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《华尔街日报》最近发表的一篇专栏文章中，前众议院议长保罗·瑞安提出了解决美国不断升级的债务危机的非常规解决方案：稳定币。

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.

瑞安长期以来一直对国家不断上升的债务直言不讳，他警告说，有一天，美联储可能会举行国债拍卖以支撑其资产负债表，但无法找到买家。他指出，中国和沙特阿拉伯等美国国债的传统买家开始退出，威胁到美元作为世界储备货币的地位。

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.

瑞安认为，显而易见的解决方案是改革社会保障和医疗保险支出。但这是一个政治敏感问题，特朗普和拜登都不愿意解决。因此，瑞安提出了替代解决方案：采用和推广稳定币。

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.

稳定币是与美元等稳定资产挂钩的加密货币，在尼日利亚和阿根廷等国家很受欢迎，这些国家的公民由于经济不稳定而对当地货币变得警惕。

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

瑞安表示，这些货币价格便宜，易于转移，体现了美国自由和透明的价值观。

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，瑞安并没有提到稳定币的一个主要缺点：它们很难（如果不是不可能）被美国财政部控制。它们的蔓延可能会削弱政府利用 SWIFT 银行系统等工具实施制裁的能力。尽管如此，瑞安认为采用稳定币的好处可能会超过缺点。

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 等法定美元稳定币的发行者是一个国家，那么他们在美国的债务资产将超过沙特阿拉伯。瑞安认为，随着其他国家寻求加强本国货币并剥离美国国债，美国将需要找到新的方法来使美元更具吸引力。瑞安表示，美元支持的稳定币可能是解决方案的一部分。

This is not investment advice.

这不是投资建议。