#稳定币热潮 #

Stablecoins have indeed been quite popular recently in both China and the US. Just a casual remark.

In simple terms, it is a type of cryptocurrency, but unlike Bitcoin, Ethereum, and those coins, the defining characteristic of a stablecoin is "stability," with small price fluctuations.

You might ask: why is it stable? The reason is simple, the value of stablecoins is usually pegged to fiat currencies like the US dollar or other assets. For example, USDT and USDC, which are cryptocurrencies we often hear about, are each backed by one dollar in a bank account at the time of issuance. So theoretically, when you buy one USDT or USDC, it's equivalent to depositing one dollar.

The most attractive aspect of stablecoins is that they allow you to easily enter and exit the cryptocurrency market. For example, if you hold Bitcoin and the market conditions are not good, and you want to hedge but do not want to transfer your money back to a bank account (after all, that is cumbersome and slow), you can convert it into a stablecoin to temporarily lock in profits or avoid losses.

Stablecoins are quietly changing traditional trade practices in practical applications.

For example, a coffee bean exporter from Colombia used to do business with Chinese buyers through bank transfers, which were cumbersome, with fluctuating exchange rates, and involved fees from intermediaries. But now buyers can pay directly with USDT, without going through a series of "intermediaries" like banks and clearing houses, with transfers arriving in minutes, at low cost and with transparency. This is the benefit of decentralization: transactions can happen without anyone's "nod of approval". It's like walking directly into a coffee plantation and buying beans face-to-face with the grower, resulting in different levels of efficiency and trust.

Currently, the concept of stablecoins is also being mentioned in China, focusing more on digital renminbi and industry chain stablecoins under a framework led by the central bank or compliant regulations, which are different from market-dominant and decentralized stablecoins like USDT and USDC. The application scenarios advocated for stablecoins in China mainly include cross-border trade settlement, digital supply chain finance, and fund circulation related to the Belt and Road Initiative, emphasizing control, safety, and compliance. For example, exploring stablecoins pegged to the renminbi in the Hong Kong, Macao, and Southeast Asia regions to improve cross-border transaction efficiency and reduce reliance on the US dollar. Such stablecoins are usually issued by state-owned enterprises or large financial institutions, regulated, combining digital technology and policy attributes, which should be distinguished.

Currently, the "stablecoin concept" is being heatedly speculated in the secondary market, with many investors blindly chasing after high prices. However, caution is needed: most companies have limited connections to stablecoins and are only being driven up due to thematic speculation, with fundamentals unlikely to support high valuations. The policy level is still in a cautious exploratory phase regarding stablecoins, and there is uncertainty regarding the implementation of related projects. Investment should be rational; do not let concepts dictate your pace, prevent high-level buying, and be aware of the risk of corrections after the thematic tide recedes.

In summary, stablecoins are like a "safe haven" and "fast track" in the crypto world, allowing you to enter and exit at any time, and making global trade more efficient and freer. However, while enjoying convenience, one must also keep a keen eye to understand the logic and potential risks behind them.