Opinion: Stablecoins cannot save the dollar's credit in the short term

Minsheng Securities released a research report saying that at least in the short term, stablecoins cannot save the credit of the US dollar from fire and water. The difference between stablecoins and gold is that, first, its supply may also be out of control and lack an objective constraint mechanism; second, it is not recognized as a reliable reserve asset globally. Minsheng Securities' main point of view is that the growth of the market value of stablecoins will mainly come from speculation, investment or value preservation demand for digital assets, as well as new demand for participating in international trade settlements. Maybe time will solve the problem, but at least stablecoins cannot really stabilize the US dollar in recent years.