The high efficiency of banks, in other words, the low margin requirement, is based on the central bank acting as the lender of last resort.

In other words, the operational model of low margin requirements carries significant risks and can easily be breached, but it can function due to the guarantee provided by the central bank.

What gives the central bank the authority to guarantee? Naturally, it is the power to print money that provides this guarantee.

Ultimately, banks are merely a part of the central bank's system, working together to facilitate the act of printing money: the central bank prints base money, and banks amplify it using the money multiplier.

Have stablecoins amplified? Stablecoins do not have a direct amplification effect because current stablecoins are 100% collateralized.

However, the role of stablecoins is to enhance the utility and application scenarios of money, which directly impacts the power to print money.

In other words, the role of stablecoins is similar to that of petrodollars, both serving to maintain the dollar's status as the world's reserve currency.

Therefore, logically, the East should also participate in the stablecoin game.

Of course, the East's currency cannot be freely exchanged at present, and it is still far from becoming a world currency.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。