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1、Photo by Rachael Rinchiuso Kearney,ChicagoThe new money layer:five insights into the future of stablecoinsStablecoins value is typically pegged to a government-issued currency,most commonly the US dollar.Unlike cryptocurrencies such as Bitcoin or Ethereum,Stablecoins price stability is maintained by

2、 private issuers that hold equivalent reserves in highly liquid,low-risk assets,often short-term US Treasuries or cash.Stablecoins are distinct from central bank digital currencies(CBDCs),which are legal tender of money issued directly by central banks.Unlike other cryptocurrencies,stablecoins offer

3、 a unique combination of open interoperability,settlement flexibility,and integration with decentralized ecosystemsfeatures that position stablecoins as a foundational layer for programmable,instant-value exchange(see figure 1).Digital assets are emerging from a retail novelty to the financial infra

4、structure of the future.The trajectory is clear,and stablecoinsfiat-pegged digital currenciesare at the forefront of this revolution.Distributed ledger technology has been generating headlines for more than a decade,even though there have been a limited number of use cases.But now,thats poised to ch

5、ange.Stablecoinsblockchain-based tokens issued by regulated private entitiescould take digital assets into the financial and corporate mainstream.Figure 1Stablecoins offer a unique value proposition for cryptocurrencyCharacteristicAtomic settlementWhy is it important?Source:Kearney analysisFaster tr

6、ansaction settlement reduces counterparty risks and eliminates intermediaries.Low transaction costsCheaper transactions foster financial inclusion and unlock new cross-border use cases.Transparency and traceabilityIncreased visibility reduces information asymmetries and helps automate reconciliation