Stablecoins: The Next Evolutionary Stage of Money

Introduction

As a blockchain consultant with a penchant for dissecting financial innovations, I found Xiao Feng’s recent remarks on stablecoins particularly compelling. He posits that stablecoins represent a new chapter in货币演变—dubbed ‘tokenized money.’ Let’s unpack this.

The Technical Backbone

Distributed Ledger Technology (DLT)

Stablecoins owe their existence to DLT, humanity’s third leap in accounting methods after single-entry and double-entry bookkeeping. Unlike traditional systems requiring intermediaries to reconcile records, DLT enables peer-to-peer transactions on a公共账本. No more waiting for banks to align their ledgers!

Digital Twins vs. Digital Natives

Since Bitcoin’s inception in 2009, we’ve seen two trends:

1. Digital Natives: Assets like BTC created from scratch on-chain.
2. Digital Twins: Real-world assets (e.g., USD) tokenized as stablecoins (USDT, 2014).

Now, with Bitcoin ETFs bridging链上and链下, the interplay grows fascinating.

Why Tokenization Matters

Liquidity Unleashed

Tokenizing assets—be it dollars or treasury bonds—grants them全球流动性. A巴西investor can now bypass繁琐开户 procedures to trade香港stocks seamlessly.

The “Flash Loan” Revolution

DeFi’s抵押借贷achieves 67x higher capital turnover than传统银行by enabling秒级settlements. Imagine borrowing and repaying in 10 seconds—no杠杆, just efficiency.

Programmable Money

Unlike static fiat, stablecoins execute智能合约automatically. Default? The code liquidates collateral without lawyers or delays—a boon for AGI-era machine economies.

The Dollar Stablecoin Dominance

With $20T in annual transactions避开SWIFT,美元稳定币reinforce USD hegemony. USDC (regulated) and USDT (offshore) lead the charge, while其他货币scramble to catch up.

China’s Strategic Playbook

Hong Kong could pilot离岸人民币稳定币, synergizing with CBDCs via a双层架构. The goal? Avoid ceding monetary sovereignty in this tech-driven race.

Fun fact:非洲users adore stablecoins—60% lack bank accounts but own phones.