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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
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The regulatory framework for stablecoins is implemented, impacting the financial system in seven major aspects.
Potential Impact of Stablecoins on the Financial System
Stablecoins serve as a bridge between traditional finance and decentralized finance, and have recently caught the attention of regulators in multiple countries. The United States and Hong Kong have successively passed stablecoin legislation, marking an important step towards establishing a regulatory framework for stablecoins in major regions globally, facilitating the integration of cryptocurrencies into the mainstream financial system.
The bill mainly formulates regulations targeting industry risk points, including requirements for 100% reserve assets, entry qualifications, anti-money laundering, consumer protection, and other aspects. The regulatory framework refers to traditional financial institutions, but it is stricter in liquidity management, positioning stablecoins as "on-chain cash" rather than "on-chain deposits."
Although the market capitalization of stablecoins has grown rapidly, the current scale is still relatively small. Its impact on the financial system is mainly reflected in the following aspects:
As a lower-cost and more efficient means of international payment, it is expected to increase market share in the long term.
The full reserve requirement limits the money creation function, theoretically not affecting the money supply.
It will cause a certain degree of disintermediation impact on bank deposits, but the short-term effect is limited.
May undertake some government debt, affecting the transmission of monetary policy.
The price volatility of crypto assets may transmit to financial markets.
Potentially reshape the international monetary order.
Provide new ideas for currency internationalization.
Overall, as the regulatory framework improves, stablecoins are expected to deepen their integration with traditional finance, but this also brings new challenges and risks. Continuous attention to industry development is needed to timely optimize related policies.