In a recent op-ed in the Wall Street Journal, former House Speaker Paul Ryan proposed an unconventional solution to the US's escalating debt crisis: stablecoins.

在《華爾街日報》最近發表的一篇專欄文章中，前眾議院議長保羅·瑞安提出了解決美國不斷升級的債務危機的非常規解決方案：穩定幣。

Ryan, who has long been vocal about the nation's rising debt, warned that there would be a day when the Fed could hold a Treasury auction to shore up its balance sheet but fail to find buyers. He noted that traditional buyers of US debt, such as China and Saudi Arabia, were starting to pull back, threatening the dollar's status as the world's reserve currency.

瑞安長期以來一直對國家不斷上升的債務直言不諱，他警告說，有一天，聯準會可能會舉行國債拍賣以支撐其資產負債表，但無法找到買家。他指出，中國和沙烏地阿拉伯等美國國債的傳統買家開始退出，威脅到美元作為世界儲備貨幣的地位。

The obvious solution, according to Ryan, would be to reform Social Security and Medicare spending. But this is a politically sensitive issue that neither Trump nor Biden are willing to address. As a result, Ryan proposed an alternative solution: the adoption and promotion of stablecoins.

瑞安認為，顯而易見的解決方案是改革社會安全和醫療保險支出。但這是一個政治敏感問題，川普和拜登都不願意解決。因此，瑞安提出了替代解決方案：採用和推廣穩定幣。

Stablecoins, which are cryptocurrencies pegged to a stable asset such as the US dollar, have gained popularity in countries such as Nigeria and Argentina, where citizens have become wary of local currencies due to economic instability.

穩定幣是與美元等穩定資產掛鉤的加密貨幣，在尼日利亞和阿根廷等國家很受歡迎，這些國家的公民由於經濟不穩定而對當地貨幣變得警惕。

According to Ryan, these currencies are cheap, easy to transfer, and embody American values of freedom and transparency.

瑞安表示，這些貨幣價格便宜，易於轉移，反映了美國自由和透明的價值。

However, Ryan did not mention a major drawback of stablecoins: that they are difficult, if not impossible, to be controlled by the US Treasury. Their spread could undermine the government's ability to use tools such as the SWIFT banking system to impose sanctions. Despite this, Ryan believes that the benefits of adopting stablecoins will likely outweigh the drawbacks.

然而，瑞安並沒有提到穩定幣的一個主要缺點：它們很難（如果不是不可能）被美國財政部控制。它們的蔓延可能會削弱政府利用 SWIFT 銀行系統等工具實施制裁的能力。儘管如此，瑞安認為採用穩定幣的好處可能會超過缺點。

Additionally, if issuers of fiat-backed dollar stablecoins like Tether, USDC, and PayPal were a country, their debt assets in the U.S. would exceed those of Saudi Arabia, according to Ryan. Ryan argued that as other countries seek to strengthen their currencies and divest U.S. Treasury debt, the United States will need to find new ways to make the dollar more attractive. According to Ryan, dollar-backed stablecoins could be part of the solution.

此外，瑞安表示，如果 Tether、USDC 和 PayPal 等法定美元穩定幣的發行者是一個國家，那麼他們在美國的債務資產將超過沙烏地阿拉伯。瑞安認為，隨著其他國家尋求加強本國貨幣並剝離美國國債，美國將需要找到新的方法來使美元更具吸引力。瑞安表示，美元支持的穩定幣可能是解決方案的一部分。

This is not investment advice.

這不是投資建議。