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<Research>Ping An Securities Outlines Key Differences Between Stablecoins/ Virtual Currencies/ Central Bank Digital Currencies (Table)
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1) Stablecoins Issuer: Private issuers Security: Issuer's credit; value of collateralized assets Price volatility: Susceptible to shocks Use cases: Transactions between cryptocurrencies Price stability: Non-sovereign digital cryptocurrencies whose market value is pegged to "stable" reserve assets such as USD or gold Asset backing: Pegged to a single asset, a group, or a basket of assets to maintain stable value Programmability: All are blockchain-based applications Convertibility: Taking USD stablecoins as an example, USD stablecoins can be exchanged for USD at a 1:1 rate 2) Central Bank Digital Currency Issuer: Central bank Security: National credit Price volatility: Legal digital currency Use cases: Can be used directly for purchases Price stability: Same value as fiat currency Asset backing: Backed by national sovereign credit, with unlimited legal tender capability Programmability: - Convertibility: Unlimited legal tender 3) Virtual Currencies Issuer: Private issuers Security: Based on the immutability of blockchain programming Price volatility: Highly volatile Use cases: Transactions between cryptocurrencies Price stability: The nature of virtual currencies is actually identical to stocks as both of them are financial products with investment attributes Asset backing: No need for national sovereign backing or any real asset peg Programmability: All are blockchain-based applications Convertibility: Without the same legal status as currency, this specific type of virtual commodity cannot and should not be used as currency in the market AAStocks Financial News |
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