中金:当前支付体系下区块链稳定币在国内普及必要性不高,互联网布局稳定币存在优势

Odaily
Jul 15, 2025

Odaily星球日报讯 中金研报称,我们判断稳定币普及对于微信支付等存量业务影响有限,国内第三方支付本质是锚定人民币的“类稳定币”机制,依赖法定储备保障币值稳定,且境内费率低至千分之几,远优于海外平台百分之几。因此,我们认为,在当前高效、低成本的成熟第三方支付体系下,独立区块链稳定币在国内普及必要性不高,故对存量业务冲击有限。另一方面,与跨境支付有关的互联网公司更积极地布局稳定币领域。我们认为互联网公司对稳定币的布局存在优势: 1)用户场景:Amazon 等企业拥有数亿用户和成熟支付场景(如跨境电商),可快速推广稳定币应用; 2)技术能力:互联网公司具备技术研发能力; 3)生态协同:B 端(供应链)+C 端(零售支付)闭环可强化稳定币网络效应。(金十)

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