Stablecoin Boom和USD的角色

以價格穩定而聞名的Stablecoins，因為它們與美元這樣的資產掛鉤，已成為傳統金融和加密貨幣之間的關鍵橋樑。

The stablecoin market has surged to a staggering capitalization of $240 billion, showcasing the remarkable growth of this asset class.

Stablecoin市場已飆升至2400億美元的驚人資本，展示了該資產類別的顯著增長。

According to CoinGecko data, Tether (USDT) and USD Coin (USDC) together hold a dominant 83% share of the global stablecoin market. Nevertheless, the explosion of USD-pegged stablecoins has raised concerns among Chinese economists, fearing that it could further strengthen the US dollar’s dominance.

根據Coingecko數據，Tether（USDT）和USD Coin（USDC）共同擁有全球Stablecoin市場的83％份額。儘管如此，昂貴的穩定蛋白的爆炸激增引起了中國經濟學家的關注，擔心它會進一步加強美元的統治地位。

The Stablecoin Boom and USD’s Role

Stablecoin Boom和USD的角色

Stablecoins, known for maintaining a stable price peg to assets like the US dollar, have become a crucial bridge between traditional finance and crypto.

Stablecoins以保持穩定的價格與美元這樣的資產而聞名，已成為傳統金融與加密貨幣之間的關鍵橋樑。

According to CoinGecko data, the market capitalization of stablecoins has shot up from $133 billion in 2024 to $240 billion by early 2025. This surge showcases the growing acceptance of stablecoins in crypto trading, cross-border payments, and decentralized finance (DeFi).

根據Coingecko數據的數據，Stablecoins的市值從2024年的1330億美元增加到到2025年初的2400億美元。這次激增展示了在加密貨幣交易，跨境支付，跨境支付和分散融資（DEFI）中對Stablecoins的越來越多。

USDT and USDC, the two largest stablecoins, are leading this market capitalization. President Donald Trump’s support has partly fueled their rapid growth. Recently, Trump urged Congress to pass stablecoin legislation to strengthen the USD’s global position.

USDT和USDC是兩個最大的Stablecoins，正在領導這項市值。唐納德·特朗普總統的支持部分助長了他們的迅速發展。最近，特朗普敦促國會通過Stablecoin立法來加強美元的全球地位。

“I’ve called on Congress to create simple, common-sense rules for stablecoins and market structure. With the right legal framework, institutions large and small will be enabled to invest, innovate, and take part in one of the most exciting technological revolutions in modern history,” said Donald Trump.

唐納德·特朗普（Donald Trump）表示：“我呼籲國會為穩定幣和市場結構制定簡單，常識性的規則。借助正確的法律框架，機構將使大小的機構能夠投資，創新，並參與現代歷史上最激動人心的技術革命之一。”

China’s Concerns: Stablecoins and Financial Power

中國的擔憂：穩定的和財務權力

The dominance of USD-pegged stablecoins has significant economic and geopolitical implications. Chinese economist Zhang Ming argues that stablecoins are a trading tool for the US to maintain economic power in the digital era.

美元固定穩定蛋白的主導地位具有重大的經濟和地緣政治意義。中國經濟學家張明認為，穩定幣是美國在數字時代維持經濟力量的一種交易工具。

“Once the US dollar stablecoin links the international credit of the US dollar with the application scenarios of the virtual world more closely, it may greatly consolidate the hegemony of the US dollar,” said Zhang Ming.

張明說：“一旦美元穩定的穩定股將美元的國際信譽與虛擬世界的申請情景聯繫起來，它可能會大大鞏固美元的霸權。”

This is particularly concerning for China, which has been developing the Cross-Border Interbank Payment System (CIPS) to reduce reliance on SWIFT and counter US financial sanctions. If USD stablecoins come to dominate international payments, it could undermine China’s efforts to minimize the USD’s influence.

對於中國來說，這尤其令人擔憂，該中國一直在開發跨境銀行間支付系統（CIPS），以減少對迅速和反美國金融制裁的依賴。如果美元穩定幣主導國際付款，它可能會破壞中國為最大程度地減少美元的影響力所做的努力。

This view is shared by EU Officials, who have also expressed concerns that the US push for stablecoins could destabilize the Euro.

歐盟官員分享了這種觀點，歐盟官員也表示擔心美國對穩定幣可能會破壞歐元的穩定。

To counter this, Zhang Ming suggests that China should concentrate on deploying the China Digital Yuan (e-CNY). It is the Chinese CBDC being rolled out by the People’s Bank of China (PBoC), envisioned as a direct competitor to USD stablecoins.

為了解決這個問題，張明建議中國應該專注於部署中國數字人民幣（E-CNY）。這是中國人民銀行（PBOC）推出的中國CBDC，它被視為成為美元Stablecoins的直接競爭對手。

The adoption of e-CNY is quickly advancing. According to the Atlantic Council, the total transaction value of e-CNY reached 7 trillion yuan ($986 billion) as of June 2024, nearly quadrupling from 1.8 trillion yuan ($253 billion) in July 2023. By July 2024, the e-CNY app had attracted 180 million individual users, with cumulative transaction value reaching 7.3 trillion yuan ($1 trillion) in pilot regions, according to Euromoney.

E-CNY的採用正在迅速發展。根據大西洋委員會的說法，截至2024年6月，E-CNY的總交易價值達到了7萬億元（9860億美元），近三倍，距2023年7月的1.8萬億元（2530億美元）的數量達到了1.8萬億元（2530億美元）。到2024年7月，到2024年7月，E-CNY應用程序吸引了1.30億個個人用戶（累計匯總）（$ 3.3）（$ 3.3）根據Euromoney的說法。

Moreover, according to Ledger Insights, the circulation of e-CNY also grew from 13.61 billion yuan in 2022 to 16.5 billion yuan by June 2023. These figures provide insight into China's swift actions in pushing for domestic adoption while setting the stage for international expansion.

此外，根據Ledger Insights的說法，E-CNY的流通於2023年6月在2022年的136.1億元人民幣增長到165億元。這些數字為中國迅速採取了國內收養的行動提供了洞察力。

Integrating e-CNY into cross-border payments is a crucial part of this strategy. Projects like mBridge, a collaboration between PBoC and the Bank for International Settlements (BIS), expanded trials with 11 other central banks in 2024, showcasing its potential to compete with USD stablecoins in global trade.

將E-CNY納入跨境支付是此策略的關鍵部分。 PBOC與國際定居銀行（BIS）之間的合作姆布里奇（Mbridge）等項目於2024年與其他11個中央銀行擴大了試驗，展示了其在全球貿易中與USD Stablecoins競爭的潛力。

However, for this endeavor to succeed, China faces challenges such as capital flow restrictions and concerns over transparency in its financial system, which must be addressed forスムーズに進出を進めるために克服しなければなりません。

但是，為了使這項努力取得成功，中國面臨諸如資本流限制和對其金融體系中透明度的擔憂之類的挑戰，這是必須解決的。