In the realm of digital currencies, stablecoins are increasingly playing a pivotal role, exerting an undeniable impact on payment, trading, and their function as a store of value.
On the afternoon of April 7th, Gabriel Cao, Secretary general of the Hong Kong Fintech Industry Association, Jason Gu, CEO of Netease Chain, Helen Chen, Chief Strategy Officer of FGA, and Cody Lee, CEO of FaTPay, attended the “Web3 Payment Re-imagined” sub-forum of the 2024 Hong Kong Web3 Carnival, co-hosted by Wanxiang Blockchain Labs, HashKey Group, and the digital public infrastructure PlatON. They participated in the roundtable discussion on “Innovative use cases in Stablecoins,” where they delved into the impact of stablecoins on the global financial system, monetary policy, cross-border payments, and shared insights on the progress in the legal and regulatory framework as well as innovative applications.
![【Panel Review】Innovative use cases in Stablecoins](https://platonworld.org/wp-content/themes/justnews/themer/assets/images/lazy.png)
The core insights from the roundtable discussion are as follows:
【Advantages of Stablecoins】
Stablecoins contribute to the efficiency of cross-border trade and play a pivotal role across TradFi, DeFi, and CeFi. They have been widely adopted in Web3 gaming, significantly lowering the barrier to entry for users and enhancing the user base and liquidity of assets.
【Differences Between Web2 and Web3 Gaming】
- In Web2 gaming, users have the right to use assets, whereas in Web3 gaming, users own the assets, which strengthens the assets’ value retention.
- Web3 games offer higher transparency.
- There is a difference in the operation and distribution models, with Web3 games relying more on a community-governance model.
Furthermore, the ecosystem of Web3 games is more conducive to achieving a positive feedback loop, potentially leading to a longer lifecycle for the games. (Jason Gu)
【Positive Impact of Stablecoins on Digital Trust】
The characteristics of stablecoins, such as value preservation, traceable transactions, and immutability, provide a more effective and secure experience throughout the entire process of asset infusion, preservation, management, investment, and inheritance in digital trust management.
The integration of stablecoins benefits digital trust in the following three aspects:
- Liquidity: Stablecoins offer high transaction capabilities and low fees.
- Compliance: With on-chain analytical tools, it is possible to more accurately detect suspicious individuals and events, which aids in KYC, AML, KYT, and eKYC
- Operational Risk: They can reduce risks associated with erroneous execution of transactions.(Helen Chen)
【Benefits and Risks of Introducing New Stablecoins】
If governments issue stablecoins backed by their own fiat currency, it will inevitably lead to an increasing number of domestic assets being tokenized, enhancing the scale of assets. However, this could also fragment the blockchain world. Only when the focus shifts from trading to serving the real economy can stablecoins have broader development prospects. (Cody Lee)
Publisher:PlatONWorld-M6,Please indicate the source for forwarding:https://platonworld.org/?p=8432