自2014年Tether（USDT）诞生以来，稳定币作为连接加密世界与现实金融的桥梁，其总市值已从 零增长至超过2517亿美元，2024年链上交易量已达5.6万亿美元，成为数字资产领域不可或缺的基石。 然而，在这繁荣表象之下，稳定币的发展始终被一个深刻的内在矛盾束缚——"不可能三角"困境。这一 理论框架指出，任何稳定币设计都难以同时完美实现：绝对的价格稳定（Price Stability）、极致的资本 效率（Capital Efficiency）与货币独立性（Sovereign Independence）。 任何一种稳定币的设计与发行，本质上都是在这一三角困境中的权衡与取舍。发行方试图构建的数 字货币，究竟是追求币值稳定的支付工具，还是探索无摩擦的资本流动网络，抑或是成为独立于现有金 融霸权的全新货币形态？不同的选择，决定了其技术路径、风险敞口、监管命运，并最终塑造其在未来 全球金融版图中的角色。本文将以此分析框架为核心，剖析各类稳定币模式的内在矛盾，并揭示其对全 球货币体系的深远影响。 锚定绝对稳定： 以牺牲资本效率为代价 在稳定币出现之前，加密资产市场因普遍存在剧烈的价格波动而缺乏可靠的"价值标尺"。以比 ...

二、稳定币是什么？与数字人民币有何不同？ 中国发展出版社近日出版稳定币科普书《与每个老百姓密切相关的稳定币》，作者为密码学博士、中国 工业与应用数学学会区块链专委会常务委员高承实。该书以通俗语言和真实案例介绍稳定币的发展现状 及其对普通人生活方式的潜在影响，强调其作为资产避险工具和金融服务手段的重要性，旨在帮助非技 术背景读者理解稳定币背后的逻辑与应用场景。 随着金融市场不断发展，稳定币（Stablecoin）已从最初的加密资产支付工具，演化为覆盖交易、支 付、融资、资产管理等多个领域的核心基础设施。截至2025年6月中旬，全球稳定币市场规模已超2500 亿美元，交易额高达37万亿美元，远超同期比特币的19万亿美元，占加密资产市场的8%以上，展现出 强大的产业潜力和技术生命力。 一、香港率先出手，稳定币步入监管新时代 2024年以来，稳定币的合规化成为国际热点。2025年5月30日，中国香港正式实施《稳定币条例》，成 为全球首个为法币挂钩稳定币建立全面监管框架的司法管辖区。《条例》于8月1日正式生效。香港金管 局明确表示，将加快推进稳定币牌照审批，鼓励持牌主体在合规框架下开展业务。 此举引发头部科技企业积极响 ...

浦银国际研究 主题研究 | 互联网行业 稳定币：币圈"破圈"，重构 支付新范式 锚定资产，稳定币呈爆发式增长，主要受益于：1）加密货币市场 交易频率的提升；2）稳定币在支付、结算方面优势明显，成本低、 效率高;3）地缘政治风险加剧，催生稳定币在新兴市场的避险需 求；4）监管合规化与机构采用的正向循环。 稳定币从加密生态延伸至现实世界，演进为金融新基建：稳定币 已从单纯的加密货币交易工具，演进为金融生态的新基建，成为 连接加密世界和传统金融的桥梁。这主要是由于稳定币具备价值 稳定、成本低、效率高以及可编程性等优势。稳定币应用场景包 括：1）加密货币间的交易媒介；2）跨境支付网络新范式；3）现 实世界资产（RWA）代币化。行业增长驱动正经历转变：早期由 加密货币交易需求所主导，目前是跨境支付带来主要增量，未来 RWA 或成为新的增长驱动。 稳定币带来哪些潜在影响：稳定币凭借区块链技术优势重构全球 金融底层逻辑：1）稳定币有望通过降低成本、提高效率，改变全 球跨境支付方式；2）推动金融脱媒趋势；3）目前绝大多数稳定 币与美元挂钩，可能会进一步巩固美元霸权；4）促进去中心化金 融（DeFi）的发展和整合。 趋势：全球 ...

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Core Insights - Stablecoins are quietly transforming the global payment system by providing a stable digital currency that maintains a value of 1 USD, replacing traditional banking methods in various applications [1][2] - The adoption of stablecoins is driven by their efficiency in cross-border remittances, inflation hedging, decentralized finance (DeFi) transactions, and merchant payments [3][4] Group 1: Use Cases and Adoption - Cross-border remittances are facilitated by stablecoins like USDT and USDC, allowing for quick and low-cost transactions compared to traditional banking methods [3][4] - In countries like Argentina and Venezuela, stablecoins are used as a means of savings to combat local currency devaluation [3][4] - Stablecoins are becoming the primary transaction unit in the DeFi ecosystem, providing liquidity and facilitating lending and collateralization [3][4] Group 2: Regulatory Landscape - Global regulatory approaches are shifting from suppression to acceptance, with countries aiming to manage and guide stablecoin usage [5][6] - The U.S. is advancing the "Payment Stablecoin Act," which mandates licensing, reserve requirements, and audits for issuers, while the EU has enacted the MiCA regulation to ensure transparency and compliance [6] - Asian financial centers, such as Hong Kong, are establishing regulatory sandboxes to pilot stablecoin projects aimed at enhancing cross-border transactions [6] Group 3: Future Trends - Stablecoins are emerging as a "digital dollar" for global cross-border payments, facilitating labor remittances and small international trade [8] - In the Web3 environment, stablecoins are becoming essential for transaction valuation and lending, acting as a foundational financial language [9] - Some nations are exploring "sovereign stablecoins," which are backed by national currencies and issued by commercial banks, potentially serving as future policy tools [10] Group 4: Real-World Applications in Hong Kong - Hong Kong is utilizing stablecoins to address real-world issues, with several fintech companies issuing HKD stablecoins backed by real assets [11][13] - The use of stablecoins in cross-border payments has significantly reduced transaction times and costs for small businesses [13][14] - Stablecoins are integrated with smart contracts to automate payment processes, enhancing efficiency and reducing disputes [16] Group 5: Integration with Digital Currencies - Stablecoins are facilitating seamless transactions between digital currencies, such as the digital RMB and HKD stablecoins, creating an invisible payment channel [17][19] - This integration allows for real-time currency conversion and settlement without relying on traditional exchange markets [18][19] Group 6: Conclusion - Stablecoins are not just a speculative asset but are becoming integral to various financial activities, including payments, savings, and trade [20] - The evolution of stablecoins represents a quiet yet significant revolution in the monetary landscape, impacting users beyond the cryptocurrency sphere [20]

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Core Viewpoint - The passage of the GENIUS Act marks a significant regulatory shift for stablecoins in the U.S., establishing a unified framework that enhances transparency and integrates stablecoins into the global dollar clearing network [1][4]. Group 1: Regulatory Developments - The GENIUS Act requires stablecoin issuers to allocate at least 90% of their reserve assets in U.S. dollar cash and short-term U.S. Treasury securities, with monthly audit reports mandated [1]. - Circle announced it will adjust its USDC reserve model to comply with the GENIUS standards, while platforms like Coinbase and Robinhood are removing unregistered stablecoins from their offerings [2]. - The Federal Reserve Chairman emphasized that regulated stablecoins would extend the U.S. dollar settlement system rather than pose a threat, welcoming innovation under controlled risks [2]. Group 2: Market Impact - The global stablecoin payment transaction volume is projected to approach $3 trillion in the first half of 2025, with cross-border business growth exceeding 40% [3]. - Major U.S. brokerages have adopted zero-commission trading policies and streamlined account opening processes, lowering barriers for cross-border capital investment in U.S. assets [3]. - The stablecoin's role is evolving beyond the crypto market, contributing to upgrades in global financial infrastructure for cross-border clearing and asset pricing [2][3]. Group 3: Industry Adaptation - Major Wall Street banks, including Morgan Stanley and Citibank, are developing stablecoin product plans in anticipation of the regulatory framework [4]. - The XBIT decentralized exchange platform is designed to support multi-chain assets and ensure user privacy through on-chain identity protocols, adapting to compliance changes effectively [4]. - The number of global stablecoin-related regulatory updates has surged by 170% year-on-year, indicating a rapid acceleration in the market's compliance practices [5].

Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - Stablecoins are viewed as a new type of financial infrastructure with the potential to simplify payment processes and enhance the efficiency of financial markets [2][26] - The development of offshore RMB stablecoins is suggested as a priority for China to participate in the stablecoin evolution, while emphasizing that stablecoins are merely a tool for advancing RMB internationalization [1][5] Summary by Sections What are Stablecoins? - Stablecoins are defined as a bridge between the crypto world and the traditional financial system, characterized by a balance of centralization in operation and decentralization in technology [8][9] - They are not considered currency but rather tokens that derive their value from fiat currency reserves [11][12] Recent Attention on Stablecoins - Recent legislative advancements in the US and Hong Kong have heightened interest in stablecoins, alongside significant market events such as Circle's IPO [16][17] - The total market size of stablecoins has surpassed $260 billion, with transaction volumes projected to exceed $15.6 trillion in 2024, surpassing traditional payment platforms like Visa [17][21] Applications and Potential Impact in Financial Markets - Stablecoins enhance payment efficiency, particularly in cross-border transactions, by reducing costs and transaction times compared to traditional systems like SWIFT [40][45] - They also promote financial inclusion, especially in high-inflation economies, by providing a stable asset for savings and transactions [44][46] Impact on the International Monetary System - Stablecoins can increase the penetration of the US dollar while also posing challenges to capital controls in various countries due to their inherent anonymity [4][30] - The rise of stablecoins may lead to increased competition from non-USD stablecoins and central bank digital currencies (CBDCs) [4][5] China's Participation in Stablecoin Development - The report suggests that China should focus on developing offshore RMB stablecoins and creating real-world applications to build a robust ecosystem [5][6] - It emphasizes that the success of RMB as a trusted international currency depends on its legal and functional anchors, rather than solely on stablecoin technology [5][6] Mechanisms and Incentives in the Stablecoin Industry - The stablecoin ecosystem operates on a trust mechanism where the backing of fiat reserves is crucial for maintaining stability and transparency [30][31] - Participants in the stablecoin market, including users, issuers, and custodians, have aligned incentives that drive the ecosystem's growth [31][35] The "Impossible Triangle" of Stablecoins - Stablecoins face a trade-off between price stability, decentralization, and capital efficiency, with most successful stablecoins prioritizing price stability [37][39] - The report highlights that current leading stablecoins are primarily centralized, relying on institutional trust to maintain their value [37][39] Conclusion on Stablecoins as Financial Infrastructure - Stablecoins are positioned as a critical component of the next generation of cross-border digital finance, with the potential to reshape traditional financial systems [26][27] - The report concludes that while stablecoins offer significant advantages, they also introduce new risks and challenges that need to be managed [48][49]