华尔街日报：稳定币本质属于“私人货币”，或对金融体系构成风险

The Wall Street Journal: Stablecoins are in essence "private money" and could pose risks to the financial system

Odaily Planet Daily News: Although the GENIUS Act and CLARITY Act are promoting the compliance of stablecoins, stablecoins are still essentially "private money" and may bring structural risks to the financial system.

The article points out that stablecoins aim to combine the stability of the US dollar with the payment efficiency of blockchain, but since they operate on fragmented, private infrastructure, they lack the uniformity of the traditional dollar system. Although USDT and USDC are pegged to the US dollar, their prices can still deviate from $1.

Furthermore, stablecoin issuers have incentives to enhance yields by allocating assets with high risk and low liquidity. If the value of these assets declines, it could trigger de-pegging and concentrated redemption risks. Citing data from Chainalysis, the article states that stablecoins account for 84% of crypto-related illicit activity, primarily involving sanctions evasion and money laundering, while their use in real economic payments constitutes less than 1%.

The Wall Street Journal believes that stablecoins are repeating the path of the private money experiment seen in the US "Free Banking Era" of the 19th century. In the future, they may need to be subject to stricter regulation like banks and achieve deeper integration with the central bank system. (The Wall Street Journal)