Stablecoins, as an important component of the digital financial world, are quietly changing the global economic landscape. Expert He Zhiguo recently shared unique insights on the impact of the stablecoin economy.

In the payment sector, stablecoins are becoming the new favorite for cross-border transactions. Their high efficiency and low cost characteristics make them a key element in building a digital payment ecosystem. This innovation not only accelerates the flow of funds but also holds the potential to reduce transaction costs in global trade.

With the advancement of the U.S. GENIUS Act, U.S. Treasury bonds may become the primary asset backing stablecoins. This trend could lead to a significant influx of funds into the U.S. Treasury bond market, thereby having a profound impact on the allocation of funds in the global financial system. This change may reinforce the international status of the dollar while also presenting new challenges for the monetary policies of other countries.

However, the rise of stablecoins has also brought significant impact to traditional banking. As funds increasingly flow towards stablecoin platforms, traditional banks may face the risk of deposit loss. This shift may prompt the banking industry to rethink its positioning and business model in the digital economy era. Meanwhile, stablecoin platforms have the potential to evolve into a new type of "narrow bank," playing an important role in the future financial ecosystem.

Another trend worth noting is the mapping of real-world assets (RWA) on the blockchain. Currently, the scale of RWA is approaching $300 billion and is still growing rapidly. This development underscores the importance of establishing a trustworthy connection between on-chain assets and the real economy. In this process, the importance of asset custody is self-evident, as it is crucial for ensuring the accurate correspondence between digital assets and physical assets.

With the continuous development of the stablecoin economy, we may witness the emergence of a more efficient and transparent financial system. However, this transformation also brings new regulatory challenges and risk management needs. In the future, finding a balance between innovation and stability will be an important issue that decision-makers and market participants will face together.