整體穩定幣市值突破 3,220 億美元，碾壓全球 95 國外匯存底

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Global capital is migrating into the cryptocurrency market at an unprecedented pace. According to the latest data, the total global stablecoin market capitalization has officially surpassed 322 billion USD, not only setting a new historical high, but also exceeding the foreign exchange reserves of 95 countries worldwide, including even some advanced developed economies. As of now, the overall market cap of stablecoins has already surpassed the foreign exchange reserves of economies such as Poland, Thailand, Mexico, and even the United Kingdom, Canada, and oil-rich United Arab Emirates (UAE). In other words, the digital dollars and fiat assets that people around the world hold outside the traditional banking system have already exceeded the "protective shield" — foreign exchange reserves — that most sovereign nations use to defend against external economic shocks. So-called "stablecoins" are tokenized versions of fiat currencies issued on blockchains. Their value is typically pegged "one-to-one" to fiat currencies such as the US dollar, euro, or Japanese yen. In recent years, the total market cap of stablecoins has shown explosive multiplicative growth; and the vast majority of trading activity in the market is concentrated in the two major stablecoins, USDT and USDC. Generally speaking, foreign exchange reserves are assets such as US dollars, euros, yen, and gold held by central banks, mainly used as buffer funds to stabilize domestic exchange rates, repay foreign debt, and cover import expenses such as energy. Looking globally, currently only 14 countries — including China, Japan, Russia, India, Taiwan, and Germany — still hold foreign exchange reserves larger than this wave of stablecoin frenzy. Stablecoins are widely used in cryptocurrency trading, allowing users to easily take profits from highly volatile crypto assets without converting funds back into fiat currency. For DeFi protocols, stablecoins serve as the settlement layer; for cross-border payments, they provide a faster, cheaper way to transfer funds that bypasses traditional banking channels. The Bank for International Settlements (BIS), known as the "central bank of central banks," mentioned in its latest report: The use of stablecoins for cross-border payments is growing significantly, especially in regions where traditional bank correspondent services are inefficient or costly. Since 2022, cross-border stablecoin flows have surged dramatically, with stablecoin transaction activity being particularly frequent in countries suffering from high inflation and severe exchange rate volatility. However, while funds can easily cross national borders, this also makes central banks of various countries break out in a cold sweat. When people can easily convert assets into digital dollars via their phones, it can easily trigger large-scale capital flight. For countries already facing current account deficits and economic fragility, this is undoubtedly adding insult to injury, subjecting their fiat currencies to even heavier depreciation pressure. The BIS stated in its report: "Increases in stablecoin fund flows are often subsequently accompanied by depreciation of local currencies, not only breaking the traditional interest rate parity theory, but also causing the gap between stablecoins' implied exchange rate and the official exchange rate in the market to continue widening." The report further pointed out that these signs clearly show that stablecoins are providing residents of emerging markets and developing economies (EMDEs) with a virtually frictionless new channel, allowing them to easily bypass government capital controls and massively transfer their life savings to US dollar-denominated digital assets. This technology-driven financial migration is rewriting the rules of monetary circulation right under the noses of global central banks.

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