加密货币趋于稳定：稳定币

Crypto goes steady: Stablecoins Key takeaways •Stablecoins are a form of cryptocurrency designed to be stable in value, commonly pegged to an underlying fiat currency, andbacked by highly liquid reserve assets. They function as a medium of exchange, rather than serving as an investment vehicle. •From cross-border to retail transactions, stablecoins can be a cheaper and more efficient option when compared to otherconsumer payment methods. However, they also introduce challenges, such as irreversible transactions and exposure to de-pegging, which can impact scalability and stability. •In July 2025, the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) became law - marking the firstcomprehensive US framework for regulating stablecoins. The Act delineates oversight responsibilities between federal and stateregulators, and lays the groundwork for banking authorities to develop rules and guidelines for stablecoin issuers. •This publication explores six key questions surrounding stablecoins, including their design, applications, and limitations per BofAGlobal Research, as interest in their role within the digital economy continues to grow. 1.What are stablecoins? Stablecoins, first developed in 2014, are a type of cryptocurrency designed to be stable in value. They are issued via blockchainnetworks and are commonly pegged to an underlying fiat currency–a government-issued currency that is not backed by afinancial commodity–at a 1:1 ratio. Many stablecoins are pegged to the dollar (USD), but issuers (which can be either banksubsidiaries or non-bank entities) have also pegged them to other currencies, such as the Euro. A key characteristic of stablecoins is that they are designed to serve as a medium of exchange or store of value rather than as aninvestment asset. Unlike equities or cryptocurrencies like Bitcoin, which derive value from market demand, stablecoins aredesigned to hold a 1:1 value with their peg. However, transactions involving stablecoins are not entirely cost-free; users typically incur blockchain network fees–commonlyreferred to as“gas fees”–which vary by network and can influence overall costs for users. And, notably, transaction volumeremains relatively low–as of July 2025, stablecoins only facilitated around $30bn of transactions daily, or less than 1% of globalmoney flows.1 2.How do stablecoins work? Smart contracts Stablecoins are issued (or redeemed) using smart contracts, which are digital agreements that leverage the security andtransparency of blockchain and allow developers to establish specified guidelines for an asset tied to those contracts. Smartcontracts offer increased efficiency (e.g., automation, elimination of intermediaries) and enhanced transparency (e.g., tamper-proof, record-keeping), ultimately reducing the cost to transact. Issuance processWhen a user purchases stablecoins, the issuer first deposits the funds at a bank (Exhibit 1). The issuer then keeps a portion of the fiat currency (e.g. USD) as reserves to meet liquidity needs. Additionally, they buy reserve assets, potentially equaling morethan 100% of issued coins in circulation. Issuers tend to hold short-term, highly liquid assets to reduce underlying volatility risk.In accordance with recent legislation, these may include cash and equivalents, treasuries, and repurchase agreements (contractwhere one party agrees to sell securities and buy them back later at a slightly higher price). Currently, treasury bills make up thelargest portion of reserves. After the user sends fiat currency to an issuer, they receive stablecoins in return (at a 1:1 ratio), which they can hold with acentralized custodian or in a compatible wallet until they want to redeem them. When a user decides to redeem stablecoins forthe underlying currency, the issuer burns (i.e. destroys) the tokens and returns the equivalent fiat value by drawing from itsreserves, typically deducting a minimal processing fee. The burning of stablecoins is to ensure that the issuer’s stablecoin supplymatches the backing assets. Stablecoin issuanceprocessexample Source:GlobalXETFsBofA Global Research 3.How do stablecoins differ from other types of digital money?Tokenized deposits, Central Bank Digital Currencies (CBDCs), and privately issued stablecoins all represent forms of digital money but differ fundamentally in who issues them and the nature of the underlying claim (Exhibit 2). Tokenized deposits areissued by commercial banks and represent a digital form of customer deposits, offering the same protections and regulatoryoversight as traditional bank deposits. CBDCs are issued by central banks and function as sovereign digital cash. In contrast,stablecoins are issued by bank subsidiaries or non-bank entities and are backed by fiat reserves or other assets. Tokenized DepositsTokenized deposits are commercial bank deposits tokenized on a blockchain platform or distributed ledger technology and backed by retail or institut