Wall Street Journal: Stablecoin gây ra rủi ro cấu trúc đối với hệ thống tài chính

The Huoxing Finance report states that on May 26, The Wall Street Journal published an article pointing out that stablecoins are essentially "private currencies." Although the GENIUS Act and the CLARITY Act are attempting to bring stablecoins into compliance, stablecoins may still pose structural risks to the financial system. The article notes that stablecoins aim to combine the stability of the U.S. dollar with the high efficiency of blockchain payments, but because they operate on fragmented, privatized infrastructure, they lack the "uniformity" of the traditional dollar system. Although USDT and USDC are pegged to the U.S. dollar, their prices still deviate from $1. Stablecoin issuers have inherent incentives to scale up and "pursue yield," potentially increasing returns by allocating to riskier, less liquid assets. If the value of these assets declines, stablecoins may fail to maintain their peg, triggering mass redemptions and cascading market reactions. Additionally, citing Chainalysis data, the article states that stablecoins account for 84% of crypto-related illicit activities, including sanctions evasion and money laundering. Currently, the primary use of stablecoins remains crypto trading, with less than 1% used for real-economy payments. Stablecoins are replaying the private currency experiments of 19th-century America's "Free Banking Era." Although stablecoins have become an important direction in the evolution of payment technology, they may eventually be required, like banks, to undergo stricter regulation and deeper integration with central bank systems.