As a crypto analyst with a decade of experience in fintech, I examine why stablecoins—despite their growing popularity—are unlikely to rescue the dollar’s credibility in the short term. Drawing on a recent民生证券研报, I break down the structural flaws: unstable supply, lack of global trust, and dependency on speculative demand. This isn’t hype—it’s hard data. If you’re betting on digital dollars to replace real ones, think again.