WSJ: Stablecoins are essentially "private currencies" and may pose a risk to the financial system.

CoinFeed reported on May 26th that an article in The Wall Street Journal stated that although the GENIUS and CLARITY Acts are pushing for the compliance of stablecoins, stablecoins are essentially "private currencies" and may pose structural risks to the financial system. The article points out that stablecoins operate on fragmented, private infrastructure and lack the uniformity of the traditional dollar system; while USDT and USDC are pegged to the US dollar, their prices may still deviate from $1. Stablecoin issuers have an incentive to increase returns by allocating high-risk, low-liquidity assets, which could trigger de-pegging and concentrated redemptions if asset values ​​decline. The article cites Chainalysis data showing that stablecoins account for 84% of illicit crypto activities, mainly involving sanctions circumvention and money laundering, while their share of real-world economic payment scenarios is less than 1%.