2025-12-22 11:50:28

#数字资产市场洞察 Cornell University professor and former IMF official Eswar S. Prasad recently published an interesting article discussing a paradox - stablecoin.

It sounds like stablecoins are great, indeed lowering transfer costs, making cross-border remittances faster, and to some extent promoting financial inclusivity. But this guy pointed out that the logic behind it may not be that simple.

Stablecoins seem decentralized, but in reality, what you trust is not the code, but the issuing institution. Moreover, with the relaxation of U.S. policies, giants like Amazon and Meta may enter the market, and major banks also want a piece of the pie. In the future, it is highly likely that a monopoly situation regarding stablecoins will form among leading institutions.

The most realistic issue is: the global expansion of the US dollar stablecoin may further weaken the monetary sovereignty of small countries. In other words, the risk of financial power concentration is rising, and the dominance of the US dollar may be further strengthened. This is not just an upgrade of payment tools, but rather a reshaping of the international monetary system.

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SadMoneyMeow

· 47m ago

Basically, it's just a change of packaging without changing the medicine. The popularity of stablecoins ultimately still comes down to the Federal Reserve scamming global investors.

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GasGuzzler

· 16h ago

It's just the dollar hegemony in a different disguise; what is there to believe in decentralization?

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NotGonnaMakeIt

· 12-22 13:14

To put it bluntly, stablecoins are just a change of soup without changing the medicine, it's just the dollar in a different guise continuing to play people for suckers.

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SandwichTrader

· 12-22 12:19

Here comes a new trick to Be Played for Suckers again; to put it bluntly, it's still the US dollar hegemony in a different guise.

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AirdropHermit

· 12-22 12:19

Wait, the essence of stablecoins is still the trap of the US dollar. After playing for a long time, we are back on the old path dominated by the US.

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FastLeaver

· 12-22 12:18

Here comes another one singing the blues about stablecoins, but the logic is indeed spot on; the monopoly risk is really hard to ignore. It’s true, USD stablecoins are just putting on a different disguise to continue the US dollar hegemony, small countries are just being played for suckers. I just want to know, what can our domestic stablecoin ecosystem produce... This wave is really the biggest joke of "Decentralization"; what do you believe in? The code? In the end, it’s still about trusting the credibility of institutions. The day these giants like Amazon and Meta get on board, the space for retail investors will be completely compressed.

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ImpermanentPhilosopher

· 12-22 12:17

In simple terms, it's just the US dollar hegemony dressed in a new outfit; we are still too naive.

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YieldChaser

· 12-22 11:55

It's the same old story... stablecoins are just a new guise for the dollar hegemony.

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TokenVelocity

· 12-22 11:55

Here comes another one saying stablecoins are a trap... but this guy does have some logic, the globalization of USD stablecoins is a new form of colonialism. --- Decentralization? Laughable, to put it bluntly, it still relies on centralized institutions, what's the essential difference from TradFi? --- The sovereignty of small country currencies is really worrying, if Amazon and Meta enter the game, the rules will change directly, and we all become suckers. --- Wait, after monopolizing stablecoins, will it be even more competitive than now... the nightmare of centralization is coming again. --- This is what Web3 truly needs to reflect on, it's not a technical issue, it's a power issue; whoever controls the issuance rights wins. --- If this continues, stablecoins are just USD in disguise, and no matter how widespread they become, they can't escape it. --- I just want to know if anyone is actually working on a truly decentralized stablecoin... or is this itself a false proposition? --- Financial inclusion? Let the big institutions suck blood first, anyway, the ones who get hurt in the end are still retail investors.

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PumpDetector

· 12-22 11:54

ngl, this is exactly the pattern i've been tracking since the mt. gox days... centralization wrapped in decentralization narrative, classic institutional playbook. watched it happen with btc, watching it happen with stables now.

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