Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - Stablecoins are digital currencies that aim to maintain a stable value by being pegged to stable assets like fiat currencies or commodities, addressing volatility issues in the cryptocurrency market [2][8] - The stablecoin market is currently valued at approximately $234 billion, with a significant portion of this value tied to US dollar-backed stablecoins [16][30] - The rise of stablecoins reflects a dual phenomenon: enhancing the digital dominance of the US dollar while simultaneously indicating market skepticism towards traditional banking systems [30] Summary by Sections Definition and Significance - Stablecoins are defined as cryptocurrencies that use blockchain technology to represent stable assets, primarily fiat currencies, aiming to provide a reliable "digital anchor" in a volatile market [2] - They address three core pain points in the cryptocurrency market: providing stability for transactions, enhancing the efficiency of cross-border transfers, and serving as a bridge between traditional finance and the Web3 ecosystem [2] Types of Stablecoins - Stablecoins are categorized into four types based on their price stability mechanisms: fiat-collateralized, multi-asset collateralized, crypto-collateralized, and algorithmic stablecoins, with varying levels of risk [8] Applications of Stablecoins - Stablecoins have five primary application scenarios: cross-border payments, on-chain trading, merchant payments, collateralized lending, and savings accounts, significantly improving transaction efficiency and reducing costs [11] Regulatory Framework - A global regulatory framework for stablecoins is being established, with major jurisdictions like the US, Singapore, the EU, and Hong Kong implementing standards that emphasize 100% reserve backing and strict licensing requirements [17][18] Impact on US Treasury Bonds - Stablecoin issuers are becoming significant players in the short-term treasury market, with holdings expected to grow from $120 billion to $1 trillion by 2028, driven by regulatory requirements for high-quality liquid assets [25] Market Structure and Dollar Significance - US dollar stablecoins dominate the market, accounting for 83% of the number and over 99% of the market value of fiat-backed stablecoins, reinforcing the dollar's status as a global reserve currency [30] Impact on Bank Deposits - The impact of stablecoins on bank deposits is contingent on whether they offer interest; non-interest-bearing stablecoins may have limited effects, while interest-bearing stablecoins could lead to significant shifts in traditional deposit structures [33]

旅游行业对稳定币的关注与日俱增。对于旅游业而言，稳定币所代表的新型支付方式有望带来效率提升 和成本优化，同时也为行业参与者带来新的机遇与挑战。从全球视角来看，一些旅游企业已经开始试水 接受稳定币支付，以迎合技术型游客的支付偏好，同时降低支付成本和汇率风险。 本文深入分析稳定币对旅游业发展的影响，并探讨其在旅游业的具体应用场景，行业领先企业的实践案 例，希望帮助朋友们全面理解稳定币如何赋能旅游业的未来发展。 对于游客而言，使用稳定币支付预订酒店、机票或旅游服务，可以避免繁琐的跨境支付流程和高额手续 费。传统上，现金和国际信用卡支付通常伴随货币转换费和汇率波动风险，而稳定币以其锚定的法币价 值计价，支付时无需兑换当地货币。游客只需在数字钱包中持有相应的稳定币，即可直接向商家支付， 交易在链上快速确认，资金实时到账商家账户。这不仅提升了支付速度，也让游客对费用一目了然，避 免了隐性汇率损失。 通俗说就是：用稳定币能少挨一次"汇率的刀"。比如美国游客带美元去欧洲：传统方式像"剥两层 皮"——先把美元换成欧元（银行要赚一次手续费+汇差），花欧元时如果没花完，回国再换回美元 （又被赚一次）。中间要是欧元跌了，手里的钱还会 ...

Core Viewpoint - The article discusses the implications of Trump's push for a legal stablecoin plan, suggesting it may undermine the Federal Reserve and shift the currency issuance power to private enterprises closely linked to Trump's family [2][5][12]. Group 1: Legalization of Stablecoins - Trump's team is promoting a legal stablecoin plan as part of the economic strategy for the 2024 campaign, aiming to integrate it into the dollar system [2][4]. - The stablecoins currently in circulation are primarily dollar-pegged, but this is seen as a facade, as they are actually backed by U.S. Treasury bonds, which rely on the Federal Reserve's credit [5][7]. Group 2: Implications for the Dollar System - The move to legalize stablecoins is perceived as a way to transfer the dollar's currency issuance authority from the Federal Reserve to private companies, many of which have ties to Trump's family [5][12]. - The U.S. national debt has surpassed $36 trillion, with annual interest payments exceeding $1 trillion, raising concerns about the sustainability of the dollar-backed stablecoins [7][10]. Group 3: Global Financial Dynamics - The article draws parallels between the current U.S. situation and historical instances in China, suggesting that the U.S. is attempting to create a new financial order while other countries, particularly China, are distancing themselves from the dollar system [10][12]. - China's reduction of U.S. Treasury holdings from $1.3 trillion to under $700 billion indicates a significant shift away from reliance on the dollar [10]. Group 4: Future of Stablecoins - There is speculation that stablecoins may eventually detach from the dollar and anchor to other assets, leading to a shift in global financial dynamics from rule-based to trust-based systems [12][14]. - The emergence of cryptocurrency companies linked to Trump's camp suggests a potential privatization of the global financial order, raising questions about the trustworthiness of such initiatives [12][14].

最近，身边不少人都开始讨论一样新东西——稳定币。 特别是上个月20日，前有美国参议院通过了《指导和确立美国稳定币国家创新法案》关键程序性投票，即"天才法案"；仅仅过了一天，中国香港就通过了 《稳定币条例草案》，日前经过宪报刊登，该草案正式成为法例，即《稳定币条例》。 再之后，英国也发布了稳定币监管提案……稳定币监管环境不断迎来新变化，也带动了稳定币概念股的大幅波动，与之相关的板块出现暴涨。 这一系列的变化都让人忍不住想问，稳定币到底是什么？这背后是币圈的热潮，还是大国博弈的新战线？稳定币作为加密货币，到底"稳不稳"？ 要理解稳定币，首先要理解区块链。 在这本账簿中，谁都可以记账，没有一个固定的记账员统一管理；一旦写进账本，谁都不能改；关键是，这本账簿谁都能查阅。 这就是区块链的三个特征：去中心化、不可篡改、公开透明。 那么，区块链有什么作用呢？这就不得不提加密货币了——区块链最成功、最广泛的应用。 一个国家的法定货币是由银行监管的，也可以说，由银行记账，而加密货币希望绕过银行，但也得防止造假，确保账目正确，这就需要一个人人都能记、 人人都能查、人人都认可的账本了。 区块链就是这样一个账本：每一笔交易都记录在一 ...