PANews reported on June 29 that according to the financial sector, Minsheng Securities released a research report saying that at least in the short term, stablecoins cannot save the dollar's credit. The problem with the dollar is to figure out the counterparty. Regardless of the preferences of the US and the public, the official overseas reserves alone may be enough to make the dollar nervous. The difference between stablecoins and gold is that, first, its supply may also get out of control and lack an objective constraint mechanism; second, it is not recognized globally as a reliable reserve asset.

In extreme cases, can stablecoins take over the selling of overseas dollar reserves? It is true that the market value of stablecoins has risen rapidly in recent years, and has now exceeded 240 billion US dollars, but it is still far behind the global dollar reserves. As of the second quarter of 2024, the world's "proven" official dollar reserves are about 6.7 trillion US dollars. Maybe time can solve the problem, but at least in recent years, stablecoins cannot really stabilize the US dollar.