Stablecoin Boom和USD的角色

以价格稳定而闻名的Stablecoins，因为它们与美元这样的资产挂钩，已成为传统金融和加密货币之间的关键桥梁。

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

Stablecoin市场已飙升至2400亿美元的惊人资本，展示了该资产类别的显着增长。

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.

根据Coingecko数据，Tether（USDT）和USD Coin（USDC）共同拥有全球Stablecoin市场的83％份额。尽管如此，昂贵的稳定蛋白的爆炸激增引起了中国经济学家的关注，担心它会进一步加强美元的统治地位。

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以保持稳定的价格与美元这样的资产而闻名，已成为传统金融与加密货币之间的关键桥梁。

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).

根据Coingecko数据的数据，Stablecoins的市值从2024年的1330亿美元增加到到2025年初的2400亿美元。这次激增展示了在加密货币交易，跨境支付，跨境支付和分散融资（DEFI）中对Stablecoins的越来越多。

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是两个最大的Stablecoins，正在领导这项市值。唐纳德·特朗普总统的支持部分助长了他们的迅速发展。最近，特朗普敦促国会通过Stablecoin立法来加强美元的全球地位。

“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.

唐纳德·特朗普（Donald Trump）表示：“我呼吁国会为稳定币和市场结构制定简单，常识性的规则。借助正确的法律框架，机构将使大小的机构能够投资，创新，并参与现代历史上最激动人心的技术革命之一。”

China’s Concerns: Stablecoins and Financial Power

中国的担忧：稳定的和财务权力

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.

美元固定稳定蛋白的主导地位具有重大的经济和地缘政治意义。中国经济学家张明认为，稳定币是美国在数字时代维持经济力量的一种交易工具。

“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.

张明说：“一旦美元稳定的稳定股将美元的国际信誉与虚拟世界的申请情景联系起来，它可能会大大巩固美元的霸权。”

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.

对于中国来说，这尤其令人担忧，该中国一直在开发跨境银行间支付系统（CIPS），以减少对迅速和反美国金融制裁的依赖。如果美元稳定币主导国际付款，它可能会破坏中国为最大程度地减少美元的影响力所做的努力。

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

欧盟官员分享了这种观点，欧盟官员也表示担心美国对稳定币可能会破坏欧元的稳定。

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.

为了解决这个问题，张明建议中国应该专注于部署中国数字人民币（E-CNY）。这是中国人民银行（PBOC）推出的中国CBDC，它被视为成为美元Stablecoins的直接竞争对手。

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的采用正在迅速发展。根据大西洋委员会的说法，截至2024年6月，E-CNY的总交易价值达到了7万亿元（9860亿美元），近三倍，距2023年7月的1.8万亿元（2530亿美元）的数量达到了1.8万亿元（2530亿美元）。到2024年7月，到2024年7月，E-CNY应用程序吸引了1.30亿个个人用户（累计汇总）（$ 3.3）（$ 3.3）根据Euromoney的说法。

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，根据Ledger Insights的说法，E-CNY的流通于2023年6月在2022年的136.1亿元人民币增长到165亿元。这些数字为中国迅速采取了国内收养的行动提供了洞察力。

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.

将E-CNY纳入跨境支付是此策略的关键部分。 PBOC与国际定居银行（BIS）之间的合作姆布里奇（Mbridge）等项目于2024年与其他11个中央银行扩大了试验，展示了其在全球贸易中与USD Stablecoins竞争的潜力。

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，为了使这项努力取得成功，中国面临诸如资本流限制和对其金融体系中透明度的担忧之类的挑战，这是必须解决的。