Flows & Liquidity: A bigger threat to crypto?

研报英文原文证据摘录

Flows & Liquidity: A bigger threat to crypto?

payment solutions, which could

last week, but it does illustrate an incremental source of support further stablecoin demand. However, banks are

flow uncertainty. responding with tokenized deposits: digital representa-

• That said, we do not see MicroStrategy as the main struc- tions of traditional bank liabilities that benefit from bank

tural threat to bitcoin. In our view, the more important risk regulation, deposit insurance frameworks, and existing

to bitcoin stems from the broader crypto ecosystem and customer relationships.

from blockchain adoption within traditional finance con- • If tokenized deposits become widely adopted, especially tinuing to develop in ways that bypass public permission- in non-bearer or non-transferable forms favored by regu-

less networks. And the issue is not whether blockchain lators, they could reduce the need for stablecoins in insti-

technology is being adopted; it is whether that adoption tutional payment and settlement use cases. SWIFT’s

accrues value to public chains and their tokens. And if blockchain initiative could reinforce this trend by

blockchain adoption evolves in ways that does not accrue enabling real-time cross-border payments through shared

value to public chains and their tokens, the result could be bank-led infrastructure. Regional CBDC projects, includ-

a structurally weaker backdrop for crypto tokens overall, ing the digital euro and digital yuan, could also compete

which would likely weigh not only on smart contract with private stablecoins by offering regulated alternatives

blockchain tokens but also on bitcoin through broader for digital payments and cross-border transactions.

crypto capital flow channels. In particular, if tokenization,