Core Viewpoint - The rapid development of stablecoins may exacerbate the shortage of U.S. Treasury securities, impacting global financial stability, and China should promote its bonds as a global safe asset to enhance the international status of the Renminbi and facilitate its internationalization [1][2]. Group 1: Characteristics of Stablecoins - Stablecoins are designed to improve upon cryptocurrencies like Bitcoin, but they fail to meet the three essential characteristics of money: singularity, elasticity, and integrity [1][4][11]. - The singularity of stablecoins is compromised as users may question the actual status of the underlying collateral during transactions [12]. - Elasticity is lacking in stablecoins since they do not create new liquidity but rather depend on existing liquidity [12]. - The integrity of stablecoins is also in doubt, as they are often used for illegal activities, undermining their credibility as a monetary tool [12]. Group 2: Market Dynamics and Implications - The growth of stablecoins increases the demand for U.S. Treasury securities, which are already in short supply, leading to higher prices and potential financial instability [2][8]. - The situation mirrors historical banking failures due to the scarcity of underlying safe collateral, highlighting a modern version of the "Triffin Dilemma" where global demand for safe assets conflicts with the U.S.'s ability to provide them [2]. - The need for a global safe asset is pressing, and China is encouraged to position its bonds as such to alleviate the shortage and bolster the Renminbi's international role [2]. Group 3: Historical Context and Future Outlook - The emergence of stablecoins is a response to the inefficiencies of traditional financial systems, particularly in cross-border payments and serving unbanked populations [8]. - The operational mechanism of stablecoins is similar to money market funds, which promise 1:1 redemption based on underlying safe assets like U.S. Treasury securities [9]. - However, the stability of these assets is not guaranteed, as evidenced by the collapse of Silicon Valley Bank, which held significant amounts of U.S. Treasury securities but faced liquidity crises due to market volatility [10].

第三项测试是货币体系抵御非法活动的完整性。这一要求源于以下认知：若货币体系易受欺诈、金 融犯罪和其他非法活动广泛滥用，则无法赢得社会信任，也无法经受时间考验。 BIS在报告中指出，稳定币未能满足货币的单一性、弹性和完整性测试。从单一性而言，作为数字 无记名工具，稳定币缺乏央行提供的结算功能。稳定币持有量标注着发行方名称，类似19世纪美国自由 银行时代流通的私人银行券。因此，稳定币常以不同汇率交易，破坏单一性，也无法满足银行发行货 币"不问缘由"的原则。 稳定币旨在作为进入加密生态的入口，承诺相对于法定货币（绝大多数是美元）保持稳定价值，并 运行于公共区块链。公共区块链的匿名性（用户身份隐藏在地址背后）虽能保护隐私，却也便利了非法 活动。缺乏传统金融体系的"了解你的客户"（KYC）标准，更加剧了这一问题。稳定币的无记名性质使 其流通无需发行方监督，引发对其用于洗钱、恐怖主义融资等金融犯罪的担忧。尽管稳定币需求可能持 续，但BIS认为其在货币体系层面的完整性测试中表现糟糕。 在全球热炒稳定币的当下，有着"央行的央行"之称的国际清算银行（BIS）给稳定币"祛魅"。BIS在 近日发布的年度经济报告中指出，稳定币在代币 ...