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<Research>Ping An Securities Outlines Key Differences Between Stablecoins/ Virtual Currencies/ Central Bank Digital Currencies (Table)
1) StablecoinsIssuer: Private issuersSecurity: Issuer's credit; value of collateralized assetsPrice volatility: Susceptible to shocksUse cases: Transactions between cryptocurre...
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<Research>Ping An Securities Outlines Key Differences Between Stablecoins/ Virtual Currencies/ Central Bank Digital Currencies (Table)
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1) Stablecoins
Issuer: Private issuers
Security: Issuer's credit; value of collateralized assets
Price volatility: Susceptible to shocks
Use cases: Transactions between cryptocurrencies
Price stability: Non-sovereign digital cryptocurrencies whose market value is pegged to "stable" reserve assets such as USD or gold
Asset backing: Pegged to a single asset, a group, or a basket of assets to maintain stable value
Programmability: All are blockchain-based applications
Convertibility: Taking USD stablecoins as an example, USD stablecoins can be exchanged for USD at a 1:1 rate

2) Central Bank Digital Currency
Issuer: Central bank
Security: National credit
Price volatility: Legal digital currency
Use cases: Can be used directly for purchases
Price stability: Same value as fiat currency
Asset backing: Backed by national sovereign credit, with unlimited legal tender capability
Programmability: -
Convertibility: Unlimited legal tender

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3) Virtual Currencies
Issuer: Private issuers
Security: Based on the immutability of blockchain programming
Price volatility: Highly volatile
Use cases: Transactions between cryptocurrencies
Price stability: The nature of virtual currencies is actually identical to stocks as both of them are financial products with investment attributes
Asset backing: No need for national sovereign backing or any real asset peg
Programmability: All are blockchain-based applications
Convertibility: Without the same legal status as currency, this specific type of virtual commodity cannot and should not be used as currency in the market

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