][14] - The act is seen as a strategy to maintain the dollar's global dominance and to find new buyers for the unprecedented U.S. national debt [15][18] - The total market capitalization of stablecoins has surged from $20 billion in 2020 to nearly $250 billion as of May 30, 2023, indicating a growth of over 1100% in about five years [10][12] Group 3 - The rise of stablecoins poses a risk of deposit outflows from traditional banks, with estimates suggesting up to $6.6 trillion could be at risk [22] - The potential for stablecoins to provide efficient payment solutions and decentralized finance (DeFi) services may weaken the deposit and lending capabilities of traditional banks, particularly community banks [25][22] - The introduction of stablecoins could disrupt the traditional payment ecosystem, impacting the economic value of established payment service providers like Visa and Mastercard [27][26]