Fu Peng's Summary of Stablecoin Sharing:

I. Macroeconomic Framework Positioning of Stablecoins

Dual-Track Financial System

Fu Peng proposed that the current financial system consists of a "Traditional Government Bond Credit System" + "Blockchain Technology" dual track: Traditional Side: Government bonds backed by national credit remain the core of the financial system, providing ultimate settlement guarantees.

Cryptocurrency Side: Stablecoins (such as USDC/USDT) utilize blockchain to achieve high efficiency and low-cost cross-border payments, but settlement still relies on traditional banking systems.

Misunderstanding of the Essential Contradiction of Stablecoins: Most people mistakenly believe that stablecoins represent a "decentralized breakthrough," but they are actually regulatory arbitrage tools. Their reserve assets (cash/government bonds) are still anchored to the traditional system and cannot escape the policies of the Federal Reserve.

Core Value: By lowering the transaction costs of traditional finance (such as cross-border remittances from 6% to 0.5%), it forces reform in the banking system.

II. Three Major Challenges for Cryptocurrencies

Regulatory Dilemma

The early association of cryptocurrencies with anonymous transactions on the dark web has led to diverse attitudes from different countries: Countries like China have completely banned them

Europe and the US are open but have strengthened anti-money laundering regulations.

Fu Peng emphasized: The unsecured nature of virtual assets makes cryptocurrencies susceptible to becoming vehicles for illegal activities.

Technology Dependency Risk: While blockchain transactions appear decentralized, settlement still relies on banking systems (e.g., Circle's reserves are held at State Street Bank).

If the traditional financial system collapses, stablecoins will fail simultaneously.

Adaptation Crisis in the AI Era: Artificial intelligence promotes data assetization, but cryptocurrencies lack a tether to the real economy, making it difficult to capture data value.

Fu Peng pointed out that the disconnection between "on-chain virtual assets and AI productivity" is a long-term development bottleneck.

III. Key Recommendations for Ordinary Investors

Beware of "Decentralization" Promotion

Stablecoins are essentially efficiency supplement tools for traditional finance, not disruptive innovations. Attention should be paid to their reserve transparency and policy risks (e.g., the US "Stablecoin Act").

Prioritize Choosing Compliant Assets: Stablecoins anchored in cash and government bonds (such as USDC) have significantly better risk resistance than algorithmic stablecoins.

Avoid participating in cryptocurrency projects without a clear regulatory framework.

Observation Indicators: The Federal Reserve's openness to interbank settlements (determining the ceiling for stablecoins)

Progress of central bank digital currencies (CBDC) in major economies (which may squeeze the space for stablecoins).