Scholarlink

<p>Stablecoins, as cryptocurrencies pegged to real-world assets, leverage blockchain technology to achieve price stability and low-cost cross-border payments, posing significant challenges to traditional banks’ foreign exchange operations. This paper examines the definition, price stabilization mechanisms, and applications of stablecoins in cross-border payments and foreign exchange settlement, analyzing their impact on bank deposits, cross-border remittances, and trade finance. Stablecoins’ high liquidity, low transaction costs, and decentralized nature drive their adoption in high-inflation countries and DeFi, but their credit foundation relies on issuers’ reserves, vulnerable to regulatory constraints and trust crises, as evidenced by the 2023 USDC depegging event. Domestic banks could leverage e-CNY infrastructure, digital asset custody, and supply chain finance innovations to respond. Regulators must strengthen stablecoin oversight and promote e-CNY internationalization to ensure financial stability and global competitiveness.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Stablecoin development: challenges and responses for domestic banks’ foreign exchange operations In China

  • 期刊论文

  • 发表日期：

    2026年1月21日

查看全文
  • Mengge Dai,
  • Yuancheng Si

摘要

Stablecoins, as cryptocurrencies pegged to real-world assets, leverage blockchain technology to achieve price stability and low-cost cross-border payments, posing significant challenges to traditional banks’ foreign exchange operations. This paper examines the definition, price stabilization mechanisms, and applications of stablecoins in cross-border payments and foreign exchange settlement, analyzing their impact on bank deposits, cross-border remittances, and trade finance. Stablecoins’ high liquidity, low transaction costs, and decentralized nature drive their adoption in high-inflation countries and DeFi, but their credit foundation relies on issuers’ reserves, vulnerable to regulatory constraints and trust crises, as evidenced by the 2023 USDC depegging event. Domestic banks could leverage e-CNY infrastructure, digital asset custody, and supply chain finance innovations to respond. Regulators must strengthen stablecoin oversight and promote e-CNY internationalization to ensure financial stability and global competitiveness.