Рост Stablecoin может привлечь 400 миллиардов долларов в год в казначейские векселя, считает StanChart

investing.ru2025-04-15 tarihinde yayınlandı2025-04-15 tarihinde güncellendi

Investing.com — Эмитенты Stablecoin готовы стать крупной силой на рынках казначейских облигаций США, потенциально поглощая до 1,6 триллиона долларов в казначейских векселях в течение следующих четырех лет, согласно новой исследовательской записке Standard Chartered (LON:STAN).

Банк утверждает, что ожидаемое принятие закона GENIUS, законопроекта США, который проясняет регулирование Stablecoin, может увеличить общее предложение Stablecoin с 230 миллиардов долларов сегодня до 2 триллионов долларов к концу 2028 года.

Этот ожидаемый рост имеет значительные последствия для рынков казначейских облигаций и долгосрочного спроса на доллары США, по мнению аналитика Джеффа Кендрика.

"Закон GENIUS, который был одобрен банковским комитетом Сената в марте, открывает путь для принятия Конгрессом и президентского подписания к лету", — говорится в записке. "Законодательство США о Stablecoin дополнительно легитимизирует индустрию Stablecoin".

Чтобы соответствовать нормативным требованиям и поддерживать ликвидность, ожидается, что эмитенты Stablecoin будут следовать подходу Circle, при этом финтех-компания, стоящая за USD Coin, в настоящее время держит 88% своих резервов в казначейских векселях со средним сроком погашения 12 дней. Закон GENIUS предписывает владение ценными бумагами со сроком погашения 93 дня или меньше.

"Учитывая, что эмитенты Stablecoin, вероятно, предпочли бы избегать рисков во время заседаний FOMC, мы рассматриваем более короткие сроки владения Circle как хороший показатель того, что индустрия примет в будущем", — написал Кендрик.

StanChart оценивает, что прогнозируемый рост эмиссии будет означать 400 миллиардов долларов новых покупок казначейских векселей ежегодно до 2028 года.

"Этого будет достаточно, чтобы поглотить весь новый выпуск казначейских векселей, запланированный на оставшуюся часть второго срока Трампа", — написали аналитики. Только фонды денежного рынка, которые в настоящее время владеют 2,4 триллиона долларов в казначейских векселях, останутся более крупным покупателем.

Помимо спроса на казначейские облигации, расширение Stablecoin, привязанных к доллару США, укрепит роль доллара США в экосистеме цифровых активов.

"Растущий спрос на резервы Stablecoin, деноминированные в долларах США, создаст дополнительный спрос на доллары США", — отмечает StanChart, добавляя, что это "поддержит гегемонию доллара США" и обеспечит среднесрочное противодействие давлению на доллар из-за растущей напряженности в тарифных отношениях.

Эта статья была переведена с помощью искусственного интеллекта. Для получения дополнительной информации, пожалуйста, ознакомьтесь с нашими Условиями использования.

İlgili Okumalar

Giants Wage the Context War, Reconstructing AI Moats

The article "Giants Launch the Context War, Reconstructing AI's Moat" discusses how leading AI companies—OpenAI, Anthropic, and Google—are shifting their competitive focus from model size to acquiring, managing, and utilizing user context (Context). Initially, Context referred to the length of text a model could process, leading to a "arms race" for longer context windows. However, the competition has evolved through three key phases: expanding text capacity (long context windows), enabling memory across sessions, and finally, integrating AI into real user environments like browsers and desktops to capture dynamic task states. Each company is pursuing a distinct strategy. OpenAI is building Context around the ChatGPT account, turning it into a central hub that accumulates user understanding across various integrated applications and tools. Anthropic, lacking a major user base, focuses on high-value verticals like coding, empowering its Claude model to actively gather Context through GUI interaction (Computer Use) and system connections (MCP protocol). Google, with vast existing user data from products like Search and Gmail, faces the challenge of restructuring this data into actionable, AI-understandable Context for its Gemini model within its ecosystem. The core argument is that the nature of competitive advantage in AI is changing. The internet era prized network effects—connecting more users. The AI era values "individual depth": the ability to build deep, task-specific understanding of a user. This creates a new moat through 1) the compounding value of accumulated Context, 2) deep integration with user tools and permissions, and 3) the establishment of trust for complex tasks. Therefore, the battle for Context is fundamentally about capturing "task entry points" and converting existing digital ecosystems into environments where AI can effectively understand and act, rather than merely scaling user numbers.

marsbit42 dk önce

Giants Wage the Context War, Reconstructing AI Moats

marsbit42 dk önce

Foundation Steps Back, Ethlabs Steps Forward: Ethereum Undergoes Its Largest Restructuring in History

On June 23rd, the Ethereum ecosystem witnessed two major shifts, signaling a significant governance realignment. First, former Ethereum Foundation researchers established Ethlabs, a new independent non-profit. Backed by major ETH holders like Bitmine and SharpLink, Ethlabs aims to address practical needs for institutional adoption, including faster settlement, native asset issuance, cross-chain transactions, and mainnet scaling. Secondly, the Ethereum Foundation announced a major restructuring, laying off 54 employees (20% of its staff) to become a leaner entity focused on protocol governance and maintenance rather than being the primary builder. This move represents a pivotal correction. Criticisms had mounted over the Foundation's perceived slowness, lack of clear strategy, and over-reliance on Vitalik Buterin's influence. Ethlabs emerges as a more execution-oriented, "industrialized" layer focused on market adoption—bridging the gap between research and real-world use. Notably, Vitalik Buterin is absent from its list of supporters, interpreted as an intentional step to avoid excessive personal endorsement and allow the organization to build independent credibility. The Ethereum Foundation's downsizing and redefinition mark a retreat from its former central coordinating role. It now aims to share the "privilege of stewarding Ethereum" with other emerging groups like Ethlabs, the Ethereum Applications Guild, and The Ethereum Economic Zone. Analysts frame this dual shift as the Foundation ensuring Ethereum remains "correct" (credibly neutral), while Ethlabs must prove it remains "effective" (competitive and attractive for capital and adoption). This addresses community "shareholder-like anxiety" about ETH's market performance. While risks exist—such as concerns over shifting from Foundation centrality to large-holder influence—the consensus is that the greater risk for Ethereum was inaction, caught between technical idealism and organizational inertia. These steps aim to create a more multi-stakeholder, execution-driven future for the network.

链捕手8 saat önce

Foundation Steps Back, Ethlabs Steps Forward: Ethereum Undergoes Its Largest Restructuring in History

链捕手8 saat önce

Bitbase World Trading Clash (BWTC) 2026 Is Live — Registration Open Through July

Bitbase has opened registration for BWTC 2026 (Bitbase World Trading Clash), a global trading competition with a Promotion Pool of up to 1,000,000 USDT. Registration runs from June 22 through July 23. The competition features two parallel tracks: a team-based Futures Team Pro track, scored on both total volume and return on capital, and an individual Trophy Picks track, ranked on individual volume. Team formation closes July 9. Over 2,000 traders registered in the first 36 hours, unlocking an initial 10,000 USDT in the dynamically scaling prize pool. Most rewards are paid as USDT futures trial credit (with profits withdrawable), except for a top-captain cash award. A referral-based scout program offers additional incentives. The event emphasizes rewarding effective capital usage over mere trading volume, aligning with Bitbase's "Trust Through Every Cycle" principle.

TheNewsCrypto9 saat önce

Bitbase World Trading Clash (BWTC) 2026 Is Live — Registration Open Through July

TheNewsCrypto9 saat önce

Second Half of U.S. Crypto Policy: The Clarity Act Aims for 60 Votes, CFTC's "One-Person Commission" Becomes Biggest Variable

In a pivotal year for US crypto policy, the "CLARITY Act" is advancing in the Senate but faces a high hurdle, needing 60 votes to pass. Key challenges include bridging partisan divides on ethics and swaying undecided Republican senators within a tight legislative calendar of only about 40 working days. The policy "second half" involves intense negotiations on a broader framework for Web3 and DeFi, including crypto tax reforms and the Blockchain Regulatory Certainty Act. A significant uncertainty is the understaffed CFTC, operating with four commissioner vacancies, which complicates regulatory clarity. Meanwhile, the departure of key "crypto champions"—SEC Commissioner Hester Peirce and Senator Cynthia Lummis—will impact ongoing policy efforts. Industry experts are cautiously optimistic but realistic. Sara K. Weed notes that while progress is being made, CLARITY is unlikely to pass this Congress, pushing agencies like the SEC and CFTC to provide more guidance. Sulolit Mukherjee suggests meaningful crypto tax legislation is more likely to be attached to larger must-pass bills. Rashan Colbert discusses the jurisdictional debate over prediction markets, emphasizing the need for a regulatory framework that fosters their development as financial tools rather than treating them broadly as gambling. The clock is ticking, but opportunities remain for substantive progress through continued bipartisan dialogue and pragmatic efforts.

marsbit10 saat önce

Second Half of U.S. Crypto Policy: The Clarity Act Aims for 60 Votes, CFTC's "One-Person Commission" Becomes Biggest Variable

marsbit10 saat önce

Dan Koe's New Essay: Escaping the Fate of the Wage Slave, How to Survive the AI Replacement Wave?

Dan Koe argues that the true threat in the AI era isn't technology itself, but a reliance on others for one's livelihood and happiness. The core problem is "wage slavery"—spending life on unfulfilling work. To survive and thrive, one must escape this by building their own enterprise. The key is developing five elements: Agency (initiative), Taste (discernment), Persuasion, Persistence, and Iteration. These boil down to problem-solving skills and experiential knowledge, which cannot be learned passively but only through doing your own projects. The solution is to become "unemployable" by shifting your identity. This requires: 1) Radically changing your environment to force growth, 2) Choosing a medium (like content creation) that provides real feedback through trial and error, and 3) Mastering either code or, preferably, media (content). Content creation is more valuable because its subjective nature and need for human perspective create a durable advantage over generic AI output. To start, define your life's work by answering foundational questions about your innate knowledge, unique abilities, and contrarian beliefs. Then, immediately act by publishing your first piece of content. The cycle of creating, receiving feedback, and iterating is the essential path to developing the skills needed for an independent, meaningful career and financial resilience.

marsbit11 saat önce

Dan Koe's New Essay: Escaping the Fate of the Wage Slave, How to Survive the AI Replacement Wave?

marsbit11 saat önce

İşlemler

Spot
Futures
活动图片