#稳定币市场动态 Looking back, the development history of the stablecoin market can be described as full of fluctuations. Initially, they were seen as a "safe haven" in the world of Crypto Assets, providing investors with a choice to avoid fluctuation risks. However, over time, the influence of stablecoins has surpassed the realm of Crypto Assets and begun to have a profound impact on the TradFi system.

Recent remarks by Federal Reserve Governor Milan remind me of the situation after the 2008 financial crisis. At that time, in response to the crisis, central banks around the world implemented quantitative easing policies, resulting in persistently low global interest rates. Today, the rise of stablecoins seems to be repeating this history in another way.

Milan pointed out that the expansion of stablecoin scale may lower the neutral interest rate. This view is thought-provoking. From historical experience, any factor that can influence the neutral interest rate deserves our close attention. After all, the neutral interest rate is one of the key indicators that determine the direction of monetary policy.

It is worth noting that the reserve mechanisms of stablecoins may increase the demand for U.S. Treasury bonds. This reminds me of the establishment of the petrodollar system in the 1970s. At that time, the binding of the dollar to oil greatly enhanced the international status of the dollar. Today, will stablecoins become the new "digital dollar" system? This question deserves our in-depth exploration.

History always repeats itself in new ways. As witnesses, we have a responsibility to draw wisdom from past experiences to prepare for future financial transformations. The development of the stablecoin market will undoubtedly be an important area that deserves our continued attention.