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Stablecoins are on fire! Is gold about to crash? Wake up! It's just a digital avatar of the "dollar".
1. Stablecoins are digital cash supported by blockchain technology, pegged to fiat currencies like the US dollar or government bonds, and require corresponding reserve assets for issuance.
2. The total supply of Bitcoin is fixed, referred to as "digital gold," while stablecoins have no issuance limit, essentially being "digital dollars," differing only in form from traditional cash;
3. Short term: The market size of stablecoins is much smaller than that of gold, with low capital overlap and no significant crowding out effect on gold capital flow.
4. Medium term: The issuance of stablecoins needs to hold US dollars or US Treasury bonds as reserves. Large-scale issuance may boost the demand for US Treasury bonds, lower real interest rates, and indirectly benefit gold.
5. Long-term: The core drivers of gold value are still the credit of the US dollar and the scale of US debt. Stablecoins, as a form of currency evolution, will not shake gold's safe-haven properties;
#BTC再创新高# #ETH突破3000#