Group 1 - The core argument emphasizes that the international status of the Renminbi (RMB) determines the strategic space for China's stablecoin, rather than technology alone [1][3] - Blockchain technology is viewed as a tool that cannot create currency credit on its own; stablecoins are a digital extension of sovereign credit [1][2] - The essence of Real World Assets (RWA) is the digital representation of asset credit, not the creation of credit through tokenization [2][3] Group 2 - The article discusses the evolution of blockchain from a utopian ideal to a pragmatic tool in finance, highlighting its role in reducing trust costs and improving collaboration efficiency [4][5] - It identifies the need for a balanced blockchain architecture that combines centralized efficiency with decentralized trust [6][11] - The future of stablecoins is framed as a digital battleground for sovereign currency dominance, with the U.S. aiming to establish a "digital dollar hegemony" through regulatory frameworks [12][16] Group 3 - Stablecoins are categorized into three types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each facing unique challenges and market dynamics [12][13][14] - The article notes that the market for stablecoins is projected to grow significantly, driven by speculative trading rather than everyday payment use [15][19] - The potential for RWA to bridge the gap between real-world assets and blockchain technology is emphasized, marking a shift towards the digitization of tangible assets [21][23] Group 4 - The challenges facing RWA include legal ambiguities, cross-jurisdictional conflicts, and high compliance costs, which hinder its widespread adoption [27][28][29] - The article concludes that the integration of stablecoins and RWA is essential for the development of a sustainable Web3 economy, where both elements work together to enhance capital allocation and financial inclusivity [30][31]

Group 1 - The "Big and Beautiful" Act is projected to increase the US deficit by $3.4 trillion over the next decade, potentially resulting in 10 million Americans losing health insurance [1] - The Act extends the tax cuts from the Tax Cuts and Jobs Act and raises the US debt ceiling by $5 trillion, indicating a significant increase in government debt [1] - Fitch Ratings has downgraded the outlook for 25% of US industries to "deteriorating," which is a sign of potential economic recession [1][2] Group 2 - The "Genius Act" aims to support the US debt market by mandating stablecoin issuers to purchase short-term US Treasury bonds, creating a closed loop of "dollar-stablecoin-Treasuries" [2] - The global stablecoin market is expected to exceed $2 trillion by 2030, with a significant portion potentially backing short-term US Treasuries, which could help absorb the increased US debt [2][4] - The "Big and Beautiful" Act's strategy of increasing tariffs while reducing taxes aims to attract foreign investment and stimulate economic growth, but faces significant internal contradictions [2][3] Group 3 - The US federal debt-to-GDP ratio is expected to rise from 123% in 2024 to at least 132%, raising concerns about the sustainability of US debt [3] - The timing of tax increases and decreases creates structural contradictions, as external tax revenues have not materialized while internal tax cuts and spending increases are immediate [3] - The Act's tax cuts disproportionately benefit corporations and the wealthy, potentially exacerbating social divides and undermining economic growth [3][4]

据国际货币基金组织（IMF）统计，2024年第四季度美元在全球官方储备中的份额已降至57.8%的历史低位。在此背景下，为维持美元在全球货币体系中的 主导地位，美国试图在数字经济时代为美元寻找新的增长极，并延伸其影响力。 中国人民大学重阳金融研究院国别研究部研究员刘英在接受《每日经济新闻》记者采访时表示，稳定币存在三大结构性缺陷，无法担当货币体系的支柱角 色。稳定币缺乏主权信用背书，且不同发行方的稳定币存在信任壁垒和互操作性问题，无法保证像法币一样具有单一性。同时，发行方的资产负债表无法灵 活扩张收缩，难以承担稳定宏观经济的重任。 她同时对记者指出，稳定币的"稳定"依赖于其储备资产构成的稳健性、流动性、可靠性、透明度等，以及发行方能否在任何市场环境下确保其1:1的赎回承 诺。 编者按：随着《天才法案》（Genius Act）的签署，中国香港的《稳定币条例》即将于8月1日生效，以及欧盟委员会已于6月下旬通过《加密资产市场条 例》补充修正案，全球稳定币领域正迎来"窗口期"。《每日经济新闻》特别策划推出"祛魅稳定币"系列专访，邀请多位顶尖学者，试图穿透稳定币的"稳 定"表象，拆解其底层运行机制，展开兼具专业深度与现实 ...

Core Viewpoint - Stablecoins are emerging as an unexpected ally in reinforcing the dominance of the US dollar amidst global de-dollarization discussions, with significant implications for international finance and economic sovereignty in Europe [1][13]. Group 1: Stablecoin Market Dynamics - The total value of stablecoins in circulation has surpassed $200 billion, with monthly transaction volumes reaching several hundred billion dollars, providing a digital alternative to traditional currencies [2]. - Deutsche Bank's research indicates that stablecoins have evolved from niche tools to mainstream financial infrastructure, with the market size projected to grow from $20 billion in 2020 to $246 billion by May 2025 [6]. - The transaction volume of stablecoins has increased by 598% since 2020, with 2024 projections estimating $27.6 trillion in transactions, surpassing traditional payment giants like Visa and Mastercard [8]. Group 2: European Concerns - The widespread adoption of dollar-pegged stablecoins in Europe poses a threat to the European Central Bank's ability to manage the eurozone economy, potentially undermining monetary policy effectiveness [2]. - Concerns arise regarding financial stability risks, as European businesses and households earning in euros but transacting in dollar stablecoins may face currency mismatches if the euro depreciates [2]. - The limited market share of euro-pegged stablecoins, which account for only 0.24% of the total stablecoin market, results in higher transaction costs and reduced liquidity [3]. Group 3: Regulatory Environment and Adoption - The regulatory landscape for stablecoins differs significantly between the EU and the US, with the EU's MiCA regulations imposing strict controls, while the US lacks comprehensive legislation, fostering innovation and expansion [5]. - Major companies like Visa, Shopify, Gucci, and PayPal are increasingly adopting stablecoins for transactions, indicating a shift towards mainstream acceptance [10][11]. - A Visa survey revealed that users prefer stablecoins over traditional banking due to higher yields (45%), greater efficiency (41%), and lower intervention risks (39%) [11]. Group 4: Strategic Asset and Dollar Dominance - Stablecoins are becoming strategic assets, with 83% pegged to the US dollar, and Tether being one of the largest holders of US Treasury securities [12][14]. - The demand for reserve assets is evident, with Tether's reserves projected to grow significantly, reinforcing the dollar's position in the global economy [14]. - The potential passage of the GENIUS Act could lead to a tenfold increase in stablecoin supply by 2028, further entrenching the dollar's dominance in the foreign exchange market [15].