Cathay Pacific Haitong: There are six "misunderstandings" about stablecoins, and their value is not absolutely stable

Mars Finance News: On June 20th, Guotai Haitong Securities Research recently released the report "Stablecoins: How to Reshape Global Currency and Assets", which comprehensively analyzed the current development status, future prospects, and impact of stablecoins on major asset classes, while pointing out six "misconceptions" about stablecoins, indicating that their value is not absolutely stable. Misconception One: Stablecoins have absolutely stable value. Stablecoins are essentially an extension of anchored asset credit, with value that is not absolutely stable but relatively stable, subject to technical de-anchoring risks and fluctuations in anchored assets. Misconception Two: All fiat currencies can issue stablecoins in large quantities. Not all currencies can issue stablecoins extensively; the development of different fiat currency stablecoins ultimately depends on the acceptance of the legal tender, with stablecoins of the most widely trusted currencies experiencing a "winner-takes-all" scenario. Misconception Three: US dollar stablecoins will weaken US dollar credit. The rapid development of US dollar stablecoins will not impact the US dollar system but will further strengthen its position by expanding the function and usage range of the dollar. However, US dollar stablecoins may significantly impact the legal tender of other countries, especially those with high exchange rate volatility. Misconception Four: US dollar stablecoins are a "lifeline" for US Treasury bonds. The US dollar stablecoins market can only slightly alleviate pressure on short-term US bonds, with the short-term bond market ultimately dominated by the Federal Reserve. Stablecoins cannot relieve pressure on long-term US bonds, and their overall impact on the US bond market is minimal. Misconception Five: US dollar stablecoins will significantly increase US dollar monetary supply. While stablecoins will distribute some dollar issuance rights from the Federal Reserve to issuing companies, the Fed remains the primary participant in controlling total dollar liquidity, similar to how monetary regulatory agencies in linked exchange rate economies can adjust currency supply despite multiple issuing banks. Misconception Six: Stablecoins will rapidly promote the RWA market. Stablecoins' support for RWA is more evident at the transaction level, with RWA market development ultimately depending on underlying asset quality. Currently, the RWA market is in an early development stage, potentially characterized by "credit priority" or "liquidity priority" approaches.