【观点：稳定币的偏好与美债的“病根”并不匹配】金色财经报道，玉渊潭天公众号发文《稳定币，是美元的“救心丸”吗？》，其中指出：按照美国的设想，随着稳定币市场的扩张，预计到2030年将达到3.7万亿美元，而稳定币发行商将成为美国国债最大的持有者之一。这将形成一个全新的“链上美债循环”：美国财政部发债，稳定币公司用美元购买，美国财政部获得资金；而稳定币公司则可以再用卖出稳定币的钱继续去买国债，发行稳定币。 稳定币这种循环，难免会积累系统性风险，更深层次的问题在于，稳定币的偏好与美债的“病根”并不匹配。如果不能合理设计，反而忽视其风险属性，将其用作增加债务的杠杆工具，拖延美元自身实质问题的解决，甚至作为收割别国货币主权的“镰刀”，无疑将导致风险积聚，给美国金融体系的运行带来反噬。
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