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Federal Reserve: the issuance of CBDC will make usdt and other stable currencies disappear
2021-08-26 01:19:23 【Zhike Innovation Institute】
This paper introduces CBDC And the characteristics of stable currency , it has been reviewed that CBDC Whether it can replace the stable currency .
In recent days, , Federal Reserve Chairman Jerome · Powell said ： " If CBDC issue , There will be no need for a stable currency ." Recently, major countries in the world are increasing their support for CBDC The study of . Stability currency is a virtual asset , Its value is the same as US dollars 1：1 hook . In this article, let's compare CBDC And the main characteristics of stable coins to see their potential .
Issued by the state and private sectors
The most stable digital asset
Although the issuing units are different , but CBDC And stable currency are called stable assets , Its price hardly fluctuates .CBDC It is a digital currency directly issued by central banks . It is only issued electronically , No physical materials , And guaranteed by the central bank , Therefore, its value is the same as that of traditional paper money . With the decreasing trend of global cash use year by year , Countries that want to establish flexible monetary policy through e-money are right CBDC Show great interest . Bank for International Settlements （BIS） This year, 1 A monthly report showed , The global 86% All the central banks are working on CBDC.
Stable currency is a virtual asset that minimizes value fluctuation , This is bitcoin 、 Disadvantages of general virtual assets such as Ethereum ,Tether（USDT） and USD Coin（USDC） It's a classic . Its value is similar to that of the key currency, the US dollar (USD) 1:1 Fix , So as the name suggests , It is called “ Stable currency ”. for example ,1 USDT It can be exchanged for 1 dollar . vice versa . also Dai Wait for the stable currency , They are not linked to legal currencies such as the US dollar , It operates as collateral for virtual assets , But we won't discuss .
Because its value is fixed in the main currency, the US dollar (USD) On , So it's called " Stable currency ". for example , One USDT You can change it into... At any time 1 dollar , vice versa . also Dai Wait for the stable currency , But they are not linked to legal currencies such as the dollar , It operates as collateral for virtual assets , We won't discuss it here .
The advantage of the stable currency is its flexibility . Because it is a branch of virtual assets , No matter in which country , Transactions are very fast . Because of this , It replaces the dollar as the key currency in the virtual asset market , Many exchanges support USDT Virtual asset transactions for trading pairs . Users can buy... In Korean won USDT And Trade , You can also sell virtual assets and convert them into USDT.USDT make a great bit , Because it can be easily converted back to US dollars .
USDT The value of is fixed at 1 dollar （ source = CoinMarketCap）
CBDC Leading in value and payment reliability
So let's compare CBDC And stable currency . What they have in common is , They are digital currencies that are easy to exchange and manage , Has the same value as legal tender . however , In terms of value and payment reliability ,CBDC Better than stable currency . Because in a stable currency , Due to sudden changes in demand and supply , Sometimes there are temporary changes in value , and CBDC The main body of management is the central bank , Therefore, the variability of value is zero .
In terms of payment reliability ,CBDC Also in a leading position .CBDC The value of is guaranteed by the central bank , It can be exchanged into legal tender at any time . For stable currency , The cash reserve of the issuing unit determines the reliability of its payment . for example , If issued 10,000 USDT, that Tether The account should also be ready 1 Million dollars in cash , So that users can send USDT Convert into US dollars .
The problem is Tether The proportion of cash held is not high , This year, 5 First published in January Tether The asset details are displayed , stay 75.85% In our cash assets , The proportion of cash is only 3.87%, It caused controversy . If Tether A large outflow of short-term deposits due to some problems " Digital bank run " Phenomenon occurs , that Tether Cash payment will be very difficult . Different from the bank , At this time, the holder cannot obtain legal aid . in other words , In terms of reliability ,CBDC Perfect victory .
By 2021 year 3 month ,Tether Paid assets , Cash is only 3.87%
Utilization in the virtual asset market 、 In terms of expansibility, the stable currency wins completely
In terms of money use , It's a little different .CBDC The disadvantage is that it is legal tender , Its use will be mainly limited to its own territory . contrary , The stability currency is used everywhere in the world , The same value . therefore , Stable currency has more advantages in the role of transaction medium between different types of virtual assets in the world . for example ,20 Japan , MasterCard starts testing a service , When a user requests payment from a merchant with virtual assets , This service allows users to convert it into USDC Payment after . This is an attempt to expand the use of virtual assets in daily transactions by using stable currency .
By using a relatively simple blockchain network instead of a complex bank transfer network , The time and cost of the transfer process or exchange are significantly reduced . The potential of this stable currency can be achieved through Facebook Previously dominated Libra（DM） The project sees . At first ,Libra It is planned to be a large stable currency project linked to the global currency , Highly anticipated , But because of concerns about the negative impact on global monetary policy , The government put pressure and ran aground .
Whether countries allow the use of stable currencies is the key
In terms of characteristics only ,CBDC The possibility of completely replacing the stable currency is very small . In addition to the same blockchain based digital currency , The detailed characteristics and uses of the two assets are different . however , Consider the risk from a political point of view , In the recent atmosphere , The position of stable currency is somewhat unstable .
at present , The United States 、 China 、 South Korea and other major countries in the virtual asset market hold a negative position on the virtual asset market and the virtual asset system circle . lately , Apart from bitcoin , There has also been a regulatory trend towards a stable currency .
According to foreign media reports , In recent days, , US Treasury Secretary Janet • Yellen is " Meeting of the financial market working group directly under the President " Upper urge , Make a regulatory plan for the stable currency within a few months . lately , The market value of the world's major stable currencies has increased exponentially , exceed 1100 Billion dollars （ about 126 Trillions of the won ）. Exchanges holding stable currencies are free to transfer assets abroad , Unrestricted foreign exchange outflow will lead to problems in foreign exchange management policies , The financial authorities consider this a major risk .
meanwhile , Some people worry that the stable currency may be misused for money laundering , Because they are a convenient way to get dollars . Because of this , Virtual asset exchange Aprobit On 8 Stop supporting USDT transaction , In order to prevent the legal risk caused by stable currency in the business declaration of special payment law . On the same day , The Bank of Korea also provided 《 Research on the trend of stabilizing currency supervision and the role of the central bank 》, While observing the trend of managing a stable currency at the national level , The focus is on whether the stable currency can escape the fate of being limited .
The user is using CBDC when , The user's financial status and payment details are traceable . This is different from the anonymity of general virtual currency , Issued by the state CBDC It is impossible to allow users to pay anonymously to merchants when they spend money on goods . therefore ,CBDC Popularization is the general trend in the next few years . But by CBDC And the characteristics of stable currency , The two are likely to coexist peacefully , The key lies in the attitude of the national government towards a stable currency .
Alipay and WeChat have changed the way people pay and their habits , that CBDC Will the emergence of the will further optimize people's payment methods ？ Let's join the community , Let's discuss it together ！
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