Compiled by: Jinse Finance
On August 28, the Bitcoin Asia Summit was held in Hong Kong, with heated roundtable discussions on several related topics.
A roundtable discussion themed "What role do stablecoins play in the future of Asian finance?" attracted Waterdrip Capital partner Vincent Ge, Hayek Technology co-founder and CBO Jeff Wen, macro analyst Phyrex Ni, and investor Qinbafrank. The panelists expressed their views on stablecoins, engaging in a lively discussion.
Regarding the current state of stablecoin development, Phyrex Ni believes that stablecoins can be categorized into four types: first, transactional stablecoins, such as USDC; second, payment stablecoins, such as PayPal's PYUSD; third, fund transfer stablecoins, which are currently available to almost all mainstream stablecoins; and fourth, staking stablecoins, which generate returns on-chain through staking. He also stated that mainstream stablecoins can be broadly divided into two types based on their revenue models: stablecoins backed by real assets, and staking stablecoins subsidized by returns earned through staking assets . In particular, the former generates revenue partly from transaction fees and partly from returns earned through its reserve assets, namely, US Treasury bonds and US dollar cash. Regarding the application of stablecoins in the context of US stocks being put on-chain, Phyrex Ni stated that US stocks essentially require two currencies: fiat US dollars and the compliant stablecoins required for on-chain transactions . Based on this scenario, stablecoin issuers may issue corresponding compliant stablecoins for trading in crypto-stocks or on-chain US stocks.
Regarding the development and future prospects of stablecoins across various industries in Asia, Jeff Wen stated that the US stablecoin "Genius Act" does not replace the Federal Reserve's coinage authority, but rather allows stablecoin issuers to compete freely against the US dollar. He believes that Taiwan, as a major global semiconductor chip manufacturing region, could explore launching a US dollar stablecoin related to semiconductor chip trade. He also stated that if a $100 billion application scenario could be found, mainland China, Hong Kong, and Taiwan would all likely issue related stablecoins.
Regarding future sectors to watch, Jeff Wen stated that the next phase will be an era of RWAs, based on stablecoin and financial product compliance . He believes that stablecoins can be viewed as RWAs (Real World Assets) transitioning from the real to the virtual. Jeff Wen predicts that the future implementation of RWA assets will begin with standardized financial products, moving from fiat currencies like the US dollar to assets like US Treasury bonds and stocks.
Regarding the unique advantages and potential application scenarios of stablecoins in Hong Kong, Qinbafrank stated that whoever controls access to stablecoins will control the pricing power of future on-chain assets . As a financial free port, a window for China's opening up to the outside world, and a gateway for trade along the Belt and Road Initiative and BRICS, Hong Kong could explore launching a Hong Kong dollar stablecoin. In the future, some institutions could also explore launching offshore RMB stablecoins in Hong Kong.
