FT：Donald Trump’s crypto embrace is a threat to Wall Street
Members of Congress are pushing legislation that would establish a regulatory framework for using so-called stablecoins as means of payment. These are digital assets backed by reserves of “safe” assets, designed to hold a constant value per coin of $1.
In the US, we have long had a policy of separating banking from other types of commerce. Banks are mostly not allowed to engage in non-financial business, which prevents them from using cheap deposit funding to outcompete rivals in other lines of business. And thus far, accepting deposits has been off-limits for tech platforms. This stablecoin legislation, however, would let Silicon Valley behemoths issue their own stablecoins — social media networks and ecommerce platforms could accept the functional equivalent of deposits.
In Silicon Valley, platforms use reams of user data and network effect advantages to build unassailable market positions. As Hyun Song Shin of the Bank for International Settlements has noted, “big tech firms with an established platform have a running start when they venture into financial services”. Once Silicon Valley is authorised to accept deposit equivalents in the form of stablecoins, the result could be “everything apps” that compete at huge scale with Wall Street’s business. For a sense of just how big a competitive threat they would be, think of how both central and commercial banks viewed Meta’s onetime plans to launch the Libra digital currency.
There is no whisper of bailouts in the stablecoin legislation, but they will be inevitable if a large enough stablecoin falters. If the industry is unrestrained, there could be systemic issues.
加密币的价值在于国际间的支付，减少汇率手续费的损失，就像中国支付宝在中国国内贸易活动中的作用。国际旅游业很适合。但： [时事述评] - TreeNewBee(128 bytes ) 2024-07-28
