ABSTRACT

This paper aims to study the implications of the potential large-scale usage of global stablecoins. We start with describing the origin and the evolution of stablecoins, and then analyze the operational mechanism and application scenarios. An analysis on whether global stablecoins will lead to dollarization of a country’s monetary system is then followed, based on the monetary quantity theory and Fisher’s equation. We find that large-scale usage of global stablecoins may have an impact on both large and small open economies, and with a greater impact on the sovereign monetary system of small economies. Further, global stablecoins may affect financial stability through influencing monetary policy, holder confidence and financial system. The potential risks are embodied in technology development, payment security and illegal transactions. To deal with these potential impacts and risks, we propose to strengthen judicial research and plan arrangements for global cooperation and coordination.

摘要

本文旨在研究全球稳定币潜在大规模使用的含义。我们首先描述稳定币的起源和演变，然后分析其运行机制和应用场景。然后，根据货币数量理论和费舍尔方程，对全球稳定币是否会导致一个国家的货币体系美元化进行分析。我们发现，大规模使用全球稳定币可能对大型和小型开放经济体都产生影响，并对小型经济体的主权货币体系产生更大的影响。此外，全球稳定币可能会通过影响货币政策，持有人信心和金融体系来影响金融稳定。潜在风险体现在技术开发，支付安全和非法交易中。