Interesting take from Minsheng Securities.
While stablecoins offer efficiency and accessibility, they’re still far from replacing the U.S. dollar’s trust-based role in global reserves. The issue isn’t just tech — it’s about counterparty risk, geopolitical trust, and long-term credibility.

Unlike gold, which is politically neutral and globally accepted, stablecoins are still tethered to centralized entities, vulnerable to regulation, supply risk, and limited sovereign adoption.

Until these structural gaps are addressed — especially global legal frameworks — stablecoins will remain tools for liquidity, not trust.

#Stablecoins #DeDollarization #CryptoEconomics #GlobalFinance