Whalesbook
Global coordination mein iss slowdown se digital asset market mein gaps ban rahe hain, aur financial stability wale kaafi chintit hain.
BIS aur FSB keh rahe hain ki global agreement na hone se market ki integrity ko nuksaan ho sakta hai, systemic risks badh sakte hain, aur regulatory arbitrage ko badhava mil sakta hai. Matlab, companies alag-alag desh ke rules mein jo fark hai, uska fayda utha paengi.
Pichhle saal bhar mein stablecoin rules ko unify karne ki global koshishein ruk si gayi hain. Isi beech, bade economies apne alag-alag regulatory plans par aage badh rahe hain. US abhi bhi GENIUS Act jaise federal rules par debate kar raha hai. European Union ne toh apna Markets in Crypto-Assets (MiCA) regulation laagu kar diya hai. Aur UK soch raha hai ki late 2026 tak stablecoins ko apne payments regulatory framework mein laaye. Ye alag-alag timelines aur approaches ek unpredictable mahaul bana rahe hain. Pure stablecoin market ka capitalization lagbhag $303 billion hai, jisme Tether ka USDT lagbhag $187 billion ka hai aur Circle ka USDC $78 billion ka.
BIS ke General Manager Pablo Hernández de Cos ne kaha hai ki Tether (USDT) aur Circle (USDC) jaise bade stablecoins aksar traditional money se zyada securities ya exchange-traded funds jaise lagte hain. Unhone bataya ki 'redemption frictions prices ko unke target $1 value se door kar sakte hain' aur achanak, bade withdrawal se overall financial markets mein ripple effects aa sakte hain. Ye dikhata hai ki ye market, jo crypto transactions aur liquidity ke liye useful hai, shayad abhi widely real-economy payment use ke liye ready nahi hai. Stablecoins ka annual transaction volume $35 trillion (estimate 2025 tak) tak pahunch gaya hai, lekin actual payments mein inka use traditional banking ke muqable abhi bhi kam hai.
Sabse bada risk is stalled regulation ka hai regulatory arbitrage ka opportunity. Global consensus ke bina, firms kam strict oversight wale jurisdictions mein move kar sakti hain, jisse market integrity aur consumer protection ke standards kam ho sakte hain. Ye fragmentation consistent Anti-Money Laundering (AML) aur Counter-Terrorist Financing (CFT) controls ko bhi mushkil banata hai, jisse illicit activities ko chance mil sakta hai.
Stablecoin pegs historicaly fragile prove hue hain. October 2018 mein, USDT reserve backing concerns ke beech $0.90 tak gir gaya tha. Aur recently, March 2023 mein USDC Silicon Valley Bank ke default ke baad $0.88 tak aa gaya tha, jo dikhata hai ki reserve liquidity aur financial system stability par confidence kaise stablecoin value ko affect karta hai. Tether apne reserves ko lekar scrutiny ko address karne ke liye ek "Big Four" firm se apna first full audit karwa raha hai, jisme reportedly U.S. Treasury bills shamil hain, lekin uske other assets ka structure market stress ke dauran liquidity ke liye concern bana hua hai. Circle ke USDC, jo cash aur short-term U.S. Treasury bonds se backed hai, usne bhi temporary pressure dekha.
BIS yeh bhi warn karta hai ki bank deposits se stablecoins mein bade shifts se bank funding costs badh sakte hain, credit tight ho sakta hai, aur monetary policy par asar padh sakta hai. In digital assets ka structure, jo aksar speculative assets ki tarah dekha jata hai, agar redemption demands reserve capabilities se zyada ho jaye toh markets ko destabilize kar sakta hai. Isliye, policies jo stablecoins par interest payments ko limit karne ke liye hain, un par विचार kiya ja raha hai taaki unhe speculative assets ki jagah payment instruments ke taur par rakha ja sake. International cooperation hi aage ka clear path dikha sakta hai, taaki ye fragmented efforts ek stable financial system mein contribute karein.