Group 1 - The European Central Bank (ECB) is concerned about the rise of dollar-pegged stablecoins, which threaten its control over monetary policy [1][2] - The global circulation of stablecoins has reached approximately $250 billion, with the majority pegged to the US dollar [1] - The ECB warns that widespread use of dollar stablecoins in the Eurozone could weaken its control over monetary conditions [1][2] Group 2 - Stablecoins are designed to bridge the gap between crypto assets and traditional financial systems, but their anonymity raises concerns about their use in illegal activities [2] - The ECB's warning reflects a growing global concern among central banks regarding the risks associated with stablecoins [2] - The support for stablecoins by the Trump administration may further solidify the dollar's dominance globally, leading to higher financing costs for Europe compared to the US [2]

Core Viewpoint - The article discusses the rapid transformation of the international monetary system, particularly focusing on the rise of cryptocurrencies and the explosive growth of stablecoins, which pose structural challenges to the Chinese yuan and highlight the need for cautious responses from China [1][2]. Group 1: Stablecoin Market Dynamics - The total market capitalization of global stablecoins has exceeded $260 billion, a 12-fold increase from $20 billion in 2020 [2][7]. - The dominance of USD stablecoins is significant, accounting for over 85% of the market, reinforcing the USD's position as the global reserve currency [2][7]. - The U.S. Treasury Secretary has emphasized that stablecoins will enhance the global reach of the USD and increase demand for U.S. Treasury bonds, which are key reserve assets supporting stablecoins [2][7]. Group 2: China's Response to Stablecoins - The Shanghai Municipal State-owned Assets Supervision and Administration Commission has signaled a shift towards a more open attitude regarding digital currencies, contrasting with previous strict regulations against virtual currency trading [3][9]. - There is a notable divergence in opinions among experts regarding the development path of the Chinese yuan stablecoin, with some advocating for an open and proactive approach while others suggest a more cautious "offshore first" strategy [4][12]. - The potential for a yuan stablecoin to stimulate demand for the yuan is highlighted, especially given the high internal and external flow of stablecoins in the Asia-Pacific region [10]. Group 3: Regulatory Developments - The U.S. has initiated federal-level legislation for stablecoins, while Hong Kong's stablecoin regulations are set to take effect, indicating a global race surrounding stablecoin frameworks [5][6]. - The upcoming stablecoin regulations in Hong Kong will require stablecoins to be backed by 100% of the same currency's high-quality reserve assets, laying a legal foundation for offshore yuan stablecoins [13]. Group 4: Challenges and Opportunities for Yuan Stablecoin - The lack of liquidity in the offshore yuan market is a significant challenge, with current offshore yuan deposits and products only slightly above one trillion [14]. - Experts suggest that increasing the issuance of yuan government bonds in offshore markets and enhancing hedging products could improve the liquidity and usage of the yuan [14]. - The unique advantages of a yuan stablecoin include leveraging China's manufacturing leadership to integrate into global trade and payment systems, potentially reducing the dominance of the USD [11][12].

Group 1: Core Insights - The U.S. Senate passed the "GENIUS Act" establishing the first federal regulatory framework for stablecoins, reflecting a global consensus on recognizing stablecoins' legitimacy [1][2] - Major companies like Mastercard and Morgan Stanley are actively exploring stablecoin integration into their payment systems, indicating a growing recognition of stablecoins' commercial value [2][3] - Stablecoins are categorized into three main types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with distinct mechanisms and risks [3][4][5] Group 2: Market Dynamics - Fiat-collateralized stablecoins dominate the market, accounting for approximately 90% of the total stablecoin market capitalization, with USDT and USDC being the most prominent [8][9] - The use of stablecoins has expanded beyond the crypto industry, finding applications in cross-border payments, daily transactions, and as a hedge against inflation in emerging markets [10][11][15] Group 3: Regulatory Landscape - Various countries are implementing regulations to address the risks associated with stablecoins, including limitations on non-local stablecoins to protect monetary sovereignty [30][31] - The European Union's MiCA regulation categorizes stablecoins and imposes strict requirements on their issuance and operation, aiming to mitigate financial risks and enhance compliance [31][36] Group 4: Strategic Recommendations for China - China should adopt a cautious approach towards stablecoins, focusing on research and regulatory frameworks while considering the unique national context and the existing digital yuan [38][39] - Promoting offshore RMB stablecoins could enhance the internationalization of the yuan and expand its use in emerging digital scenarios [41] - Strengthening the collaboration between stablecoins and the digital yuan can leverage their complementary advantages in cross-border payments and digital asset exchanges [42]

Core Insights - The development of stablecoins, particularly dollar-pegged stablecoins, has significant implications for the global economy and financial system, as highlighted by Zhou Xiaochuan [1][3][5] - While dollar stablecoins can enhance transaction efficiency and reduce costs, they also pose risks of dollarization, which can undermine monetary policy independence and financial stability in various countries [4][6] Summary by Sections Potential Impact of Dollar Stablecoins - Dollar stablecoins are primarily based on the US dollar and can improve efficiency in transactions and remittances, especially in cross-border payments due to their fast settlement and low costs [3] - They can also facilitate the purchase of various assets, including digital and crypto assets, thereby stimulating related markets [3] Risks and Side Effects of Dollarization - Dollarization refers to the widespread use of the US dollar in economic activities instead of local currencies, which has been observed in Central America and some transitioning economies [4] - It can weaken a country's monetary policy independence as the demand for local currency decreases, limiting the central bank's ability to manage monetary policy [4] - Dollarization may lead to financial instability, exposing local financial institutions to liquidity and exchange rate risks, often adopted in extreme situations like high inflation or debt [4] Cautious Considerations for Stablecoin Development - Zhou emphasizes the need for countries to carefully assess the impact of dollarization on their economies and financial systems when considering the promotion of domestic stablecoins [5] - The widespread use of dollar stablecoins could exacerbate the dominance of the US dollar in the global economy, affecting other nations' monetary and economic policies [5] - Countries should adopt a prudent approach in advancing stablecoin development to ensure alignment with their economic interests and financial stability goals [5][6]

Core Insights - The seminar highlighted the transformative role of USD stablecoins in reshaping the global monetary landscape, emphasizing the need to address challenges from multiple dimensions including technology, market impact, and regulatory responses [1][2][3] Group 1: Market Dynamics of Stablecoins - The current market capitalization of stablecoins is nearly $260 billion, accounting for approximately 8% of the total cryptocurrency market, with stablecoin trading volume representing 97% of total cryptocurrency trading volume [4][5] - 99% of stablecoins are pegged to the US dollar, and over 99% of stablecoin trading volume is derived from cryptocurrency transactions, indicating their primary use case in the crypto market [7][8] - The largest stablecoin, USDT, holds a market share of 62%, followed by USDC, which has recently gained traction [8] Group 2: Regulatory and Economic Implications - The US has adopted a "let it be" approach towards stablecoin regulation, allowing commercial entities to lead the way in promoting dollarization through stablecoins before tightening compliance frameworks [2][32] - The rapid growth of USD stablecoins poses risks for China, including capital flight and challenges to existing foreign exchange management and anti-money laundering systems [2][37] - The issuance of stablecoins is heavily reliant on US Treasury securities, with significant investments in these assets, which raises questions about the sustainability of this model [34][36] Group 3: Global Dollarization and Financial Sovereignty - USD stablecoins are driving a digital form of dollarization globally, which could undermine the monetary sovereignty of other nations and exacerbate economic imbalances [30][31] - The use of stablecoins in regions with economic instability, such as Latin America and Africa, highlights their role in providing financial services but also raises concerns for local governments [31] Group 4: Future Outlook and Strategic Recommendations - The potential for USD stablecoins to enhance financial accessibility in underdeveloped regions must be balanced against the risks posed to national monetary policies [31] - China is advised to monitor the circulation of USD stablecoins and regulate them as foreign currency payment instruments to safeguard its monetary sovereignty [37]

稳定币是数字世界中的"钱票子"或"代金券"，它绑定着真实的货币或资产（如美元、黄金等），以当前 占比最多的稳定币为例，1稳定币约等于1美元。"稳定币的本质是一种运用区块链技术的支付工具。" 香港金融管理局（HKMA）总裁余伟文说指出， "稳定"的意义在于，与如比特币等数字货币相比，稳定币因其直接与真实的"钱"挂钩，本身不会像比特 币的价格"大起大落"。同时，稳定币在数字交易中类似一个"中转站"，通过将真钱换成稳定币，就可以 在数字世界里快速买卖各种数字资产，一定程度避免了频繁的汇率波动。此外，其手续费较传统的汇率 兑换手续费低，交易时间也更为自由。 在货币贬值迅速的国家，稳定币的推广使居民既可以通过兑换货币（如"数字美元"）进行价值锁定，又 可以进行消费、经营。世界经济论坛的一份白皮书中指出："（稳定币的）支持者们认为，稳定币可以 实现更快、更实惠的国际支付，并可用于为全球超过10亿缺乏传统银行服务的人口提供金融服务。" 进一步来看，若稳定币成为全球通用的"钱袋子"，意味着其背后资产、货币，以及其背后支撑的国家影 响力，甚至是权力的进一步扩大。 神州数码信息服务集团股份有限公司联席董事长王永利在日前的演讲中提 ...

Financial Weekly 每周金融评论 目录 CONTENTS 十六出出 热点聚焦 FOCUS ◎ 跨境支付通6月22日正式上线,全国首笔业务落地深圳 重大会议 MEETINGS ◎ 陆家嘴论坛:潘功胜、李云泽、吴清、朱鹤新发声 重大政策 POLICIES ◎ 上交所:对于投资者的撤销指定交易申请，券商要在当日办结 重大事件 ◎ 周小川:美元稳定币或推动美元化,必须保持警惕 重大 会议 陆家嘴论坛：潘功胜、李云泽、吴清、朱鹤新发声 01 6月18日，为期两天的2025陆家嘴论坛开幕。本届论坛以"全球经济变局中的金融开放合作与高质量发展"为主题，在开幕式暨全 体大会一环节，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、证监会主席吴清、国家外汇管理局局长朱鹤新发 表主题演讲，并发布一揽子重要金融政策。 《清华金融评论》观察 热点 聚焦 跨境支付通6月22日正式上线，全国首笔业务落地深圳 在中国人民银行和香港金融管理局共同推动下，跨境支付通6月22日正式上线。这标志着内地与香港快速支付系统实现互联互 通，今后两地居民可实时办理跨境汇款。当日，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳 ...

文/十二届全国政协副主席、中国人民银行原行长 周小川 按照目前对美元稳定币的设想，其主要作用可能体现在两个方面：一是提 高交易和汇款的效率，二是活跃对其他资产（包括数字资产和加密资产） 的购买。然而，这种设计也可能带来一个需要警惕的问题，即它可能会进 一步推动美元化现象。 美元稳定币或推动美元化，必须时刻保持警惕 6月18日，在2025陆家嘴论坛"全体大会二：增强全球货币政策的协调性"上， 十二届全国政协副主席、 中国人民银行原行长周小川表示，目前市场上已经出现了许多美元稳定币，同时也有其他地区开始考虑 开发基于本币的稳定币。 "这些本币稳定币是否能够在全球范围内发挥作用，目前还难以确定。相比之下，美元稳定币由于其背 后强大的美元体系支持，更有可能产生全球性的影响。"周小川说。 周小川进一步表示，按照目前对美元稳定币的设想，其主要作用可能体现在两个方面：一是提高交易和 汇款的效率，二是活跃对其他资产（包括数字资产和加密资产）的购买。然而，这种设计也可能带来一 个需要警惕的问题，即它可能会进一步推动美元化现象。目前可以看到，在中美洲以及一些经济转型国 家，不同程度的美元化现象已经存在。"美元化对经济的影响一直是 ...

Core Viewpoint - The potential rise of dollarization due to the adoption of dollar stablecoins poses a significant concern that requires attention [1] Group 1: Implications of Dollar Stablecoins - Dollar stablecoins are primarily intended to enhance the efficiency of transactions and remittances [1] - They may also stimulate the purchase of other assets, potentially leading to increased dollarization in various regions [1] Group 2: Current Dollarization Trends - Dollarization is already observed in Central America and some transitioning economies to varying degrees [1] - The impact of dollarization on economies, particularly those not experiencing high inflation or debt, raises questions about its suitability [1] Group 3: Considerations for Stablecoins - Discussions surrounding stablecoins must take into account the advantages and disadvantages of dollarization [1]

封图 | 十二届全国政协副主席、中国人民银行原行长 周小川（摄影：吴军） 2025.06. 19 本文字数：635，阅读时长大约1分钟 作者 | 第一财经 陈君君 推荐阅读 工信部严查车企"说一套做一套" 他特别提醒，在考虑稳定币未来可能发挥的作用时，必须时刻保持警惕，将其与美元化问题联系起 来。具体而言，需要深入研究美元化对不同国家经济的潜在影响，尤其是在那些尚未陷入高通货膨胀 或高债务困境的国家，美元化是否真的适合它们。"在大多数情况下，美元化可能并非最佳选择，甚 至可能带来诸多问题。因此，在探讨稳定币的未来发展时，必须将美元化的利弊纳入考量范围。"周 小川称。 微信编辑 | 七三 周小川进一步表示，按照目前对美元稳定币的设想，其主要作用可能体现在两个方面：一是提高交易 和汇款的效率，二是活跃对其他资产（包括数字资产和加密资产）的购买。然而，这种设计也可能带 来一个需要警惕的问题，即它可能会进一步推动美元化现象。目前可以看到，在中美洲以及一些经济 转型国家，不同程度的美元化现象已经存在。"美元化对经济的影响一直是备受争议的话题，它可能 带来诸多副作用。"周小川称。 6月18日，在2025陆家嘴论坛"全体大 ...