The article raises questions about the future of stablecoins and their dependency on the US dollar, examining ideas for promoting the use of Euro and Yen in crypto financing.
The Issue of Dollar Dominance in Cryptocurrency
Stablecoins, originally used to facilitate cryptocurrency trading, now play a broader role in digital finance. They are pegged to the US dollar, which creates dependency on US politics and economics. This can lead to situations where liquidity in the crypto markets begins to depend on changes in US monetary policy.
Initiatives from Europe and Japan
European authorities and Japan are actively working on creating their own stablecoins. In Europe, stablecoins such as EURAU and EURC aim to integrate the Euro into the crypto market. Japan is also taking steps with the launch of Yen-backed stablecoins, emphasizing the need for regulation. This is expected to foster liquidity based on the Euro and Yen, reducing dependence on the dollar.
Prospects for Hong Kong and Multicurrency Transfers
Hong Kong represents a platform for the development of non-USD stablecoins with a new regulatory regime that offers paths for tokens not pegged to the dollar. This creates opportunities for testing and implementing new approaches to using Yuan and other currencies in the digital economy, which could also reduce dependence on American financial markets.
The future of stablecoins depends on their ability to be independent of the dollar. The development of Euro and Yen as liquid tokens may lead to a more diversified and resilient financial market.
