穩定幣，究竟真穩？還是美元全球霸權的數位跳板？

 

近期香港《C觀點》節目（由施永青主持）及其專欄文章，得到不少讀者共鳴。其中一集就點出了穩定幣背後的某些隱憂：這不僅不是實質「穩定」，更像是美元勢力的新戰略工具。

穩定幣不是穩定：為何不應盲信？

儘管穩定幣掛鈎美元，看似能保持價值穩定、便於跨境支付，並享有區塊鏈技術的優勢，施永青卻提出警告：

• 穩定幣最大的功能，竟似乎只是為 美元與美國國債創造新的需求，並非真正解決全球貨幣的根本問題。ricacorp.com

• 另一方面，當美元本身出現問題時，這些穩定幣也無法「脫罪」——它們的命運全綁在法幣背後。ricacorp.com

簡而言之，穩定幣的「穩定」是建立在美元作為法幣的基礎上的，一旦美元動搖，穩定幣也會跟著崩塌。

美債與穩定幣：無形手背後的策略布局

更深入的分析指出，美國政府不只是透過穩定幣應付短期金融需求，更似乎視其為延續美債銷路的救命稻草：

• 發行穩定幣通常需要以等量的美元或美國短期國債作為儲備。這也意味著，穩定幣的需求漸增，可能進一步 拉動美債需求、支撐美國財政。ricacorp.com+1香港01

• 美國國會正在推動的《GENIUS法案》（Guidance and Establishing National Innovation for US-Stablecoins），計劃為穩定幣建立統一監管框架，要求發行人使用高流動性資產（如美債、現金、存款等）1:1 全額儲備並接受定期審計。香港01

• 更重要的是，這項政策具有戰略意義——通過穩定幣數位化擴散，使美元在數位金融領域再奪主導地位，同時吸納全球資金回流美國。這種方式或成為美國應對財政赤字與維穩債市的長期策略。香港01自由時報電子報

全球反應：誰在應對這場「數位美元化」？

美國這一套做法無疑引起他國高度警覺：

• 歐盟正透過 MiCA 法規強化本地穩定幣監管並鼓勵歐元掛鈎版本，試圖避免被美元穩定幣邊緣化。Yahoo News香港01

• 香港則積極制定《穩定幣條例》，官方期望能成為人民幣掛鈎穩定幣的發行中心，也藉此保持金融中心地位並對抗美元壟斷。Yahoo News香港01

• 北京與中國也早有準備，自 2014 年起推動數位人民幣（DCEP）研發，希望掌握數位貨幣主動權。自由時報電子報ricacorp.com

這一切，正是各國爭奪「貨幣主權」與「數位經濟話語權」的縮影。

---

小結：穩定幣是機會，還是陷阱？

這場看似低調的數字貨幣革命，潛藏的是一場影響全球金融架構的權力博弈。穩定幣本身當然有其應用價值，但若未能理解其背後的戰略目的，就可能成為他國推動自己利益的棋子。

部落格呼籲： 我們不該被「穩定幣」這個名字迷惑。它很可能是美國在數位金融轉型中，鞏固美元霸權與支撐美債市場的關鍵工具——這不只是金融創新，而是另一場全球貨幣的戰爭。

Stablecoins: A Pathway for U.S. Debt or True Stability?

Recently, in his program C Viewpoint, Hong Kong commentator Shih Wing-ching sparked heated discussions by questioning the very foundation of so-called “stablecoins.” His central message was sharp: stablecoins are not truly stable, but rather a new instrument to serve U.S. financial interests—especially the American debt market.

Are Stablecoins Really Stable?

At first glance, stablecoins sound reassuring. Pegged to the U.S. dollar, they promise price stability, faster cross-border payments, and the efficiency of blockchain. But the reality is more complex:

• Stablecoins mainly exist to boost demand for U.S. dollars and U.S. Treasuries, not to solve the world’s monetary challenges.

• If the dollar itself wobbles, so do stablecoins. Their “stability” is entirely dependent on the U.S. currency they are pegged to.

In other words, stablecoins borrow their credibility from the dollar. They are not inherently stable, only conditionally stable.

The U.S. Debt Connection: A Hidden Strategy

Looking deeper, it becomes clearer that Washington sees stablecoins as more than a short-term payment tool. They could be a lifeline for U.S. debt financing:

• Stablecoin issuers are required to hold reserves—cash or highly liquid assets such as short-term U.S. Treasuries. The more stablecoins issued, the more global demand for U.S. debt.

• The proposed U.S. GENIUS Act (Guidance and Establishing National Innovation for U.S. Stablecoins) would create a unified framework for stablecoin issuers, mandating 1:1 backing with Treasuries, cash, or deposits—under regular audits.

• This gives the U.S. dual benefits: shoring up its debt market while securing digital dominance of the dollar worldwide.

Seen this way, stablecoins are less about decentralization and more about reinforcing America’s financial empire.

Global Reactions: Countermoves to the “Digital Dollar”

Unsurprisingly, the rest of the world is not standing idle:

• The European Union is rolling out strict MiCA regulations to govern euro-backed stablecoins, ensuring the U.S. dollar doesn’t monopolize digital payments.

• Hong Kong is moving toward its own Stablecoin Ordinance, positioning itself as a hub for RMB-backed stablecoins—both to strengthen its role as a financial center and to balance U.S. influence.

• China has been preparing for years, with the digital yuan (DCEP) project launched back in 2014, aiming to claim leadership in the global digital currency race.

These are not just financial experiments—they are power plays in the battle for monetary sovereignty.

Conclusion: Opportunity or Trap?

Stablecoins, on the surface, promise innovation and convenience. But dig deeper, and they reveal themselves as another front in the struggle for financial dominance.

Yes, they may lower transaction costs and improve efficiency. But we should not be fooled by the label “stable.” Stablecoins are not just a neutral innovation; they could very well be America’s new digital lever to sustain its debt market and cement the dollar’s supremacy in the digital age.

This is not only finance—it’s geopolitics disguised as technology.