#fsb警告3000亿美元稳定币或面临挤兑
$ETH
The Financial Stability Board (FSB) issues a major warning
The $300 billion stablecoin market
faces the risk of a bank run
Guys,
Ahead of the G20 meeting,
the FSB released its latest report,
sounding the alarm on stablecoins.
The global stablecoin market, worth around $300 billion,
may still face a bank-run crisis—even if reserves are fully backed.
The main source of risk is cross-border asset mismatch.
Stablecoin issuers set up affiliated entities in multiple countries.
Redemption requests may be concentrated in one country,
while reserve assets are held in another jurisdiction.
When markets panic,
limits on cross-border transfers can prevent reserves from being moved quickly enough to meet redemptions,
triggering a bank run.
The biggest contradiction is this:
on-chain stablecoins can be redeemed anytime, 24/7,
but reserve assets are mostly U.S. Treasuries and bank deposits.
Traditional financial markets have limited trading hours.
Crypto holders can withdraw their coins at any time,
while trading in the underlying assets may be closed.
This liquidity timing gap amplifies the risk.
And of the roughly $300 billion in stablecoins worldwide,
around 99% are pegged to the U.S. dollar.
If a large-scale run occurs,
issuers could be forced to sell U.S. Treasuries,
transmitting the risk to traditional financial markets.
This wouldn’t just be a problem within crypto.
Put simply,
if something goes wrong, there’s no one to step in.
Guys,
I think this makes a lot of sense.
For one thing, this timing gap alone
is very difficult to solve.
Different time zones and trading hours
will inevitably create some differences.
The same goes for stock tokens.
Why do they so often show those crazy price wicks?
It’s also because of differences in timing.
And if they’re all pegged to the U.S. dollar,
what happens if the dollar runs into trouble?
Guys,
what do you think?
$ETH
The Financial Stability Board (FSB) issues a major warning
The $300 billion stablecoin market
faces the risk of a bank run
Guys,
Ahead of the G20 meeting,
the FSB released its latest report,
sounding the alarm on stablecoins.
The global stablecoin market, worth around $300 billion,
may still face a bank-run crisis—even if reserves are fully backed.
The main source of risk is cross-border asset mismatch.
Stablecoin issuers set up affiliated entities in multiple countries.
Redemption requests may be concentrated in one country,
while reserve assets are held in another jurisdiction.
When markets panic,
limits on cross-border transfers can prevent reserves from being moved quickly enough to meet redemptions,
triggering a bank run.
The biggest contradiction is this:
on-chain stablecoins can be redeemed anytime, 24/7,
but reserve assets are mostly U.S. Treasuries and bank deposits.
Traditional financial markets have limited trading hours.
Crypto holders can withdraw their coins at any time,
while trading in the underlying assets may be closed.
This liquidity timing gap amplifies the risk.
And of the roughly $300 billion in stablecoins worldwide,
around 99% are pegged to the U.S. dollar.
If a large-scale run occurs,
issuers could be forced to sell U.S. Treasuries,
transmitting the risk to traditional financial markets.
This wouldn’t just be a problem within crypto.
Put simply,
if something goes wrong, there’s no one to step in.
Guys,
I think this makes a lot of sense.
For one thing, this timing gap alone
is very difficult to solve.
Different time zones and trading hours
will inevitably create some differences.
The same goes for stock tokens.
Why do they so often show those crazy price wicks?
It’s also because of differences in timing.
And if they’re all pegged to the U.S. dollar,
what happens if the dollar runs into trouble?
Guys,
what do you think?