#比特币对比代币化黄金 Recently, I came across the IMF’s report on stablecoins, and I think it’s pretty worth discussing. On the surface, stablecoins really do solve a lot of practical issues—the transfer speed is insanely fast. Traditional bank transfers might take several days, but with stablecoins, funds arrive within minutes. For business people, that’s basically a necessity. What’s even more interesting is that those who were previously excluded from the financial system can suddenly participate. People in remote areas, young people with no credit history—as long as they have a wallet address, they can use it. This kind of financial inclusion is genuinely impressive.

But there’s always another side to the coin. The risks the IMF warns about are no joke. Imagine if the residents of a country all get used to using a certain stablecoin, and the local currency gradually becomes just a “backup option.” How crazy would the central bank get when trying to manage the economy? The monetary policy transmission mechanism would basically break down—nobody would care about interest rate hikes or cuts anymore.

Even trickier is the issue of capital flows. Stablecoins are like giving money wings—it can fly across borders in seconds. Today, funds might be circulating in Country A’s market, and tomorrow, they’re all in Country B. This kind of large-scale, rapid movement is something local central banks simply can’t control. Remember the lessons from the 2008 financial crisis? Once systemic risk erupts, the contagion spreads faster than a virus.

Here’s the key issue: this isn’t something any one country can handle behind closed doors. Stablecoins are inherently global, funds flow chaotically across borders, but regulation is still siloed by nation. Isn’t that just leaving the door open for risks? That’s why the IMF keeps emphasizing international cooperation—we need a unified regulatory framework. Don’t wait until something breaks to start cleaning up the mess.

Realistically, governments are now walking a tightrope: they want stablecoins to drive financial innovation, but they’re afraid of getting bitten in return. The ideal scenario is probably to establish a regulatory network that is both flexible and rigorous—so it doesn’t stifle technological development, but also doesn’t leave room for systemic risks. Countries need to regularly share intelligence and data, and act quickly if warning signs appear.

To put it bluntly, stablecoins are like nuclear energy—used well, they can benefit humanity; mishandled, they could blow up the entire financial system. The question now isn’t whether to use them, but how to find the balance between development and security.