Citigroup: Эмитенты стейблкоинов могут стать крупнейшими держателями казначейских облигаций США

cryptonews.ruPublicado em 2025-03-25Última atualização em 2025-04-25

Американский финансовый конгломерат Citigroup прогнозирует, что к 2030 году эмитенты стейблкоинов станут одними из крупнейших держателей казначейских облигаций США, поскольку к этому времени рынок стабильных криптовалют может достичь $1 трлн.

Дополнительный спрос на казначейские облигации может появиться за счет роста рынка стейблкоинов, пояснили в Citigroup. Если правительство США примет законодательную базу о регулировании таких криптовалют, то они будут стимулировать интерес к долларовым безрисковым активам внутри Соединенных Штатов и за границей. Эмитентам придется покупать казначейские облигации США в качестве базового обеспечения для каждого стейблкоина.

Однако аналитики Citigroup отметили, что стейблкоинам присущи риски оттока ликвидности. В 2023 году они теряли привязку к фиатной валюте 1 900 раз, причем около 600 токенов имели большую рыночную капитализацию. Это может оказаться «заразительным» для других стейблкоинов. В результате может быть ослаблена ликвидность крипторынка, что спровоцирует автоматические ликвидации и ухудшит способность торговых платформ выполнять погашения.

Геополитические риски тоже могут замедлить принятие стейблкоинов на международном уровне. В отчете указано, что если мир продолжит двигаться в сторону многополярной финансовой системы, то власти Китая и Европы будут стремиться продвигать собственные цифровые валюты центральных банков (CBDC) или стейблкоины, привязанные к их государственной валюте. Многие политики могут расценивать стейблкоины как инструмент для гегемонии доллара.

Аналитики Citigroup ожидают, что в 2030 году большая часть стейблкоинов (90%) будет обеспечена долларом США.

Согласно недавнему исследованию, проведенному компанией Bitwise, в 2024 году объем транзакций со стейблкоинами увеличился до $14 трлн, впервые обогнав платежную систему Visa на $1 трлн.

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