USDT、USDC以及其後：2025年全球穩定幣的普及與監管

穩定幣作為設計用以保持價值穩定的數碼代幣，現已成為全球加密貨幣市場的基石。過去只是加密交易者的小眾工具，如今這些掛鈎美元的代幣，正促進從尼日利亞的日常支付到華爾街的數十億美元交易。去年穩定幣總交易額達到27.6萬億美元——超越Visa和Mastercard的年度總交易量。

隨著穩定幣應用急增，各國政府亦加速立法監管：美國參議院最近通過美元穩定幣重要監管法案，歐洲和亞洲則陸續制定自家框架。本文將盤點當下穩定幣的發展——考察於行業及國家層面的普及情況、主要參與者及最新動態，並剖析各地監管應對，為你奉上一份AP新聞風格的2025年穩定幣全景回顧。

什麼是穩定幣？為什麼重要？

穩定幣是一種加密貨幣類別，通常與法定貨幣或商品儲備掛鈎，以維持穩定價值。大多數穩定幣按1比1比例掛鈎於美元、歐元等主流貨幣，亦有部份追蹤黃金等資產。設計上，穩定幣可避開比特幣等加密貨幣的劇烈波動，成為可靠的交易媒介及儲值工具。正如世界經濟論壇的報告所言，穩定幣本質上是承諾價值與外部錨點保持穩定的發行工具。

第一款穩定幣始於2014年，Tether開創了掛鈎美元的加密代幣模式。以Tether或Circle一類發行商為例，他們會持有等值的現金或美國國債作為儲備，在區塊鏈上發行代幣。用戶隨時可以1枚代幣兌換1美元（或者掛鈎資產），理論上令價格維持在1美元。有些穩定幣則以演算法或加密資產作擔保（如TerraUSD在崩盤前），但現時主導市場的，仍是依賴法幣擔保的穩定幣，因更具信心。

穩定幣為何如此受歡迎？ 簡單而言，它們打通了傳統貨幣和加密世界之間的橋樑。穩定的價格令用戶可自在以加密貨幣交易而不用擔心價值忽然暴跌。例如，1枚USDC或USDT今天、明天、明年都應值1美元，有別於比特幣一天內可能波動10%。這種穩定性令穩定幣非常適合支付、匯款和數碼儲蓄，成為「數碼現金」：可如加密貨幣般隨時全球傳送，同時比照它的法幣一樣穩定。

「穩定幣其實就是美元的代理，」 非洲加密貨幣交易所Yellow Card行政總裁Chris Maurice如此解釋。在貨幣不穩的地區，持有像USDT這類穩定幣，形同將美元存於手機。而在已發展經濟體，穩定幣則令傳統銀行難以匹敵的即時、全天候支付成真。同時，在加密貨幣交易和去中心化金融市場，穩定幣亦提供穩定的計價單位。

全球穩定幣應用急升

近年穩定幣增長驚人，不僅對加密生態系統至關重要，亦開始影響傳統金融體系。過去一年穩定幣流通供應量同比增長28%，截至2024年交易總額已達27.6萬億美元，超越Visa及Mastercard之和。這些數字凸顯穩定幣已成資金流通的主流方式。

當下Tether是最大穩定幣，2025年中市值超過1,500億美元。自2014年推出以來，USDT已在多條區塊鏈（如Ethereum、Tron、Solana等）發行，用量獨霸全球。第二大為Circle的USD Coin，市值亦超過600億美元。兩者合計佔據整個2,500億美元以上穩定幣市場大多數份額。作一對比，2023年初USDC供應約370億，Tether為720億；如今Tether優勢進一步擴大，用戶偏好漸趨明朗。

地區採納模式各異。 USDT大部份流通於亞洲及歐洲，而USDC則在北美應用較多。這反映出，例如東亞交易者多年來將Tether視作美元替代品——即使中國等直接兌美元受限地區，離岸USDT交易依然盛行。相反，美國本地金融機構及交易所由於監管要求傾向選用規範較嚴的USDC。地域亦影響貨幣偏好：雖以掛鈎美元為主（美元仍是世界儲備貨幣），但也有掛鈎其他貨幣的穩定幣——如歐元的EURC、日圓的GYEN、瑞士法郎的XCHF。這些非美元穩定幣規模尚小但增長迅速，並逐步擴展全球。

在不少地區，穩定幣已佔加密交易極大比重。 例如中西歐，2023至2024年中，穩定幣佔當地所有加密貨幣交易額近一半。Chainalysis數據亦顯示，歐洲地區100萬美元以下的加密轉賬，穩定幣的增長速度是北美的2.5倍，顯示零售與商業應用迅猛。在英國及歐盟，穩定幣每季佔加密支付服務的60至80%，反映企業和個人越來越偏好穩定代幣而非波動幣種。即使日常消費、匯款等小額交易，穩定幣亦成為加密資產首選。

新興市場推動普及浪潮。 在非洲及拉丁美洲，穩定幣已成抗通脹與貨幣危機的財務救生圈。撒哈拉以南非洲現時全球採用率最高，達9.3%，尼日利亞更高達11.9%（約2590萬人）使用穩定幣（2025年報告）。整區加密交易43%屬穩定幣，使用率極高。主因是經濟壓力：「約七成非洲國家面臨外匯短缺，」Yellow Card的Maurice稱。「企業難以取得美元，穩定幣則為他們持續運作提供途徑。」當奈及利亞奈拉或埃塞俄比亞比爾迅速貶值，民眾會迅速將儲蓄轉換成美元穩定幣保值。非洲中小進口商運用USDT/USDC購買海外貨品，繞過銀行外匯管制。

阿根廷則由於2024年末年通脹達143%，同樣國民轉向穩定幣避險。由於難以存取美元，阿根廷商家與消費者以穩定幣保護收益及進行貿易結算。「如同阿根廷消費者無法換到美元……企業正利用穩定幣接通全球支付，」英國金融公司BVNK的Chris Harmse指出。從布宜諾斯艾利斯到拉各斯，穩定幣正讓有需要的地區實現一種數碼化美元化——於本地貨幣嚴重不穩的經濟體提供穩定資產。

發達經濟體亦見穩定幣步入主流。 例子包括：歐洲每月平均穩定幣流入現已達100至150億美元，非洲交易所近月穩定幣體量已超越比特幣。放眼全球，2025年中穩定幣總市值約2,560億美元，主要發行商更成為傳統金融市場舉足輕重的參與者。約80%穩定幣儲備投放於美國國債等工具，即約2,000億美元的國債，使發行商已秘密成為政府債的龐大買家。事實上，Tether Ltd.公布其持有超過1,200億美元美國國債，全球第五大美債持有人。這反映穩定幣已不再只是加密世界新奇產物，而是與全球金融流動息息相關。世界經濟論壇指出，「穩定幣已成為加密貨幣的重要資產類別」，對傳統金融體系的影響範圍遠超區塊鏈領域。

主流穩定幣新動態

市面已有數十款穩定幣，但少數掛鈎美元的代幣主導用量。以下簡述主流穩定幣及其最新進展：

Tether（USDT）— 主導市場的美元穩定幣

USDT 是最早和至今最具影響力的穩定幣。自2014年由Tether Limited發行，USDT與美元按1:1掛勾，流通於多鏈（主要為Ethereum、Tron）。截至2025年，Tether市值約1,500–1,600億美元，佔全球穩定幣市值逾六成。USDT增長勢頭強勁——2023年初約700億美元，至2025年已超過1,400億美元，填補了競爭對手下滑帶來的需求。USDT日交易量更常與比特幣匹敵，為加密市場事實上的流動性引擎。

儘管市佔領先，Tether一直受到外界對其儲備金與資訊透明度的質疑。多年以來，外界懷疑每枚USDT是否真有安全資產兌付。2021年Tether曾被美國監管調查後，以4100萬美元罰款與CFTC和解，承認過往存在誤導及不足全數儲備。自此，Tether聲稱已強化儲備，主要持有短期美國國債、現金及高流動性資產。管理層表示 firm earned enormous profits from interest on its Treasury holdings in the high-rate environment of 2023–24. By mid-2025 Tether even announced it was among the top buyers of U.S. government debt, underscoring its financial heft. However, transparency remains a concern – Tether provides quarterly attestations but still does not undergo full public audits, drawing criticism from regulators and analysts.

公司喺2023至24年高息環境下，單單憑持有美國國債收息，已經賺咗可觀利潤。到2025年中，Tether仲宣佈自己已經成為美國國債最大買家之一，突顯其財務實力。不過，透明度依然係一個憂慮點 —— Tether雖然有每季出一份財務鑒證報告，但仍未試過接受全面公開審計，呢點一直被監管機構同分析員批評。

USDT’s geographic stronghold is in Asia and emerging markets. It is heavily used on exchanges serving Chinese and Asian customers, often as a dollar substitute for trading crypto or storing value offshore. In countries like Turkey, Venezuela, and Nigeria, USDT is popular for protecting against local currency inflation (traders swap devaluing lira/bolivar/naira for Tether’s stable dollars). Notably, even though China bans cryptocurrency trading, underground markets persist where people trade yuan for USDT to move money abroad – giving Tether a unique role in global capital flows. Tether’s widespread use in regions with less regulatory oversight partly explains how it can operate from offshore jurisdictions and grow despite scrutiny in the U.S. “The irony is the more conservative, compliant stablecoin issuers became easier targets [for regulators]. In contrast, Tether, the largest stablecoin and also regarded as riskiest, is largely offshore,” observed Ledger Insights when U.S. regulators cracked down on a rival in 2023.

USDT主要喺亞洲同新興市場流行。喺好多為中國及亞洲客戶服務嘅交易所上，USDT經常用作美元替代品，無論係做虛擬貨幣買賣定係離岸儲值都大派用場。土耳其、委內瑞拉、尼日利亞等地啲人，就用USDT嚟對抗本地法幣通脹（投資者會沽出下跌緊嘅里拉／玻利瓦爾／奈拉，兌換做Tether的穩定美元）。值得留意嘅係，即使中國政府明令禁止虛擬貨幣買賣，地下市場仍然活躍，啲人用人民幣買USDT將資金走出去 —— 令Tether於全球資金流動有獨特作用。Tether可以喺監管較寬鬆地區大量流行，都幫助咗佢安坐離岸司法管轄區下繼續發展，即使美國嚴格審查都唔礙佢市佔率。「最諷刺嘅係，愈守規矩嘅穩定幣發行人，反而愈易俾監管針對。反而Tether，作為最大同最具風險嘅穩定幣，長期離岸經營。」——2023年美國監管針對競爭對手時，Ledger Insights如此評論。

Recent developments: Tether has been riding a wave of renewed dominance. After a competitor’s setback in 2023 (the temporary depegging of USDC, discussed below), many crypto users flocked back to the relatively higher-liquidity USDT, pushing its market share up. Tether’s issuer says it now maintains one of the most liquid reserve portfolios in the industry, composed mostly of cash equivalents. In a June 2025 statement, Tether said it “already holds over $120B in U.S. Treasuries” and emphasized its commitment to highly liquid reserves. The company also signaled plans to diversify some reserves into Bitcoin – committing a portion of profits to buy BTC – a move that drew both praise (for potential upside) and concern (for introducing volatility into reserves). So far, USDT has maintained its peg reliably, even amid market stresses. It dipped only briefly ($0.97) during the market panic of May 2022 and quickly recovered, reinforcing user confidence. However, Tether remains unregulated by any major government (it’s incorporated in the British Virgin Islands) and uninsured, so its long-term stability rests largely on the issuer’s credibility and asset management. Any major loss of confidence in Tether could pose systemic risk to crypto markets, a fact that keeps regulators watchful.

最新動向： Tether最近風頭一時無兩。自從2023年對手USDC短暫脫鈎（見下文）後，大量加密用戶湧返USDT，推高其市佔率。Tether發行方話而家維持業界其中一個流動性最高嘅儲備組合，主要都係現金等價物。2025年6月Tether更話自己「持有超過1,200億美元美國國債」，強調會堅持高流動性儲備。公司仲暗示想部分儲備轉去比特幣 —— 承諾用部分盈利買BTC —— 呢步棋有人讚（有潛在升值空間），亦有人擔心（會增添儲備波動）。到目前為止，USDT即使市況動盪都表現穩定；2022年5月市場恐慌時都只係短暫跌至$0.97，很快回復，進一步加強用戶信心。不過，Tether冇受到任何主要政府監管（註冊於英屬處女群島），亦冇相關保險保障，長遠穩定性主要靠發行方嘅信譽同資產管理。一旦Tether失信，會對整個加密市場構成系統性風險，所以監管機構仍密切關注。

USD Coin (USDC) – A Coinbase and Circle Collaboration

USD Coin (USDC) is the second-largest stablecoin, co-founded by Circle Internet Financial and Coinbase in 2018 under the Centre Consortium. USDC was built with a focus on transparency and regulatory compliance, aiming to be the “trusted” dollar stablecoin for institutions. As of early 2025, USDC’s market cap is around $58–62 billion. It is fully reserved with a mix of cash and short-term U.S. Treasuries, held with U.S.-regulated financial partners. Each month, Circle publishes attestations from a major accounting firm verifying the reserves equal or exceed the USDC in circulation. Circle even created a dedicated Circle Reserve Fund managed by BlackRock for the Treasury holdings, adding another layer of oversight. This approach has made USDC popular among corporate and U.S. users who prioritize safety and compliance – for example, many American crypto companies use USDC for treasury and payments, and MoneyGram and Visa have integrated USDC for settlement in pilot programs.

**USD Coin（USDC）**係全球第二大穩定幣，由Circle Internet Financial同Coinbase於2018年一起成立，隸屬Centre Consortium。USDC一開始主打高度透明同符合法規，目標成為機構級「可信賴」美元穩定幣。到2025年初，USDC市值約五百八十至六百二十億美元。佢背後儲備全部由現金同短期美國國債組成，並存放喺受美國監管金融夥伴手上。Circle每月都搵到大型會計師行公證，證明儲備足夠覆蓋所有流通中USDC。Circle仲成立咗專屬Reserve Fund（由BlackRock管理）專門托管美國國債，多一重監控。呢種做法，令USDC好受講究安全傾向合規嘅公司同美國用戶歡迎 —— 例如好多美國加密企業用USDC做司庫同支付工具，而MoneyGram、Visa等都試用USDC進行跨境清算。

USDC has generally maintained a very tight 1:1 peg to the dollar. However, in March 2023, USDC faced a serious stress test during the U.S. banking turmoil. Circle revealed that $3.3 billion of USDC’s cash reserves were stuck at Silicon Valley Bank, which had suddenly failed. Fear spread that USDC might not be fully redeemable, and the token broke its peg, plunging as low as $0.88 on March 11, 2023. Circle publicly assured it would cover any shortfall and that USDC remained redeemable 1:1, and U.S. regulators’ decision to backstop SVB’s deposits ultimately calmed the markets. By Monday, USDC redemptions resumed and the coin climbed back to $1.00, but the incident undermined confidence. “No matter how sound Circle’s operations are, this sort of depeg tends to fundamentally undermine confidence,” one analyst noted during the scare. Indeed, USDC’s market share fell in the aftermath – dropping from about $40B to $30B as some users switched to Tether or other options.

USDC一直都穩定緊貼1:1與美元掛鈎。但2023年3月美國銀行業動盪期間就面對壓力測試。Circle承認有33億美元現金儲備被困喺突然倒閉嘅矽谷銀行，引發USDC或無法全部贖回嘅恐慌，代幣價格一度跌至2023年3月11日最低$0.88。Circle公開承諾會補足任何短缺，USDC仍可1:1贖回，而美國監管機構出手保證SVB存款都穩定咗市場。到星期一，USDC贖回回復正常，幣價返返去$1，但事件已打擊信心。一名分析員話：「無論Circle內部制度幾穩健，脫鈎事件都會根本性地影響用戶信心。」事實上，之後USDC市佔率下跌——約由$400億跌到$300億，大量用戶轉投Tether等其他選擇。

Circle took lessons from that episode: it moved all reserve cash to larger banks and the Fed’s reverse repo facility via BlackRock’s fund, to avoid single-bank risk. By 2024, USDC stabilized and Circle continued expanding its reach. USDC is widely used in U.S. regulated exchanges and fintech apps, and sees heavy volume in DeFi protocols due to its reliability. Circle has also launched Euro Coin for euro-denominated stable value, though EURC remains much smaller. In a sign of the times, Circle went public on the New York Stock Exchange in June 2025 (after a previous SPAC attempt fell through). Following the U.S. Senate’s passage of a stablecoin bill, Circle’s newly listed stock surged amid optimism for compliant stablecoins, gaining over 12% in a day. Circle’s CEO hailed pending regulation as an opportunity for “full-reserve digital dollars” to proliferate with government blessing.

Circle從事件中吸收教訓：將所有現金儲備搬去大型銀行同美聯儲逆回購設施（透過BlackRock基金操作），避免單一銀行風險。去到2024年，USDC回復穩定，Circle亦加快拓展。USDC而家係美國合規交易所以至金融科技應用程式大受歡迎，DeFi協議大量用咗USDC因其可靠性。Circle亦有推歐元穩定幣Euro Coin，不過EURC規模仲遠遠細。與時俱進，Circle於2025年6月喺紐約交易所上市（之前SPAC上市失敗過）。美國參議院通過穩定幣法案後，Circle新上市股票受合規穩定幣憧憬帶動一日升超過12%。Circle CEO形容新法規係「全額儲備數碼美元」普及嘅好時機。

Recent news: With regulatory clarity on the horizon in the U.S., USDC stands to benefit as a “model citizen” stablecoin. It already adheres to many of the expected rules – e.g. holding 1:1 safe reserves, monthly disclosures. Circle has been actively courting government and financial industry partnerships. For instance, Bank of America and Stripe have hinted at stablecoin initiatives involving USDC. Circle also partnered with Apple Pay and others to enable USDC payments in traditional contexts. Although USDC’s growth slowed in 2023, it resumed modest growth in 2024 and now, buoyed by potential federal endorsement, USDC’s market share is creeping back up (recently 24%, from 22% earlier in 2025). Circle argues stablecoins like USDC can serve the unbanked and improve remittances, aligning with financial inclusion goals. The coming year will test whether USDC can challenge Tether’s global dominance or if it will remain the preferred stablecoin within regulated markets and fiat on-ramps.

最新消息： 隨住美國監管框架日漸明朗，USDC有望成為「模範公民」式穩定幣受惠者。佢本身已經遵守咗好多預期規則——例如持有1:1安全儲備，每月透明披露。Circle積極拉攏政府同金融業合作，例如Bank of America、Stripe都暗示有USDC穩定幣計劃，Circle仲同Apple Pay等傳統支付夥伴夾手合作，推動USDC用於實體支付。雖然2023年USDC增長一度放緩，但2024年開始恢復溫和增長，加上有望獲聯邦背書，USDC市佔比最近亦由2025年初22%微升至24%。Circle認為穩定幣如USDC可以為無銀行戶居民服務同改善跨境匯款，配合金融包容目標。今年將會見證USDC能否挑戰Tether全球霸主地位，定係只會繼續穩守合規市場及法幣入金首選。

Binance USD (BUSD) – Rise and Regulatory Halt

BUSD, the Binance USD stablecoin, provides a cautionary tale of regulatory risk. Launched in 2019 by Paxos Trust in partnership with Binance, BUSD was a USD-backed stablecoin approved by the New York Department of Financial Services (NYDFS). It grew rapidly thanks to its association with Binance – the world’s largest crypto exchange – reaching a market cap over $20 billion by late 2022. By early 2023, BUSD was the third-largest stablecoin and widely used on Binance’s platform (Binance even auto-converted other stablecoins into BUSD for a time to concentrate liquidity). However, in February 2023, BUSD’s trajectory reversed sharply.

BUSD，即Binance USD（幣安美元）穩定幣，正正發揮咗監管風險嘅警世作用。BUSD由Paxos信託公司同幣安於2019年合作推出，並獲紐約金融服務局（NYDFS）批准。因為同世界最大加密交易所幣安有密切關係，BUSD極速增長，到2022年尾市值已經超過200億美元。2023年初，BUSD係市值第三大穩定幣，幣安平台廣泛使用（幣安一度將其他穩定幣自動兌換成BUSD集中流動性）。不過，2023年2月形勢急轉直下。

NYDFS ordered Paxos to halt issuance of new BUSD tokens effective Feb. 21, 2023, citing “unresolved issues” in Paxos’ oversight of its relationship with Binance. In parallel, the U.S. SEC issued Paxos a Wells notice indicating the SEC viewed BUSD as an unregistered security (an allegation Paxos disputed). Paxos, as a regulated New York trust company, complied with the NYDFS directive. It assured customers that BUSD would remain fully redeemable 1:1 for USD at least through Feb. 2024 and that reserves were safe. But with no new minting, BUSD’s market cap began a steady decline, essentially only shrinking “over time” going forward. Within a few months, BUSD in circulation fell by more than 70%, dropping from $16B to around $4–5B by mid-2023. By mid-2024, Binance and Paxos wound down support – Binance stopped trading pairs in BUSD, and Paxos planned to cease redemptions after ensuring holders could cash out their tokens.

NYDFS於2023年2月21日勒令Paxos停止發行新BUSD，指Paxos對同幣安關係有「尚未解決問題」。同時，美國證監會（SEC）亦發出Wells Notice，指BUSD屬未經註冊證券（Paxos否認指控）。Paxos作為受紐約監管嘅信託公司，即時遵從指令。佢向客戶保證，BUSD至2024年2月前都可以1:1兌換美元，儲備沒問題。但一旦停止新發行，BUSD市值就開始持續下滑，只會「慢慢收細」。短短數月，BUSD流通量跌逾70%，由$160億跌至2023年中約$40-50億。去到2024年中，幣安及Paxos徹底終止支援——幣安不再支援BUSD交易對，Paxos保證用戶能兌換贖回後計劃關閉BUSD贖回服務。

The regulatory action against BUSD was striking because Paxos was known for its conservative, compliant approach. Unlike Tether, Paxos held BUSD reserves entirely in U.S. Treasuries and cash and underwent NYDFS audits. Observers speculated the Binance branding and the possibility of commingled oversight issues triggered the clampdown. As Ledger Insights noted, “the more conservative stablecoin issuers [like Paxos] are easier targets because they desire to be compliant,” whereas offshore players were beyond U.S. jurisdiction. Indeed, the crackdown appeared aimed at indirectly reining in Binance (which was facing broader U.S. scrutiny) by cutting off its dollar token. In the end, no consumer losses occurred – BUSD holders were made whole through redemptions, and by July 2024 the SEC quietly dropped its investigation without pursuing enforcement. But the episode sent a clear message: even fully backed stablecoins can be stopped in their tracks if regulators perceive risks. BUSD’s demise also demonstrates market concentration risk – when Binance users lost their primary stablecoin, many shifted to alternatives like USDT, boosting Tether’s dominance.

今次針對BUSD嘅監管措施引起譁然，因Paxos一向以守規矩、合規出名。唔同Tether，Paxos持有BUSD儲備全部存於美國國債及現金，而且定期接受NYDFS審計。有分析認為，幣安品牌同潛在監管重疊，觸發咗今次打壓正是主因。正如Ledger Insights所指：「守規矩發幣者如Paxos反而更容易被針對，因為佢哋想守規矩；反觀離岸發行人反而避過美國管轄。」今次大刀一揮，似乎用意就係間接打擊幣安（本來就受美國多方面審查），切斷其美元穩定幣。最終冇消費者損失——所有BUSD持有人都成功贖回，到2024年7月SEC亦靜靜結束調查，無進一步執法。呢一役釋出明確信號：即使用足額儲備穩定幣，一樣有機會被監管喊停。如果Binance用戶主力穩定幣一夜消失，大批資金就會轉投如USDT等替代品，Tether霸主地位被進一步鞏固。

MakerDAO’s DAI and Decentralized Stablecoins

Not all stablecoins are issued by centralized firms. DAI is the leading decentralized stablecoin, managed by the MakerDAO protocol on Ethereum. Launched in 2017, DAI is collateralized not by fiat reserves but by crypto assets: users lock cryptocurrencies (like ETH, USDC, etc.) in smart contracts to mint DAI, maintaining over-collateralizatio* to ensure DAI’s value stays $1. DAI’s supply is around $4 billion in 2025, making it the fourth-largest stablecoin. It plays a vital role in DeFi

唔係所有穩定幣都係由中心化公司發行。DAI就係領先嘅去中心化穩定幣，由Ethereum區塊鏈上嘅MakerDAO協議管理。2017年推出，DAI並唔係以法定貨幣儲備做抵押，而係用加密資產——用戶鎖定（如ETH、USDC等）進入智能合約鑄造DAI，維持超額抵押，確保DAI價值穩守$1。到2025年，DAI供應量約40億美元，係市值第四大穩定幣，喺DeFi生態扮演住關鍵角色。as a trustless dollar token – no single company controls DAI, and it’s governed by a distributed community of MKR token holders.

作為一個無需信任的美元穩定幣，DAI 並無單一公司控制，而是由 MKR 代幣持有人組成的分散社群共同治理。

Over time, MakerDAO has evolved DAI’s model to strengthen its peg stability. Originally backed solely by ETH, DAI expanded to accept diverse collateral (including wrapped Bitcoin and stablecoins like USDC). After the 2022 crypto crashes, Maker increased its resilience by allocating a significant portion of reserves to real-world assets and Treasuries. Today a large chunk of DAI is indirectly backed by USDC (which the protocol holds as collateral) and by yield-bearing vaults invested in short-term bonds. Ironically, this means DAI – conceived as fully decentralized money – now depends partly on centralized assets to stay stable. MakerDAO’s community has hotly debated this trade-off between purity and stability. In 2023–24, Maker initiated an “Endgame” plan to eventually reduce reliance on USDC and even explore letting DAI’s peg float in the distant future, but for now DAI remains roughly 1:1 with USD. MakerDAO also introduced the DAI Savings Rate, currently around 3.3%, sharing revenue from its real-world investments with DAI holders to incentivize holding DAI.

隨著時間推移，MakerDAO 持續優化 DAI 的機制以加強與美元掛鈎的穩定性。DAI 最初只以 ETH 作為抵押品，之後擴展到接受各類資產，包括包裝比特幣（Wrapped Bitcoin）以及像 USDC 這樣的穩定幣。經歷 2022 年加密市場崩盤後，Maker 將部分儲備配置到現實資產及美國國債，以提升抗風險能力。現時，DAI 有很大部分間接由 USDC（協議持作抵押品）和投資短期債券的生息金庫作為支持。諷刺的是，DAI 原本是作為「完全去中心化」的貨幣設計，如今要維持穩定卻部分依賴中心化資產。MakerDAO 社群亦就純粹性與穩定性間的取捨展開激烈討論。2023-24 年，Maker 制定了「Endgame」計劃，目標是逐漸減少對 USDC 的依賴，並探索未來讓 DAI 掛鈎浮動的可能。不過現階段，DAI 仍大致保持 1:1 美元掛鈎。MakerDAO 亦推出了 DAI 儲蓄利率（DSR），現時約 3.3%，將實體投資回報分派給 DAI 持有人以鼓勵持有。

Algorithmic stablecoins – which maintain pegs via algorithms or arbitrage rather than full collateral – are another category, but one that suffered a major blow with the collapse of TerraUSD (UST). UST, an algorithmic dollar stablecoin on Terra blockchain, grew to a $18+ billion market cap by early 2022, then infamously imploded in May 2022, wiping out billions in value. Its failure (losing its $1 peg and spiraling to near-zero) showed the dangers of under-collateralized designs. The Terra debacle shattered confidence in purely algorithmic stabilizers; since then, most new stablecoins have opted for robust collateral models. Even so, a few projects persist. Frax (FRAX) introduced a semi-algorithmic coin partially backed by collateral, which has held its peg relatively well with supply in the low billions. USDD, an algorithmic stablecoin on Tron network launched by Justin Sun, aims to maintain a $1 peg via crypto reserves and intervention; it briefly lost peg to $0.97 in late 2022 and now has a smaller $400M supply. These alternatives remain niche compared to giants like USDT/USDC.

算法穩定幣－即靠演算法或套利手段維持釘住目標價，而不是完整抵押，包括 TerraUSD (UST) 的爆雷，為這一類型帶來沉重打擊。UST 作為 Terra 區塊鏈上的美元算法穩定幣，2022 年初市值曾超過 180 億美元，但 2022 年 5 月突然崩潰，價值幾乎歸零，損失數以十億計。這次事件（失去 1 美元掛鈎並暴跌）反映了低抵押甚至無抵押設計潛在危機。Terra 災難重創了市場對純算法穩定機制的信心，之後大部分新穩定幣項目改採加強版抵押設計。不過，仍有小部分項目堅持這個方向，例如 Frax (FRAX) 採用部分抵押加部分算法的混合模式，總供應在數十億美元級別，掛鈎情況算穩定。另一例子是孫宇晨發起、運作於波場網絡的 USDD，主打透過加密儲備與機制維持 1 美元掛鈎，2022 年底曾跌到 0.97 美元後供應縮減至約 4 億美元。這些替代方案規模相對 USDT、USDC 等主流仍屬小眾。

In DeFi, 2023–2024 saw some innovative stablecoin launches: e.g., Aave’s GHO, a decentralized over-collateralized stablecoin by the Aave lending protocol; Curve Finance’s crvUSD, which uses a novel AMM-based peg mechanism; and Ethena Labs’ USDe, a synthetic stablecoin reportedly backed by a combination of on-chain derivatives and real-world assets. Notably, by mid-2025, Ethena’s USDe has grown to a $5.65B market cap (about 2.25% of the stablecoin market) and is gaining traction, indicating room for new players with hybrid designs. These DeFi-native stablecoins are important for keeping the ecosystem decentralized – for example, DAI and USDe provide non-bank alternatives if regulators clamp down on fiat-backed coins. However, regulators are paying attention here too; MiCA in Europe and U.S. bills define “asset-referenced tokens” broadly, potentially covering algorithmic coins.

在去中心化金融領域（DeFi），2023-2024 年出現多款創新穩定幣，例如借貸協議 Aave 推出的去中心化超額抵押穩定幣 GHO，以及 Curve Finance 的 crvUSD，運用了創新的 AMM 挂鈎機制；Ethena Labs 推出的 USDe 則號稱結合鏈上衍生品及現實資產作支持，是一種合成型穩定幣。值得注意的是，去到 2025 年中，Ethena 的 USDe 市值已漲到 56.5 億美元（約佔全部穩定幣市佔 2.25%），顯示市場對新型混合設計的接受度上升。這些 DeFi 原生穩定幣對維持生態系統去中心化至關重要——例如當監管收緊法幣支持的穩定幣時，DAI 和 USDe 可以作為非銀行式選擇。歐盟 MiCA 及美國相關法案已將「資產參考型代幣」定義得很廣，算法型穩定幣或亦受影響，顯示監管機構同樣關注相關發展。

In summary, decentralized stablecoins like DAI offer censorship-resistant digital dollars critical for open finance, but they currently constitute a small fraction of the overall stablecoin supply. Terra’s collapse serves as a reminder of the importance of reserves – regulatory efforts now insist on full reserve backing to avoid another UST scenario. Going forward, the stablecoin sector may bifurcate into regulated fiat-backed coins (like USDC, coming bank coins) and decentralized crypto-backed coins, each serving different user preferences and risk appetites.

總結而言，像 DAI 這種去中心化穩定幣為開放金融帶來抗審查的數碼美元，但佔整體穩定幣供應比例仍然偏低。Terra 崩潰提醒大家儲備金的重要性，因此現時各地監管趨向要求全額儲備支持，以避免再次出現 UST 式災難。展望未來，穩定幣市場或將分化為受監管、法幣支持的穩定幣（如 USDC、未來的銀行幣）和去中心化、加密資產支持的穩定幣，各自滿足不同使用者的風險取向與需求。

New Entrants: PayPal’s PYUSD and Other Corporate Stablecoins

新入場者：PayPal 的 PYUSD 及其他企業穩定幣

A significant recent trend is traditional financial and tech companies issuing their own stablecoins. Perhaps the most prominent example is PayPal USD, launched in August 2023 by the payments giant PayPal. PYUSD is a dollar stablecoin issued by Paxos Trust (the same regulated issuer behind BUSD and USDP) on Ethereum, fully backed by U.S. dollar deposits and Treasuries. PayPal introduced it as a way for PayPal users to seamlessly buy, sell, hold, and send dollars on blockchain. The move was hailed as a watershed moment: one of the biggest mainstream fintech firms embracing crypto technology. PYUSD’s adoption has been gradual – by mid-2025 its circulation is just under $1 billion – but PayPal has millions of users, and the coin is positioned to integrate with online merchants and remittances via PayPal’s network. PayPal’s CEO described the stablecoin as crucial to the company’s vision for faster, borderless payments. Just recently, PayPal partnered with Fiserv, a major payments processor, to explore interoperability so consumers can use PayPal’s PYUSD and Fiserv’s upcoming stablecoin across platforms.

近年一項重要趨勢，是傳統金融及科技公司陸續發行自家穩定幣。最具代表性的例子，莫過於支付巨頭 PayPal 於 2023 年 8 月推出 PayPal USD（PYUSD）。PYUSD 由 Paxos Trust（BUSD 與 USDP 之同一受監管發行商）於以太坊網絡發行，並100% 以美國銀行存款及國債作儲備支持。PayPal 推出 PYUSD 讓其用戶可無縫在鏈上買賣、持有及轉帳美元。業界普遍認為這標誌著主流金融科技巨頭擁抱加密技術的重要里程碑。PYUSD 用戶普及速度平穩——到 2025 年中流通量僅略低於 10 億美元——但 PayPal 擁有數以百萬計用戶，而且 PYUSD 被定位為未來將與線上商戶、國際匯款場景整合。PayPal CEO 強調，穩定幣是其實現更快、無邊界支付願景的關鍵。最近，PayPal 並與大型支付處理商 Fiserv 合作，探索雙方的 PYUSD 與 Fiserv 即將推出的穩定幣互通互用。

Indeed, Fiserv announced in June 2025 it will launch its own stablecoin called FIUSD by year-end. Fiserv plans to integrate FIUSD into its payment infrastructure at 10,000 banks and 6 million merchants, essentially bringing stablecoin capabilities to a huge swath of the financial system. The coin will be offered at no extra cost to merchants and is intended to reduce payment frictions (even potentially lowering card interchange fees by using blockchain rails). Fiserv is also looking at “deposit tokens” – bank-issued digital dollar tokens that function like stablecoins but sit within the banking system – as a bridge for banks to use stablecoins in a capital-friendly way. This highlights a trend of fintech/banking convergence with stablecoin tech.

事實上，Fiserv 於 2025 年 6 月宣布將於年底前推出自家穩定幣 FIUSD。Fiserv 計劃將 FIUSD 納入其支付基礎設施，在全美 1 萬家銀行及 600 萬商戶推廣，預計穩定幣將進一步滲透至金融體系。商戶可免費接入 FIUSD，預期能減低支付摩擦，甚至有機會憑區塊鏈技術拉低信用卡手續費。Fiserv 亦積極研究「存款代幣」——即由銀行發行、功能類似穩定幣、但基於銀行體系營運的數碼美元，作為銀行低資本消耗情境下對接穩定幣的橋樑。可見金融科技與傳統銀行正加快與穩定幣技術融合。

Large banks are not far behind. JPMorgan Chase pioneered an internal stablecoin-like token, JPM Coin, for settling institutional transfers back in 2019. In 2025, JPMorgan expanded this concept with JPMD, a new deposit-backed digital dollar token for corporate clients**, to streamline daily settlements. Other banks have reportedly shown interest: “I’ve had multiple conversations with the largest banks in the world wanting a stablecoin. They’re calling us saying: ‘I need a stablecoin in 8 weeks, how can we get one?’” said Adam Ackermann, head of portfolio management at Paxos, in June 2025. This suggests major banks see stablecoins (or similar tokens) as essential for future payment plumbing, likely due to the benefits of 24/7 instant settlement and programmability.

大型銀行亦緊貼形勢。早在 2019 年，摩根大通（JPMorgan Chase）率先內部試行針對機構轉帳用途的穩定幣——JPM Coin。到 2025 年，摩根大通再進一步推出以存款支持、面向企業客戶的數碼美元穩定幣 JPMD，令日常結算流程更簡化。據悉，其他銀行亦摩拳擦掌——Paxos 投資組合管理主管 Adam Ackermann 在 2025 年 6 月透露：「我多次與全球最大銀行洽談，他們都要求在 8 週內要接入穩定幣。」這顯示大型銀行將穩定幣（或類似代幣）視為支付基建的未來，不但能實現7x24即時結算，還有高度可程式化優勢。

Outside banking, tech firms and payment networks are exploring stablecoins as well. Stripe, a global payments processor, has signaled plans to integrate stablecoin payouts for online businesses and creators, although it hasn’t launched its own coin. Visa has been testing USDC for settling cross-border transactions on its network since 2021 and in 2023 expanded those pilots with crypto wallets. Mastercard too joined hands with Paxos in 2023 to help banks offer stablecoin trading to customers, and it is involved in projects to settle card payments in stablecoins. These moves indicate that stablecoins are permeating traditional payment systems, not just crypto exchanges.

除了銀行業，科技及支付公司亦積極探索穩定幣場景。環球金流平台 Stripe 已計劃將穩定幣即時出金（payout）納入給網上商戶及內容創作者，雖然暫時未發行自家穩定幣。Visa 早於 2021 年已開始測試利用 USDC 在其網絡跨境結算，2023 年擴大至錢包平台。Mastercard 亦於 2023 年夥拍 Paxos 協助合作銀行向客戶開放穩定幣買賣，同時自家也參與將信用卡結算切入穩定幣等專案。這些動向說明穩定幣已慢慢滲入主流支付系統，而非單純加密貨幣交易所專屬。

Regulators have taken note of Big Tech’s interest. One concern raised in the U.S. Senate was that the stablecoin bill does not prevent large tech companies from issuing their own stablecoins. This harkens back to Facebook’s attempted Libra (later Diem) stablecoin project in 2019, which was stymied by regulatory pushback over fears a private tech-issued currency could undermine financial stability. While Libra never launched, the concept survives: if rules allow, giants like Amazon, Google, or Apple might eventually issue branded stablecoins for use in their ecosystems. Policymakers are divided – some welcome innovation, others warn of risks if “Big Tech stablecoins” gain unchecked power. For now, the most notable corporate coins are still PayPal’s PYUSD and upcoming fintech efforts like FIUSD. Their development, under proper licenses, suggests a future where consumers might routinely use a PayPal dollar or bank digital dollar to pay for goods, all riding on stablecoin rails behind the scenes.

監管當局已經高度關注大型科技公司入局。有美國參議員質疑擬議穩定幣條例未禁止大型科技企業發行自家穩定幣——這讓人聯想到 Facebook 於 2019 年發起的 Libra（後改名 Diem）穩定幣，被批評恐侵蝕金融體系穩定性，最終因監管反對夭折。雖然 Libra 最終未落實，但相關構思依然存在：如果法例容許，Amazon、Google、Apple 等科技巨頭或最終會發行品牌穩定幣，供自家生態圈使用。現時政策制定者意見兩極——有人認為應鼓勵創新，有人則警告「大型科企穩定幣」若壟斷會帶來潛在風險。暫時企業類穩定幣焦點仍為 PayPal 的 PYUSD 和金融科技業準備推出的 FIUSD。兩者均按規定持牌發行，預示未來消費者或可習慣直接用 PayPal 美元、銀行數碼美元購物，背後基礎均為穩定幣支付軌道。

Other notable entrants include Paxos’s own USDP (Pax Dollar), a smaller regulated USD token $0.9B supply, and TrueUSD, a stablecoin that saw spikes in usage after Binance promoted it in 2023. TUSD at one point surpassed $2B in circulation when Binance used it as a BUSD substitute, though questions about its banking partners caused temporary suspensions of minting, and it later hovered around $500M. Also of interest, government-related experiments: for example, Hong Kong’s central bank is exploring a HKD-pegged stablecoin in partnership with banks, and some nations consider using stablecoins as a stepping stone to their own central bank digital currencies. Overall, the entry of established financial players signals that stablecoins are moving from the periphery of crypto into the mainstream financial and payments arena.

其他值得留意的新入場者還包括 Paxos 旗下自有 USDP（Pax Dollar），一款規模較細、受監管的美元代幣；以及 TrueUSD（TUSD），2023 年被幣安推廣後使用量大增，一度因取代 BUSD 而流通量突破 20 億美元，但因合作銀行問題曾一度暫停鑄幣，後來維持在約 5 億美元水平。值得一提的是，不同地區亦有政策主導穩定幣實驗，例如香港金管局正聯同銀行研究以港元為掛鈎的穩定幣，一些國家則考慮以穩定幣作央行數位貨幣（CBDC）過渡。總體而言，大型金融機構進場，標誌穩定幣正由加密市場邊緣，邁向主流金融支付領域。

Use Cases: How Stablecoins Are Used Across Sectors

主要應用場景：穩定幣於不同行業的用途

Originally conceived as a tool for crypto traders, stablecoins today power a variety of use cases across different spheres. Here are the key areas where stablecoin adoption and development are most notable:

穩定幣最初出現，是為了方便加密貨幣交易者，但時至今日，已成為多元化領域的重要基建。以下是採用及發展最明顯的幾大主要場景：

Digital Asset Trading and Market Liquidity: Stablecoins are the lifeblood of cryptocurrency trading. On virtually every exchange, traders use stablecoins like USDT or USDC as a convenient quote currency to swap into and out of volatile crypto assets. This allows them to park value in stable form without leaving the crypto ecosystem. For instance, instead of cashing out to a bank (which can be slow or inaccessible on weekends), a trader can sell Bitcoin for USDT and hold the value steady. Stablecoins have largely replaced traditional fiat on exchanges – many platforms no longer even offer USD bank deposits, relying on stablecoins as the dollar proxy. This has made stablecoins among the most traded assets in the
**數碼資產交易及流動性市場：**穩定幣是加密貨幣交易的命脈。幾乎所有交易所用 USDT、USDC 等穩定幣作報價及中介貨幣，方便用家在高波動市場中迅速兌換其他資產。而且，交易者可以將資產暫存於穩定幣，無需回到銀行體系（例如週末銀行不營業時特別有用），賣出比特幣換 USDT，等同持續保持美元價值。現時，不少平台已完全取締法幣出入金，完全以穩定幣代理美元角色，令穩定幣成為市場上成交最頻繁的資產之一。world by volume. In fact, by 2024 stablecoins were handling about $450 billion in transaction volume per month, roughly half of Visa’s monthly volume. During market volatility, investors often flock to stablecoins for safety, causing surges in market cap. For example, during the 2022 crypto crash, overall stablecoin supply initially rose as investors sold risky assets for stable tokens as a safe harbor. In short, stablecoins provide the liquidity and stability that oil the wheels of the crypto markets.

全球以成交量計算。事實上，到2024年，穩定幣每月處理的交易量約4,500億美元，差不多等於Visa每月交易量的一半。在市場波動期間，投資者通常會湧向穩定幣尋求安全，從而導致市值急增。例如，在2022年加密貨幣崩盤期間，隨著投資者將高風險資產兌換成作為避風港的穩定幣，整體穩定幣供應曾一度上升。簡而言之，穩定幣為加密市場提供了流動性和穩定性，就如潤滑劑一樣推動市場運作。

Decentralized Finance (DeFi): Stablecoins are the backbone of DeFi, enabling lending, borrowing, and yield generation without fiat. On protocols like Aave, Compound, and MakerDAO, users lend stablecoins to earn interest or borrow stablecoins against collateral. DeFi stablecoin lending markets often have tens of billions in liquidity. Stablecoins are also critical for decentralized exchanges (DEXs) – many trading pairs on Uniswap or Curve involve a stablecoin (e.g., ETH/USDC) to minimize volatility and impermanent loss. In fact, specialized DEXes like Curve have pools composed entirely of stablecoins, allowing low-slippage swaps between different dollar tokens. According to industry data, stablecoins represent a significant portion of total value locked (TVL) in DeFi. For example, Curve’s pools for euro stablecoins (like stEUR/agEUR) and bridged USDC on Layer-2 networks grew substantially by 2025. DeFi projects have also launched their own stablecoins (as discussed, like DAI, GHO, crvUSD) to strengthen ecosystem independence from centralized coins. These decentralized stablecoins facilitate truly on-chain financial services, from derivatives to savings accounts, while insulating users from crypto market swings. However, DeFi stablecoins can face volatility during extreme events – e.g. even DAI wavered to $0.97 briefly during the March 2023 USDC panic due to its USDC collateral, showing the interconnected risks.
去中心化金融（DeFi）： 穩定幣是DeFi的核心支柱，令借貸、槓桿和收益產生都可以無需法定貨幣進行。在Aave、Compound、MakerDAO等協議上，用戶可借出穩定幣賺取利息，或以抵押品借入穩定幣。DeFi穩定幣借貸市場的流動性動輒以數百億計。穩定幣對去中心化交易所（DEX）亦極為重要——許多Uniswap或Curve上的交易對都涉及一種穩定幣（如ETH/USDC），以減低波動和臨時損失。事實上，像Curve這些專門的DEX甚至有完全以穩定幣組成的流動資金池，讓用戶可在不同美元穩定幣之間低滑點兌換。根據行業數據，穩定幣在DeFi協議總鎖倉價值（TVL）中佔有相當大比例。例如，到2025年，Curve在歐元穩定幣（如stEUR/agEUR）及Layer-2網絡上的跨鏈USDC資金池大幅增長。DeFi項目本身亦推出自家穩定幣（如DAI、GHO、crvUSD），以減少對中心化穩定幣的依賴，提升生態系統獨立性。這些去中心化穩定幣為鏈上金融服務（從衍生品到儲蓄賬戶）提供真正去中心化的解決方案，同時幫用戶隔絕加密市場波動。不過，極端情況下DeFi穩定幣亦有機會出現波動——例如2023年3月USDC危機期間，由於部分抵押為USDC，連DAI一度短暫跌至$0.97，顯示出各種風險互相牽連。
Payments and Remittances: One of the most promising use cases is using stablecoins for payments – especially cross-border remittances and transfers. Stablecoins enable sending money globally at any time within minutes, for fees often just a few cents, far outperforming traditional remittance channels. This is transforming remittances in regions like Africa and Latin America. For example, in Nigeria many people now use stablecoins to send funds to family abroad or receive payments from overseas, avoiding the high fees of Western Union or bank wires. “Cross-border remittances are a major use case for stablecoins in Nigeria… It’s much faster and more affordable,” notes Moyo Sodipo of Nigerian exchange Busha. Chainalysis found that sending a$200 remittance via stablecoin is about 60% cheaper on average for Sub-Saharan Africa than using fiat remittance services. The speed is also superior – a stablecoin transfer typically settles in seconds to minutes on blockchain, whereas an international bank transfer can take days. This has led diaspora communities and even aid organizations to adopt stablecoins for moving funds. We are also seeing fintech collaborations: e.g., MoneyGram teamed up with Stellar network to let users convert cash to USDC and vice versa at MoneyGram locations, blending physical and digital for remittances. That service, rolled out in 2022–23, allows someone to deposit local cash and have their relative withdraw as cash in another country, with USDC doing the value transfer under the hood.
支付與滙款： 最具前景的應用場景之一，就是利用穩定幣作為支付工具——尤其是跨境滙款和轉賬。穩定幣讓你隨時隨地、只需幾分鐘就能全球匯錢，手續費通常只需幾角錢，遠勝傳統滙款渠道。這甚至改變了非洲及拉美地區的滙款模式。例如，在尼日利亞，許多人現時都用穩定幣給外地家人匯款，或收海外資金，從而避開西聯匯款或銀行高昂費用。尼日利亞交易所Busha的Moyo Sodipo表示：「跨境滙款是穩定幣在尼日利亞的主要應用……又快又平。」Chainalysis報告指出，通過穩定幣滙款200美元到撒哈拉以南非洲，平均比傳統法幣渠道平約60%。傳送速度也明顯優勝——穩定幣轉賬在區塊鏈上通常數秒至數分鐘完成，傳統銀行跨境轉賬則可能要等數天。這吸引了僑民和救援組織都採用穩定幣處理資金。我們也見到金融科技合作，如MoneyGram聯同Stellar網絡，在MoneyGram門市讓用戶用現金兌換USDC及反向操作，將實體與數碼滙款結合。該服務於2022至23年推出，讓人在本地存現金，親友可在另一國家提款，背後的資金轉移用USDC完成。

Beyond remittances, stablecoins are entering everyday payments and commerce. Merchants in some countries now accept USDT/USDC for goods – from retail shops in Venezuela to tech freelancers globally taking payment in stablecoins. Stablecoin payment processors (like BitPay, Circle’s APIs, or BVNK in Europe) help convert stablecoin payments to local currency for merchants, mitigating volatility. In the U.K., companies like BVNK provide gateways for businesses to accept stablecoin from customers and settle in fiat if desired. Micropayments and gig economy pay are another area: freelancers and remote workers are increasingly paid in stablecoins, especially when banking options are limited or when working for overseas employers. The appeal is immediate receipt of funds and avoidance of hefty currency conversion fees. For instance, a Filipino virtual assistant working for a U.S. client can be paid in USDC online and swap to local pesos as needed, sidestepping delays and fees of international banking.

除了滙款外，穩定幣也正在進入日常支付及商業領域。有些國家的商戶已接受USDT/USDC作商品收款——由委內瑞拉零售店到全球科技自由工作者都收穩定幣作人工。穩定幣支付處理商（如BitPay、Circle的API、或歐洲的BVNK）亦幫商戶把穩定幣結算兌換回當地貨幣，減低匯率波動風險。在英國，BVNK等公司提供閘道讓企業收取客人的穩定幣，如有需要可自動兌回法幣。微支付及零工經濟也是一環——越來越多自由工作者及遙距打工仔，特別是本地銀行服務有限或為海外僱主工時，會改以穩定幣收款。好處是資金即時到手，省卻高額兌匯費用。例如，一個菲律賓虛擬助理為美國客戶工作，可網上實收USDC，有需要時兌換本地披索，完全不經傳統銀行的延誤和費用。

Business Transactions and Cross-Border Trade: Stablecoins are finding a role in B2B uses, facilitating faster and cheaper settlements for companies. As noted, firms in countries with capital controls or dollar shortages use stablecoins to pay suppliers abroad. A major food importer in Africa, for example, might pay an Asian exporter in USDC, because opening a dollar letter of credit via banks is too slow or impossible due to foreign currency scarcity. Even large multinational corporations have dabbled in stablecoins for treasury operations – using them to shuffle funds between subsidiaries instantly. Stablecoins can also reduce counterparty risk in business deals: rather than relying on credit terms, a buyer can send a stablecoin that the seller knows is fully reserved and redeemable. In 2024, JPMorgan’s Onyx division reported a 15% rise in stablecoin use for cross-border B2B payments, as companies found it a useful alternative to SWIFT for smaller-value international transfers. The report noted that stablecoins were beginning to replace traditional wires in certain low-value, high-volume payment corridors.
商業交易和跨境貿易： 穩定幣在B2B企業用途上亦找到定位，有助企業更快、更低成本完成結算。如上述，不少有資本管制或美元短缺的國家，企業會以穩定幣向外地供應商付款。例如非洲主要食品進口商可能會用USDC支付亞洲出口商，因為通過銀行開美元信用證過於緩慢，甚至因外匯短缺根本做不到。甚至跨國大企業都開始把穩定幣當作財資管理工具，用於子公司間瞬間劃帳。穩定幣亦可減低商業交易中的對手風險：買家直接支付穩定幣，賣家可知所收資金完全有儲備、可隨時兌回。摩根大通Onyx部門於2024年報告，跨境B2B付款用途下，穩定幣使用率增加了15%，企業視其為處理小額國際匯款時的SWIFT替代方案。報告亦提及，某些單筆金額低、交易量高的支付通道，穩定幣開始取代傳統電匯。

Settlements and trading among financial institutions are another sphere: Banks like Signature (before its closure) and Silvergate had internal token systems for instant settlements; now, stablecoins might fill that gap. Some brokerage firms and institutional trading platforms use stablecoins to move funds 24/7 between trading venues. There’s also growth in using stablecoins for commodities and trade finance. While still early, there have been pilot transactions where commodities like oil or grain were paid for with stablecoins, streamlining the process.

金融機構之間的結算及交易也是另一範疇：如Signature（結業前）和Silvergate銀行曾有內部代幣系統進行即時結算，如今穩定幣或能填補這個空缺。有部分券商和機構級交易平台利用穩定幣，全天候在不同交易場所間劃撥資金。穩定幣應用於商品貿易及貿易融資亦有增長趨勢。雖然仍在初期，但已出現了用穩定幣支付原油、穀物等商品的試點交易，使流程更簡化。
Hedge Against Inflation and Dollar Substitute: As discussed in regional context, stablecoins have become a critical hedge for individuals in high-inflation economies. In places like Argentina, Turkey, Nigeria, and Lebanon, people have turned to stablecoins to protect savings from currency freefall. With smartphones and crypto wallets, average citizens can effectively hold U.S. dollars (via USDT/USDC) even if their government restricts access to foreign currency. This role of stablecoins as “store-of-value lite” has seen uptake by everyone from taxi drivers in Buenos Aires to small shop owners in Ankara. They may accept stablecoins as payment or convert excess local cash to stablecoins daily.
抗通脹及美元替代品： 如前述，穩定幣已成為高通脹經濟體個人的重要避險工具。無論是阿根廷、土耳其、尼日利亞還是黎巴嫩，民眾都會用穩定幣保值，避免本地貨幣大幅貶值。有了智能手機及加密錢包，即使政府嚴控外匯，普通市民仍可通過持有USDT/USDC間接儲存美元。穩定幣作為「輕量級價值儲存工具」的角色，受惠者從布宜諾斯艾利斯的的士司機到安卡拉的小店老闆都有。有些人以穩定幣收款，或每日把多餘現金兌換成穩定幣。

In Lebanon’s economic crisis, USDT on the Tron network (chosen for low fees) became a popular way to get money in and out of the country as the banking system seized up. Thus stablecoins are functioning as an alternative to dollar cash in regions where physical dollars are scarce or banking is broken. Unlike a bank account that can be frozen or a stack of USD that can be stolen, a stablecoin wallet (if properly secured) offers some resilience – though users do face crypto-specific risks like losing private keys. This use case has drawn attention of central banks, as effectively it is dollarization via crypto, which could undermine local monetary policy. Nonetheless, for individuals in economic turmoil, the benefit of stability outweighs those macro concerns – making stablecoins incredibly valuable on a personal level.

在黎巴嫩經濟危機中，Tron網絡上的USDT（因低手續費而受歡迎）成為資金進出該國的熱門方法，因為當地銀行系統已近癱瘓。因此在美元現鈔稀缺或銀行系統崩潰的地區，穩定幣實際上成為現鈔美元的替代品。有別於易被凍結的銀行戶口或可能被偷的現金美元，穩定幣錢包（只要妥善保管）有一定抗風險能力——但用戶仍需應付如遺失私鑰等虛擬貨幣特有風險。這種現象已引起各國央行關注，因為這等同於用加密貨幣實現美元化，或會削弱本地貨幣政策。不過，對於身處經濟動盪的人來說，穩定性的好處明顯壓倒了這些宏觀顧慮——穩定幣在個人層面極具價值。

Serving the Unbanked and Underbanked: Stablecoins also have potential to expand financial access. Over 1 billion people globally lack bank accounts, but many have mobile phones. Stablecoins can enable them to store money, make payments, and access basic financial services without a bank. Projects in Latin America and Africa are leveraging stablecoins for humanitarian aid distribution, microloans, and savings programs. For instance, a refugee with no bank access can receive aid in a dollar stablecoin, spend it via mobile apps, or convert to local cash through peer networks. Both Tether and Circle have highlighted how their stablecoins are used by people in emerging markets who are underbanked. Of course, challenges remain – such users need a user-friendly interface and reliable on/off ramps to local currency. But companies and NGOs are working on simplifying crypto wallets and integrating with local mobile money agents. If successful, stablecoins could help bring millions into a form of modern financial system, bridging a gap where traditional banks have failed or left communities behind.
服務無銀行戶口及欠缺銀行服務人士： 穩定幣亦有潛力擴大金融覆蓋。全球仍有超過10億人沒有銀行戶口，但很多人有手機。穩定幣可讓他們不用銀行也能儲錢、付款及享用基本金融服務。拉美及非洲部分項目正利用穩定幣發放人道援助、小額貸款和儲蓄計劃。例如，難民即使無法開戶，也可領取美元穩定幣援助，然後通過手機App消費，或用同儕網絡換成本地現金。Tether和Circle都提到過，他們的穩定幣被新興市場的欠缺銀行服務居民廣泛採用。當然，挑戰仍然存在，例如要設計用戶友好的介面及可靠出入金渠道。然而，不少企業和非牟利機構正致力簡化加密錢包，並與本地電子錢代理整合。如果成功，穩定幣可能讓數以百萬計人士首次進入現代金融體系，填補傳統銀行無力覆蓋的缺口。
Programmable Money and New Innovations: Because stablecoins are digital and often run on smart contract platforms, they are programmable money. This opens up use cases not possible with cash or traditional electronic money. For example, businesses can program payments to occur automatically when conditions are met (like an escrow that releases stablecoin funds when a shipment delivery is confirmed). Insurance payouts could be automated via stablecoin smart contracts triggering on an event (parametric insurance). We also see stablecoins powering blockchain-based gaming and NFTs, where in-game currencies or marketplaces use stablecoins to denominate prices, ensuring that real-world value of in-game assets is stable. Micropayments for content (paying a few cents to read an article or stream video) become feasible with low-fee stablecoins in a way that credit card fees make impractical. In decentralized social networks, creators might earn stablecoin tips from followers globally, instantly. All these point to how stablecoins enable new economic interactions online, thanks to their stability combined with crypto’s open accessibility.
可編程貨幣與新創意： 因為穩定幣本身是數碼化、並常見於智能合約平台上運行，所以本質上是可編程的貨幣。這帶來了傳統現金或電子金錢無法實現的新應用。例如，企業可預先設定條件，一旦符合（如貨物送抵確認），智能合約便自動釋放穩定幣付款（類似第三方託管）。保險理賠也可通過穩定幣智能合約在事件發生時自動執行（參數型保險）。我們亦見到穩定幣推動區塊鏈遊戲及NFT生態，遊戲內貨幣或市場以穩定幣標價，確保虛擬資產的現實價值穩定。內容微支付（如文章閱讀、串流視頻幾毫子的收費）由於低手續費也變得可行——傳統信用卡則因收費過高無法做到。在去中心化社交網絡上，創作者可即時獲得全球粉絲的穩定幣小費。總括而言，穩定幣因結合了自身穩定性與加密資產的開放特質，令各種新型線上經濟活動得以誕生。

（以下原文不完整，故未作翻譯。）summary, stablecoins have evolved far beyond a traders’ tool – they are now enabling *faster financial transactions, greater inclusion, and novel digital business models across the globe. As usage grows in each of these spheres, the lines between traditional finance and crypto blur: a small business may settle an invoice via stablecoin without thinking of it as “crypto”; a family may receive remittances in stablecoin that they cash out in their village. The technology is embedding itself in the plumbing of finance and commerce.

摘要，穩定幣已經不再只係交易員嘅工具——而家已經可以推動更快嘅金融交易、更大嘅金融包容，而且推動全球新型嘅數碼業務模式。隨住穩定幣喺唔同領域嘅應用愈來愈廣，傳統金融同加密貨幣界線愈嚟愈模糊：一間中小企可能用穩定幣過數埋單，但未必覺得自己係玩「加密貨幣」；一個家庭可以用穩定幣收取匯款，再喺村內套現。呢種技術慢慢成為金融同商業嘅基礎設施。*

The Regulatory Landscape: Global Developments and Challenges

## 監管格局：全球最新發展同挑戰

The rapid rise of stablecoins – essentially digital dollars outside traditional banking – has prompted regulators worldwide to respond. Concerns over financial stability, consumer protection, and illicit use are driving a flurry of regulatory developments. Here’s a look at how different jurisdictions are approaching stablecoin oversight:

穩定幣迅速崛起——本質上係傳統銀行體系之外嘅數碼美元——引起全球監管機構高度關注。金融穩定、消費者保障同埋非法用途成為大量監管措施背後嘅主要考慮。以下梗會簡單介紹唔同地區點樣監管穩定幣：

United States: From Uncertainty to a Landmark Bill

### 美國：由不確定到歷史性法案

For years, U.S. regulators grappled with stablecoins using existing laws, but without a comprehensive framework. That left issuers in a gray area – some like Circle and Paxos sought state licenses (e.g. New York Trust charters) and stuck to strict reserve practices, while others like Tether operated offshore. Agencies like the SEC and CFTC occasionally took action (fining Tether in 2021 for past misrepresentations, or investigating Paxos’ BUSD in 2023), but there were no clear federal rules specifically for stablecoins.

多年嚟，美國監管機構都用現有法律去處理穩定幣，但一直都冇一套全面框架。發行方處於灰色地帶——有啲（例如Circle同Paxos）會申請州份牌照（例如紐約的信託公司執照）兼跟足儲備規則；有啲（例如Tether）就純粹離岸經營。證監會（SEC）同商品期貨交易委員會（CFTC）間中都有執法（例如2021年罰Tether過往披露唔實、2023年查Paxos發行嘅BUSD），但一直冇清晰嘅聯邦層面規則專門針對穩定幣。

In June 2025, a breakthrough came: the U.S. Senate passed the bipartisan “GENIUS Act” to regulate stablecoins, marking the first major crypto legislation to advance in Congress. This bill – seen as a “watershed moment” for the industry – creates federal standards for payment stablecoins (stablecoins pegged to the dollar). It requires that any USD stablecoin must be fully backed by highly liquid assets like cash or short-term Treasuries, and issuers must maintain 1:1 reserves at all times and monthly public disclosures of those reserves. These guardrails aim to ensure a run on a stablecoin won’t leave consumers holding worthless tokens, as happened in the Terra-Luna collapse of 2022. Effectively, issuers would operate like narrow banks or money market funds, holding only safe assets to back the coins.

到2025年6月，出現突破：美國參議院通過跨黨派嘅《GENIUS法案》去規管穩定幣，係國會首條重大加密貨幣立法。呢條法案被業界形容為「分水嶺」，將為支付型穩定幣（即對標美元等貨幣的穩定幣）訂立聯邦級標準。要求所有美元穩定幣必須以高流動性的資產（例如現金、短期國債）全額支持，發行方實行1:1儲備，并且每月公開披露儲備情況。呢啲限制主要係防止如2022年Terra-Luna暴雷事件再次發生，保證即使出現擠提市民都唔會手持一堆冇價值的代幣。實際上，發行方會好似窄型銀行或貨幣市場基金咁運作，只持有安全資產去支持穩定幣。

The Senate bill also addresses who can issue stablecoins: it sets prudential requirements and FDIC-insured status for issuers (meaning only regulated institutions that could qualify for federal insurance on deposits). Real-time redemption is mandated – users must be able to redeem stablecoins for actual dollars on demand. The legislation was driven in part by the view that stablecoins, if properly regulated, could bolster U.S. dollar supremacy in the digital era. Treasury Secretary Scott Bessent told Congress this could help the USD stablecoin market grow nearly eightfold to $2 trillion in the next decade. Lawmakers in favor say it will “legitimize the asset class” and integrate stablecoins into the financial system with confidence. As one put it, “For too long, stablecoins have operated in a regulatory gray area… The GENIUS Act changes that by creating guardrails for responsible innovation”.

參議院嘅法案亦有講到邊啲人先可以發穩定幣：發行人要符合嚴格監管要求，仲要達到FDIC存款保險資格，即係只有受到聯邦保險保障嘅正規金融機構先能發行。要強制實時兌換——用戶任何時候都要可以自由兌回美元。法案其中一個主要動機就係覺得，穩定幣如果規管得好，可以鞏固美元喺數碼時代嘅地位。財長Scott Bessent曾向國會表示，呢啲條例可以令美元穩定幣十年內市場規模翻八倍去到2萬億美元。支持者仲話，新法規會「令呢個資產類型正式合法化」，令穩定幣可以有信心融入金融體系。有人曾話過：「太耐以嚟，穩定幣都係喺監管灰色地帶遊走……GENIUS法案改變咗咁嘅狀況，建立一套令創新可以負責任進行嘅護欄。」

However, the bill hasn’t become law yet – it passed the Senate 68-30 with bipartisan support, but still needs approval by the House of Representatives (Republican-controlled) and then the President’s signature. Given President Donald Trump’s administration has generally been pro-crypto (Trump’s own businesses have even launched a stablecoin, raising conflict-of-interest debates), many expect the bill or a similar version will become law within 2025. There was political drama: some Democrats like Senator Elizabeth Warren opposed the bill fiercely, arguing it “turbocharges the stablecoin market, while facilitating the president’s corruption and undermining financial stability and consumer protection”. They pointed to Trump’s family ties to a stablecoin company and demanded stricter anti-money laundering rules and bans on foreign issuers in the legislation. Those issues may be revisited in the House version.

不過，法案仲未正式成為法律——參議院係以68對30大比數通過，但之後要眾議院（目前由共和黨掌控）通過，之後仲要總統簽署先正式落實。由於現任總統特朗普政府一般都支持加密貨幣（特朗普本人旗下公司都推出咗穩定幣，引起左利益衝突爭議），好多專家預計呢條法案或者類似方案應該會喺2025年內成法。背後亦有好多政治角力：有部分民主黨議員（如Elizabeth Warren）強烈反對，話法案「加速咗穩定幣市場，同時便利用總統貪腐，又危及金融穩定同消費者保障」。佢哋提出特朗普家族同穩定幣公司有利益關係，要求加強反洗黑錢條款，以及禁止外國發行人。呢啲爭議有機會喺眾議院版本重提。

Assuming a law passes, the U.S. would move from an uncertain patchwork to a clear regime: stablecoins would be treated effectively as a new category of regulated financial product – neither exactly bank deposits nor securities, but with elements of both. Oversight might fall jointly to banking regulators (for issuer licensing) and perhaps the Federal Reserve (for systemic stablecoins oversight). The prospect of legal clarity has already influenced the market: U.S.-regulated stablecoins like USDC and new ones like PayPal’s PYUSD are aligning with expected rules, and even Tether’s issuer has touted its large reserve of Treasuries as if to fit in the mold (though Tether itself might not seek U.S. approval). Crypto exchanges are anticipating that only compliant stablecoins will be allowed for U.S. users if a law passes – so some have proactively shifted listings toward regulated coins.

假設法案正式通過，美國由多種唔同標準、唔明確制度，轉為一套清晰規劃：穩定幣會成為一類全新嘅受監管金融產品——唔完全係銀行存款、又唔完全係證券，但兩者都企埋一邊。由銀行業監管機構（負責牌照）同聯邦儲備局（監管系統性穩定幣）共同監督都唔出奇。新法例帶來嘅清晰性已經影響市場：美國監管下嘅穩定幣如USDC，同埋新興PayPal嘅PYUSD都開始跟預期標準運作；Tether發行方都強調自己有大量國債作儲備，好似都想符合規格（不過Tether未必真係會申請美國審批）。加密幣交易所都預期如果法例通過，只有合規嘅穩定幣可以畀美國用戶買賣——所以有啲交易所已經開始主動將焦點放喺合規幣上。

It’s also worth noting state-level actions: even before federal law, some U.S. states advanced their own rules. New York’s NYDFS has strict oversight for any stablecoin issued under its regime (requiring audits, reserve attestations – Paxos’ BUSD had this until halted). Some other states have stablecoin sections in their money transmitter laws or are passing crypto-specific bills. But a federal law would supersede these, likely creating a unified market. U.S. regulators like the Federal Reserve have voiced concern about stablecoins’ potential to scale rapidly and possibly disrupt bank deposit funding. Fed Chair Jerome Powell in 2023 said stablecoins should have the same level of regulation as bank money if they become widely used. The GENIUS Act in effect moves in that direction by only allowing insured depository-type institutions (or similarly supervised entities) to issue these tokens.

仲要提一提各州制度：未有聯邦法例前，美國部分州份已經行自己一套。紐約州金管局（NYDFS）對該地發行嘅穩定幣要求非常嚴格（要審計、儲備證明——Paxos發行的BUSD就跟足直至終止服務）；部分州份喺其資金轉移法中都加咗穩定幣新章節，或者通過針對加密幣的法案。不過，有聯邦法例之後，就應該會統一全美市場。美聯儲等監管部門早已表達對穩定幣規模迅速擴大、潛在影響銀行存款活水來源嘅關注。聯儲局主席鮑威爾2023年時講過，如果穩定幣變得廣泛，應該要同銀行存款一樣受監管。GENIUS法案都係行咗呢個方向，即只容許獲保險存款認證、或等同嚴格監管嘅金融機構先得發行呢啲代幣。

In the interim, U.S. agencies are still active: the SEC under Gary Gensler has hinted it views some stablecoins as securities in certain contexts, and the Treasury has led discussions in the President’s Working Group calling for stablecoin issuers to be regulated like banks. But the legislative momentum suggests the U.S. is on the path to explicitly legalizing and channeling stablecoins into the regulated financial system, rather than banning them. This is a positive sign for industry proponents who argue clarity will allow stablecoins to flourish safely in everyday commerce.

過渡時期，美國分別有多個部門繼續活躍：證監會主委Gary Gensler多次暗示某啲情境下穩定幣屬於證券，財政部都喺總統工作小組倡議要將穩定幣發行人通通按銀行方式監管。不過，立法走向已經非常明確——美國係想全面將穩定幣合法化、納入正規金融體系，而唔係禁止。對行業支持者嚟講，呢個清晰方向好正面，認為有規則穩定幣先有機會安全咁走入日常金融同商業應用。

Europe: MiCA Brings Stablecoins into Oversight

### 歐洲：MiCA將穩定幣納入全面監管

The European Union has taken a proactive stance with its comprehensive Markets in Crypto-Assets (MiCA) regulation. MiCA, passed in 2023, began phasing in during 2024 and establishes a full framework for crypto assets including stablecoins (which it terms “asset-referenced tokens” and “e-money tokens” depending on whether they reference multiple assets or a single fiat). As of June 2024, MiCA’s stablecoin provisions officially took effect, making the EU one of the first jurisdictions with tailored stablecoin rules.

歐盟方面主動出擊，推行全面《加密資產市場條例》（MiCA）。MiCA喺2023年通過，2024年分階段實施，為包括穩定幣在內嘅加密資產立下一套完整監管框架（當中，根據對標一籃子資產定單一法幣，分別稱為「資產參考代幣」（ART）同「電子貨幣代幣」（EMT））。喺2024年6月，MiCA針對穩定幣的規定正式生效，歐盟成為全球最早設有量身監管規則嘅地區之一。

Under MiCA, any stablecoin pegged to a single fiat currency (like a euro stablecoin or dollar stablecoin) is considered an “e-money token” (EMT) and must be issued by a credit institution or an entity that gets a special license. Essentially, it treats stablecoins similarly to e-money. Issuers must have permanently available reserves 1:1, rights for holders to redeem at any time, and they cannot pay interest to holders (to prevent stablecoins from competing as interest-bearing accounts). For “asset-referenced tokens” (ARTs), which might reference a basket of currencies or commodities, there are additional rules and supervision (though in practice most current stablecoins are single-currency). MiCA also imposes volume caps on large stablecoins used for payments: if an EMT that is not denominated in euros (e.g. a USD stablecoin) is used above a certain volume – roughly €200 million in transactions per day – for three months, regulators could order limits on its activity in the EU. This provision was motivated by concern that a foreign currency stablecoin (like USDT) might become too prevalent in Euro-zone payments, potentially undermining the euro. It effectively forces non-euro stablecoin issuers to monitor and potentially restrain their token’s usage in Europe.

根據MiCA，任何掛鈎單一法定貨幣嘅穩定幣（例如歐元穩定幣、美元穩定幣）都被視為「電子貨幣代幣」（EMT），必須由信貸機構或申請牌照嘅公司發行。本質上，MiCA將穩定幣當電子貨幣咁對待。發行人必須維持永久1:1儲備，用戶要有隨時兌換權益，而且唔可以向持有人派息（避免穩定幣同有息戶口競爭）。如果係「資產參考代幣」（ART），例如對標貨幣組合或商品，則有額外規則同監察（不過而家主流穩定幣都係單一貨幣）。MiCA仲設有大型支付型穩定幣交易額上限：如果有款非歐元EMT（例如美元穩定幣）每日交易量連續三個月超過2億歐元，監管機構可以出手限制其喺歐盟運作。呢項措施主要係防止某啲外幣穩定幣（如USDT）喺歐元區太盛行，影響歐元地位。間接上，非歐元穩定幣發行人要監控及限制其產品喺歐洲嘅使用量。

Compliance and impact: By end of 2024, stablecoin issuers serving Europe must register under MiCA. Some adjusted preemptively – Circle obtained a French crypto license, positioning to offer EUROC and USDC under MiCA’s regime. Binance, however, announced it would cease supporting its own BUSD in Europe given MiCA and instead pivot to euro-denominated stablecoins for EU users. There are reports that certain exchanges in Europe delisted USDT for European customers ahead of MiCA enforcement, given USDT’s issuer had not sought EU authorization. This caused shifts in liquidity: e.g., Curve’s euro stablecoin pools saw more volume as EU users swapped to EURe or agEUR (Euro stablecoins), though those are still relatively small (€10M combined market cap). It suggests a possible fragmentation where, within Europe, euro-backed stablecoins might gain preference due to regulatory ease, while dollar stablecoins could face frictions unless issuers go through EU registration.

合規情況同市場影響：到2024年底，所有喺歐洲提供服務嘅穩定幣發行人都要根據MiCA登記。一啲公司預先部署——Circle就已經申請咗法國加密資產牌照，準備喺MiCA框架下發行EUROC同USDC。幣安則因應MiCA宣布唔再為歐洲市場提供自家BUSD，轉而主打歐元穩定幣。據報部分歐洲交易所在MiCA實施前已經下架USDT，因其發行方冇向歐盟申請授權，導致資金流動發生轉移——例如Curve歐元穩定幣資金池流量上升，歐洲投資者轉向用EURe或agEUR（歐元穩定幣），雖然總市值暫時都好細（合共約一千萬歐元）。有跡象預示歐洲內部可能逐步分化：基於監管更方便、合規成本較低，本地歐元穩定幣開始獲得優勢，而美元穩定幣若唔按規定喺歐盟登記可能會遇到障礙。

MiCA also mandates high transparency – quarterly reserve reports, audit rights for regulators, etc. and has capital requirements for issuers. The European Banking Authority will supervise significant stablecoin issuers. Overall, the EU’s approach is to integrate stablecoins into the existing financial regulatory perimeter: treat them akin to bank money when used widely, mitigate risks, but allow innovation within those bounds. Consumer protection is a focus – clear rights to redeem, liability on issuers for losses, and disclosures of how the peg is kept.

MiCA亦強制高透明度——要求發行人每季公開儲備報告，監管機構有審計權等，對發行方亦有資本規定。歐洲銀行管理局會負責監察具重大規模嘅穩定幣發行人。總體上，歐盟策略係將穩定幣納入現有金融監管體系：當其用途廣泛時就當銀行電子貨幣咁規管，降低風險，同時畀市場有創新空間。重點保障消費者——要有明確兌換權利，發行商對損失需負責任，同時要詳細披露點樣維持釘住匯率。

Individual European countries largely align with MiCA now,

歐洲各國而家基本都同MiCA接軌， but some had interim measures: Germany had earlier said stablecoins shouldn’t replace the euro, France had guidelines requiring stablecoin projects to be approved by the central bank, etc. Those will yield to the unified MiCA rules. The UK, post-Brexit, is forging its own path: In 2023 the UK passed the Financial Services and Markets Act, which included bringing “stable tokens” used for payments into the Bank of England’s supervision. The UK intends for certain stablecoins to be recognized as a valid form of digital settlement. In 2024, HM Treasury consulted on a regime to oversee stablecoin issuers and potentially designate systemic stablecoins for direct BoE oversight. By 2025, the UK is expected to roll out detailed rules – likely similar to the U.S. approach of requiring 1:1 backing and authorization for issuers. The BoE has also been exploring a digital pound, but said a retail CBDC, if launched, would coexist with private stablecoins, not necessarily replace them.

但有些國家在過渡期間有採取臨時措施：例如德國早前表示穩定幣不應取代歐元，法國則有指引要求穩定幣項目需獲中央銀行批准等等。這些措施將會讓位給統一的MiCA法規。英國在脫歐後則有自己的路線：2023年英國通過《金融服務與市場法案》，將用於支付的「穩定代幣」納入英倫銀行監管範圍。英國計劃將某些穩定幣認可為有效的數碼結算形式。2024年，財政部就監管穩定幣發行人及可能將系統性穩定幣納入英倫銀行直接監督進行諮詢。預計2025年，英國會推出詳細規則 —— 可能與美國需1:1資產支持及發行人授權的做法類似。英倫銀行亦一直研究數碼英鎊，但表示即使推出零售版央行數碼貨幣（CBDC），也會與私人穩定幣共存，並不一定會取而代之。

Asia: Divergent Approaches from Embrace to Bans

亞洲：由積極擁抱到嚴格禁制的多元方針

Asia presents a patchwork of stablecoin stances: some financial hubs are creating regulated environments for stablecoins, while others have banned crypto broadly, indirectly limiting stablecoin use.

亞洲各地對穩定幣的態度非常多元：有些金融中心積極規管發展穩定幣環境，亦有地區對加密貨幣全面禁令，間接限制穩定幣流通。

Japan was an early mover in stablecoin regulation. A law effective June 2023 made it so only licensed banks, registered money transfer agents, and trust companies can issue stablecoins in Japan. The law essentially treats stablecoins as digital money, ensuring issuers have prudential oversight. It also required any foreign stablecoins sold in Japan to meet equivalent standards. As a result, throughout 2024 Japanese financial institutions started issuing their own yen-pegged stablecoins or tokens – for example, Mitsubishi UFJ Trust launched “Progmat Coin” platform for bank-issued stablecoins, and smaller banks issued tokens like JPYC (a yen stablecoin) under the new framework. This coincided with Japan’s push for cashless payments: the Bank of Japan noted cashless payment usage rose to 42.8% by 2024, and officials suggested stablecoins and a future CBDC could coexist in retail payments. So Japan’s stance is controlled openness: allow stablecoins within a strictly regulated structure, mostly via existing financial institutions.

日本在穩定幣監管上屬早期行動者。一項2023年6月生效的新法例規定，只有持牌銀行、註冊匯款機構及信託公司方可在日本發行穩定幣。該法例本質上將穩定幣視為數碼貨幣，確保發行人受審慎監督。同時要求在日本銷售的外國穩定幣亦需達到同等標準。因此，2024年日本多家金融機構相繼發行日圓掛鈎穩定幣或代幣——例如三菱UFJ信託推出「Progmat Coin」平台予銀行發行穩定幣，小型銀行則以新框架發行如JPYC（日圓穩定幣）等代幣。這正配合日本推動無現金支付：日本銀行指出至2024年無現金支付率已升至42.8%，官員亦指穩定幣與未來CBDC可於零售支付並存。總結而言，日本的方針是「受控式開放」——允許穩定幣於嚴格監管架構之下流通，主要經由現有金融機構推動。

Singapore likewise embraces fintech innovation but with guardrails. The Monetary Authority of Singapore (MAS) in 2022 proposed guidelines that stablecoins should be fully backed by high-quality liquid assets and issuers must ensure prompt redemption (within 5 days). By 2024, MAS was finalizing rules mandating full 1:1 backing and timely redemption for stablecoins. Singapore is positioning to be a hub for regulated stablecoins in Asia – it already hosts notable projects like XSGD (Singapore dollar stablecoin) and has encouraged trials of stablecoin use in DeFi sandboxes. Many crypto companies (Circle, for instance) have Singapore entities preparing for compliance. Singapore’s approach is similar to the anticipated U.S. one, with an emphasis on quality of reserves, redemption rights, and prudential regulation.

新加坡同樣擁抱金融科技創新，但設有明確規管。新加坡金融管理局（MAS）於2022年提出指引，要求穩定幣需以高質素流動資產全額支持，並確保5日內可贖回。至2024年，金管局將落實要求穩定幣1:1全額資產支持及及時贖回。新加坡定位成亞洲受規管穩定幣樞紐——現時已有如XSGD（新加坡元穩定幣）等重要項目落地，並鼓勵DeFi沙盒中試用穩定幣。多家加密企業（例如Circle）已於新加坡設立實體準備合規。新加坡方針與美國預期做法相近，著重儲備質素、贖回權利及審慎監管。

Hong Kong has made headlines by actively seeking to become a crypto and stablecoin hub after years of caution. In Dec 2024, Hong Kong’s government introduced a draft Stablecoin Bill to establish a comprehensive licensing regime for stablecoin issuers. That bill moved swiftly: by May 2025, Hong Kong’s Legislative Council passed the Stablecoins Ordinance, setting up a system where any firm issuing a fiat-backed stablecoin or operating a stablecoin arrangement (custody, wallets etc.) targeting Hong Kong must be licensed by the HK Monetary Authority. The rules require one-to-one reserves in high-quality liquid assets, audits, and stringent capital and risk management. Interestingly, Hong Kong will allow stablecoins pegged to any fiat currency (not just HKD) under this regime – reflecting HK’s global financial center approach. Already, Standard Chartered Bank announced a partnership to launch a stablecoin pegged to the Hong Kong dollar once regulations are in place. Hong Kong regulators see this as crucial to “programmable finance” and innovation; they want a safe environment that attracts stablecoin issuers from around the world. Some Chinese banks in HK reportedly explored issuing CNH (offshore yuan) stablecoins too. The new law also addresses ancillary services – e.g., wallet providers for stablecoins will need licenses, ensuring the entire ecosystem is supervised. Hong Kong’s pivot is somewhat striking because it aligns with mainland China’s cautious stance on crypto – but Hong Kong is carving out its own regulatory path to leverage crypto finance while mitigating risks.

香港過去多年一直審慎，近年卻積極轉型為加密及穩定幣樞紐，屢成國際焦點。2024年12月，香港政府提交《穩定幣法案》草案，擬為穩定幣發行人建立全面發牌制度。法案進展迅速：2025年5月，立法會通過《穩定幣條例》，確立任何面向香港發行法幣支持穩定幣、或營運穩定幣安排（如託管、錢包等）的機構，須向金管局申請牌照。條例要求發行人以高質素流動資產1:1全儲備，接受審計，並設嚴格資本及風險管理。值得注意，香港此新監管下允許掛鈎任何法幣（不只港元）的穩定幣，體現國際金融中心定位。渣打銀行已宣布有意待規例落實後，發行港元掛鈎穩定幣。港府監管層認為這對「可編程金融」及創新至關重要，期望吸引全球穩定幣發行人來港發展。有報道指部分在港中資銀行亦計劃發行CNH（離岸人民幣）穩定幣。新法例同時規管支援性服務——例如穩定幣錢包服務供應商亦需領牌，確保整個生態有監管。香港這輪轉向與內地審慎路線保持連貫，但港方正開拓自主合規道路，既利用加密金融機遇，同時降低風險。

Mainland China, conversely, maintains a strict ban on cryptocurrency trading and stablecoins for its citizens. After outlawing crypto exchanges in 2017 and mining in 2021, China has promoted its Digital Yuan (e-CNY) central bank digital currency as the official digital money. The People’s Bank of China has made clear that private stablecoins like USDT are not legal in China. Authorities cracked down on OTC trading of USDT in 2023–2024, arresting groups involved in using Tether for capital flight and money laundering. Many Chinese OTC brokers that once facilitated USDT exchange had to cease or move operations overseas. China’s stance is that only the state-issued CBDC and regulated digital payment platforms (like Alipay, WeChat Pay) are allowed for yuan transactions. That said, Chinese individuals find workarounds – some still acquire stablecoins through Hong Kong or offshore accounts. But officially, any onshore stablecoin activity is banned and the focus is on expanding the digital yuan, which now has millions of users domestically. China’s approach exemplifies the sovereign resistance to foreign stablecoins: the government is concerned about currency substitution and capital outflows if stablecoins (especially USD-based) became popular, so it has pre-emptively blocked their usage to ensure monetary control.

內地則對加密貨幣及穩定幣持嚴厲禁令。自2017年禁止加密平台，2021年禁挖礦後，中國大力推動央行數碼貨幣——數字人民幣（e-CNY）作為官方數碼貨幣。中國人民銀行明確指出，類似USDT等私人穩定幣於中國屬非法。2023-2024年，當局打擊場外USDT交易，拘捕涉及利用Tether走資及洗錢的組織。以往從事USDT兌換的OTC經紀大多停業或轉移海外。中國的正式立場是，僅國家發行的CBDC及經監管的數碼支付平台（如支付寶、微信支付）能進行人民幣交易。儘管如此，部分中國個人仍透過香港或離岸戶口持有穩定幣。但在岸一切穩定幣行為屬禁令之列，國家聚焦擴大數字人民幣生態，現時國內用戶已達數以百萬。中國此一方針體現主權國家對外來穩定幣的抗拒：政府擔心穩定幣（尤其掛鈎美元）流行帶來幣值替代與資本外流，因此預先全面禁止，以確保貨幣主權。

Other Asian nations vary: South Korea hasn’t legalized stablecoin issuance domestically yet; it is drafting crypto laws that might address them in the context of investor protection. Meanwhile, Korean won-pegged stablecoins exist but trade mostly on offshore platforms. India is very restrictive on crypto in general (after heavy taxes and banking bans, crypto activity there is limited; stablecoins see little official use, though some Indians use USD stablecoins peer-to-peer as a dollar hedge). Thailand and Malaysia have warned against private stablecoins that mimic their currencies (Thailand outlawed a baht-backed stablecoin by Terra in 2021). On the other hand, UAE (Dubai/Abu Dhabi) have crypto-friendly regimes and would permit stablecoin issuance under their virtual asset laws – in 2024, Dubai’s VARA included stablecoins under its licensing for payment tokens. Saudi Arabia and other Gulf states are exploring CBDCs jointly, but also investing in blockchain firms (some Saudi oil deals reportedly considered using stablecoins for settlement, but nothing public yet). Israel is open to crypto innovation and saw its first bank-issued stablecoin pilot (Shekel-token by Bank Leumi) in 2023, done in a controlled test.

亞洲其他國家情況各異：南韓本地仍未立法容許穩定幣發行，草擬中的加密法例或會納入投資者保障框架。現有韓圓掛鈎穩定幣主要在離岸平台流通。印度一向對加密相當嚴格（徵收重稅及銀行禁令後，加密活動大減，穩定幣官方用途甚少，只有部分印度人私人以美元穩定幣作對沖）。泰國及馬來西亞則警告對標本國貨幣的私人穩定幣，泰國2021年就已禁止Terra發行的泰銖穩定幣。相反，中東阿聯酋（杜拜／阿布扎比）則採親加密態度，容許根據當地虛擬資產法發行穩定幣——2024年，杜拜VARA已將支付類穩定幣納入牌照規管。沙特及其他海灣國家亦正合力研究CBDC，並投資區塊鏈企業（有傳沙特石油交易考慮用穩定幣結算，但未有公開案例）。以色列則開放創新，2023年見首個由銀行（Leumi銀行）試點發行的穩定幣（Shekel-token），全程受控測試。

Broadly, many countries are following guidance from international bodies: The Financial Stability Board in July 2022 issued recommendations that stablecoins should meet equivalent standards to commercial bank money if they’re to be widely used, including prudential requirements and redemption rights. The Bank for International Settlements also emphasized stablecoins should not undermine financial stability and that robust regulation is needed, urging central banks to consider CBDCs as safer alternatives. G20 finance ministers in 2023 agreed to coordinate regulations in line with those principles. So we see a convergence: require full backing, legal clarity on redemption, and proper oversight, or else restrict stablecoin activities. Even in places allowing stablecoins, there’s a push for “same risk, same regulation” parity with traditional money.

總括而言，多國均取法國際機構的建議：2022年7月，金融穩定委員會建議，穩定幣若要被廣泛使用，應達到接近商業銀行貨幣的標準，包括審慎監管和贖回權益。國際清算銀行同樣強調穩定幣不得損害金融穩定，需有強健監管，央行應考慮發行CBDC作更安全替代。G20財長於2023年同意各國應按上述原則協調監管。因此現時大趨勢是：要求穩定幣有全額資產支持、法定贖回保障及完善監督，否則要限制其流通。即使在部分容許穩定幣的地區，也強調「同風險同監管」以與傳統貨幣看齊。

Africa and Latin America: Adoption Outpacing Regulation

非洲與拉美：普及速度快過監管制度

In regions like Africa and Latin America, stablecoin usage has surged faster than regulatory regimes have developed. As noted, countries such as Nigeria, Kenya, Argentina, and Brazil have high stablecoin adoption driven by economics. Regulators are now catching up:

在非洲及拉美等地區，穩定幣使用滲透速度遠超監管發展步伐。正如前述，奈及利亞、肯尼亞、阿根廷及巴西等多國普及率極高，主要受經濟因素推動。相關當局亦正嘗試追趕監管步伐：

In Africa, few countries have specific stablecoin regulations yet, but some are integrating crypto into existing frameworks. Nigeria – despite being a world leader in stablecoin use – officially has a somewhat paradoxical stance: the central bank banned banks from servicing crypto exchanges in 2021, pushing crypto trading into informal channels. It launched an eNaira CBDC to provide a government alternative, but uptake has been low compared to stablecoins. However, Nigeria’s Securities and Exchange Commission in 2022 released rules treating crypto assets as securities or digital assets if they qualify, and hinted that stablecoins might be recognized as investment instruments or e-money equivalents in future rules. By 2025, seeing the widespread public adoption, Nigerian regulators are reportedly exploring a framework to legitimize stablecoins for payment and remittance, with appropriate KYC/AML controls.

非洲現時鮮有國家針對穩定幣設立專屬監管，大多將加密納入現行體系。奈及利亞雖然全球穩定幣應用領先，官方態度卻頗矛盾：2021年央行禁止本地銀行為加密交易所服務，令市場轉戰非正式渠道。政府其後推行eNaira央行數碼貨幣，卻被市場冷淡，遠不及穩定幣普及。不過，奈及利亞證券交易委員會2022年頒布新規，將合資格加密資產視為證券或數碼資產，並暗示未來規則有機會將穩定幣界定為投資工具或電子貨幣。由於民間應用愈趨普及，消息指出至2025年奈及利亞監管機構正考慮建立一套讓穩定幣合法化於支付及匯款用途的框架，同時設立適當KYC/AML控制。

They realize outright bans haven’t stopped usage, so better to regulate and harness it. Other African regulators, like South Africa’s FSCA, have classified crypto assets (including stablecoins) as financial products under existing law, meaning providers must get licensed. South Africa has been proactive: it expects to address stablecoins specifically, given its institutions’ interest (Absa bank, as mentioned, is preparing for stablecoin-focused services in anticipation of new rules). Kenya and Ghana central banks have issued cautionary notices but also set up innovation sandboxes that might include stablecoin-based

當局意識到單靠禁令難以杜絕流通，與其堵截不如規管引導。其他非洲監管機構，例如南非FSCA，已將加密資產（包括穩定幣）界定為金融產品，服務供應者必須領牌經營。南非亦十分主動，預計針對穩定幣訂立專門規例，因金融機構（如前述Absa銀行）已為相關服務作準備。肯尼亞及迦納央行則發聲明提醒風險，同時設立創新沙盒，考慮納入穩定幣元素。

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一般而言，非洲監管機構既看到穩定幣帶來巨大金融共融的潛力，也擔心相關風險（例如貨幣替代——如果人人都用USDT而不用本地貨幣——以及非法資金流動）。預計他們的做法會是透過金融科技牌照，正式規管穩定幣匯款，並要求涉及本地貨幣兌換的穩定幣持有本地儲備或擔保。

在拉丁美洲，部份國家亦正邁向監管。巴西於2022年12月通過法律，將加密貨幣納入央行及證券監管機構監管。雖然該法例並無特別針對穩定幣，但巴西央行表示，若有穩定幣被廣泛用作支付工具，則可被視作支付機制由其監督。巴西央行現時正試行自家數碼貨幣（real digital），同時本地金融科技公司已利用USDC/USDT進行國際匯款。未來我們可能見到巴西透過其完善的支付制度規定，正式納管穩定幣（例如要求註冊或與持牌支付機構合作）。

阿根廷因惡性通脹，暫無禁止穩定幣——事實上不少阿根廷人以USDT交易——但政府於2023年曾考慮規管加密貨幣以遏止資本外流。暫時未有全面法例通過，部分原因乃政局不穩，但一旦加強資本管制政策，勢將影響加密貨幣應用。現時該地區屬高採納但法規灰色地帶。墨西哥於2018頒佈金融科技法，當中界定「電子付款代幣」（可涵蓋穩定幣）——當地主要銀行Banco Azteca甚至曾考慮發行比索穩定幣，但未見公開落實。

其他拉美地區：哥倫比亞、智利都正研究加密貨幣監管；委內瑞拉則曾推出以石油作擔保的「Petro」國家加密貨幣但最終失敗。由於極高通脹，當地市民大多用美元或USDT交易。薩爾瓦多以法定貨幣採用比特幣後，雖無針對穩定幣法例，實際上穩定幣（如USDT）仍常被用作區塊鏈上的美元。總括而言，拉丁美洲仍處於摸索及發展階段，其中以巴西最有機會走出清晰監管路向，把穩定幣納入金融體系，其他國家則採取容忍或起步規管狀態。

主要監管主題與挑戰

各地區在規管穩定幣方面出現一些共通主題及挑戰：

儲備質素與透明度： 監管機構普遍強調穩定幣必須有高質素資產做全額儲備。現時趨勢是要求經常性披露或審計儲備，確保代幣真有實質資產支持。不透明（如Tether過去爭議）成為監管焦點；新法例將要求發行方公開帳目。相關問題還包括儲備應存放哪裡——部分建議強制要求將儲備存於受保銀行甚至央行（如有建議效法narrow banks將現金存放聯儲局）。目前多數法例允許國債及商業銀行現金。確保儲備未被重複抵押或加槓桿運作，是防止類似擠提之關鍵。
贖回權利： 監管核心原則之一是持有人應可容易地將穩定幣贖回為法定貨幣（通常是向發行方或認可夥伴）。美國、歐盟法規均強調需即時按面值贖回。此舉提升用戶信心，並與證券型投資作出法律區隔（因穩定幣僅代表儲值形式）。
牌照及監督： 監管機構正確定由哪些部門監督穩定幣發行人。由於穩定幣具貨幣屬性，銀行監管機構介入甚深。例如美國法案規定銀行監管當局（OCC、Fed、FDIC）參與發牌管理穩定幣發行人。歐盟則由EBA按MiCA規管大型發行人。監察範圍包括反洗錢/反恐怖分子資金規定（AML/CFT）、網絡安全標準、管理層適任性審查等，與金融機構要求類近。
防止非法活動： 當局憂慮穩定幣可被用作洗錢、逃避制裁或詐騙，因其轉賬具半匿名性。一方面，穩定幣轉賬可於區塊鏈追蹤，另一方面全球流轉便利亦帶來風險。美國財政部等推動對發行方及中介實施嚴格反洗錢規管，即交易所及錢包供應商需落實KYC、監察交易。亦有提出技術手段，如黑名單制度（Circle多年已按要求凍結指定USDC地址），Tether亦曾執行凍結指令。然而，像DAI等全面去中心化的穩定幣難以設置黑名單，監管或會轉而針對出入口（交易所等）進行規管。行業與監管機構正平衡保障私隱與合規需要。針對大額交易要求同步傳送發送/收款人資料（Travel Rule）正透過加密貨幣服務供應商推行。
對貨幣穩定及政策的影響： 央行關注，若非本地貨幣穩定幣普及，會損害本地貨幣政策成效（屬「加密美元化」）。舉例，歐洲MiCA於支付環節為非歐元穩定幣設上限，一些新興經濟體憂慮美元穩定幣擴張。小型經濟體監管或會要求對穩定幣設外匯管制，例如只准用本地貨幣穩定幣落本地交易，或限制本地貨幣兌換成外幣穩定幣。除中國全面禁止外，目前未見有更嚴措施，但此議題於抵制貨幣弱國家仍是政策討論焦點。
與傳統金融結合： 隨著規管趨嚴，穩定幣或會與傳統支付系統融合。部分議題涉及保險及用戶保障。美國法例初期未必直接為穩定幣持有人提供存款保險，但如要求發行人本身為受保存款機構，則間接為部份資產（現金部份）加強保障，雖不涵蓋代幣本身。亦有討論是否讓穩定幣用戶透過發行人享有央行最後貸款人服務——形同銀行待遇。大部份央行暫時未傾向此方案，但隨穩定幣成系統性資產，日後或會調整。渣打預測指，若美國通過法例，穩定幣市場有機會2028年升至2萬億美元，顯示其有潛在系統重要性。
競爭及技術議題： 監管同樣需監察市場競爭。若只有一兩個私人穩定幣主導支付市場，會引伸壟斷或韌性隱憂。這亦令多個央行同步試驗CBDC（央行數碼貨幣），提供主權替代方案。CBDC與穩定幣關係較複雜：有觀點認為可共存（穩定幣切入細分創新領域，CBDC做基建）；另有看法則認為CBDC或可替代穩定幣。最終市場發展未明確，監管當局正密切跟進中國數字人民幣、歐洲數字歐元等試點步伐。

國際監管協調亦是一大考驗。若國別法例分歧嚴重，穩定幣活動或流向政策寬鬆地區（或維持離岸）。現有不少組織（如IOSCO、BIS）正努力統一監管標準，大方向包括全面儲備支持、嚴格監督。值得一提，國際貨幣基金呼籲新興市場國家切勿在缺乏完善框架下貿然採用外國穩定幣，警告有潛在不穩定。IMF建議優先發展地區方案或加強宏觀經濟政策，但亦承認穩定幣若妥善監管確有正面作用。

展望：穩定幣的十字路口

穩定幣已迅速由實驗躍升至金融界普遍現象。到2025年，穩定幣正處於普及與嚴監管的十字路口。照目前發展趨勢，只要現存問題得以解決，穩定幣在全球金融體系角色將會越來越重要。

於短期未來，預計會出現：

更大眾化應用： 隨著大型支付處理商（如Fiserv）及金融科技公司參與，日後使用穩定幣或會如用PayPal、信用卡般普及，用戶甚至未必知其背後為區塊鏈。例如顧客於App內以穩定幣支付，商戶即時自動兌回本地貨幣——一切系統內完成、用戶無感知。Visa與MasterCard將穩定幣清算整合至其網絡後，有機會倍增應用量，把數以十億計日常交易帶上穩定幣軌道（即使用家無察覺）。
新穩定幣湧現： 若監管清晰，更多機構會發行穩定幣。未來可能見到大型銀行發行自家品牌穩定幣（如Citi、滙豐coin）供客戶用，或出現多間銀行組成聯盟型穩定幣（如Utility Settlement Coin）。非銀行企業亦或會發行與忠誠積分或特定生態系統掛鉤的穩定幣（如想像Amazon自家穩定幣）…Here is the requested translation into zh-Hant-HK, skipping all markdown links:

marketplace transactions)。監管機構將需要監察這些情況，確保公平競爭環境。《GENIUS法案》的通過預期會在美國激發這類創新。

**互通性方案：**目前，穩定幣的流動性分散於不同區塊鏈（Ethereum、Tron、Solana 等）。現正有不少提升互通性的努力——例如跨鏈橋樑和類似 Chainlink 的 CCIP 項目，能夠安全地讓穩定幣在不同鏈之間流轉。這有助於解決使用某一網絡的穩定幣會「鎖死流動性」的憂慮。同時，這亦代表監管機構會關注橋樑（因為若橋樑被攻擊，可能間接影響穩定幣的儲備，例如代幣遺失或重複發行）。
**高息環境及商業模式：**穩定幣發行人如 Tether 及 Circle 能在 2023–2024 年興旺發展，其中一個原因是其儲備資產有高利息收入——等如他們能在數百億美元國債上賺取 5% 利息。這不但令他們極為賺錢，同時亦引發討論：穩定幣用戶是否應分享這些利息？目前大部分發行人會保留利息（用作公司營運或利潤）；而 Maker 的 DAI 則如早前提及，會透過 DAI 儲蓄率向用戶分派部分利益。在競爭激烈的市場中，未來可能有更多發行人向用戶派發利息或獎賞以吸引用戶。不過，某些司法管轄區（如歐盟 MiCA）已明文禁止為穩定幣餘額支付利息，以防這類產品變成類似銀行賬戶的投資產品。最終這會影響穩定幣對儲蓄及交易用途的吸引力。
**與央行數字貨幣（CBDC）融合：**隨著央行數字貨幣逐步推出（歐盟可能本年代晚些時候推出電子歐元，聯儲局亦在研究數碼美元），穩定幣與 CBDC 之間的互動會成為焦點。有專家預計會出現雙層系統：央行向受規管中介發放 CBDC，他們再分發 CBDC 或用來支持自己的穩定幣（例如可能會有百分百以 CBDC 作抵押的穩定幣，兼具私營創新及央行貨幣穩定的優點）。香港在相關討論中亦有將穩定幣跟潛在的數碼港元（e-HKD）並列。CBDC 與穩定幣如何共存尚未明朗，不過兩者不一定互斥。可以肯定的是，央行希望保留貨幣主權最終控制權，即日後穩定幣應會被用監管框架所「錨定」（非指 Tether），確保與央行貨幣價值掛鉤和有兌換保障。
**應對系統性風險：**若穩定幣持續擴大規模，監管機構或會考慮將某些穩定幣指定為系統重要性（如部分貨幣市場基金或結算所被視為 SIFI）。此舉將帶來更嚴格監管、美聯儲監察，以及如緊急流動性支援等要求。State Street 行政總裁曾提到穩定幣有可能「增速超越國債供應」，反映傳統市場亦已關注其宏觀影響。反過來說，這種增長亦可能帶來益處——如為國債創造穩定需求及支付創新。
**技術改進：**現時不少技術發展旨在提升穩定幣效率。例如 Layer-2 擴容技術（如 Ethereum 的 Optimistic rollup、ZK rollup）可大幅降低交易成本，令微交易變得可行。亦有人探討私隱功能（畢竟所有鏈上交易全公開，有漏洞）；零知識證明技術有望讓穩定幣交易既能達到私隱要求，同時又可配合監管審查。私隱與合規的平衡會是一大爭議：過度匿名會令監管警覺；過少私隱則令用戶擔心每筆付款都可追蹤。未來或會有一些可編程私隱方案（例如交易金額受保護，只限執行搜查令時開放給監管查看），專為穩定幣而設。
**全球協調或競爭：**法國、日本及其他 G7 國家近年都呼籲訂立穩定幣的國際標準，特別是在 Facebook 公佈 Libra 計劃後。由於穩定幣具跨境特性，未來或會有有關流向資訊共享的協議或條約。另一方面，部分司法管轄區則可能透過提供明確規則及金融科技友好環境，競爭吸引合規的穩定幣公司（如香港、新加坡、阿聯酋正是如此）。若不變質成規管下限競賽，這種競爭有助推動創新。目前來看，大家主要在「誰的監管更優質」上競爭，而非鬆綁，這是健康現象。

**挑戰依然存在：**包括監管套利（部分發行人可能選擇監管寬鬆的地區營運——但用戶/交易員則會當作高風險）、智能合約漏洞（穩定幣或相關 DeFi 合約出 bug 都有可能損失資金，因此需審計及保險）、以及用戶教育（大量主流用戶仍不了解穩定幣，有可能被假冒「穩定幣」騙局欺騙）。監管明確有助有信譽的發行人，但對於不良分子並不能完全根除——對詐騙性穩定幣（如聲稱有儲備實無其事）之執法仍將持續非常重要。

總結來說，2025 年的穩定幣正處於轉捩點。普及率創新高，由炒賣到匯款等用途均大派用場，甚至影響傳統貨幣市場。與此同時，全球監管機構正推行首批較全面規則，既希望發掘創新潛力，也要防範各種風險。接下來數年將驗證這些監管框架的實效，理想情況下，能令穩定幣體系更穩定可靠，並鼓勵主流機構及用家更廣泛參與。一旦成事，穩定幣即可真正發揮促進全球交易更快、更平價、更易用的潛力。

有專家指出，要達到這點，必須靠加密行業與監管部門的合作。世界經濟論壇報告亦提到：「明確及統一的規則有助擴大穩定幣的使用。」表明更多監管明確性或可吸引更多有信譽的發行商進場。我們已見到金融科技公司及銀行開始參與。若一切順利，穩定幣最終或會成為日常金融的「幕後主角」——只被視作快速的數碼美元/歐元/等等，讓大家用得完全不費思考。雖然仍有各種挑戰，穩定幣貌似已確立自己作為金融體系中一個持久且不斷壯大的部分，結合了傳統貨幣的信任及現代科技的效率。正如有業界 CEO 所說：「我們認為穩定幣是顛覆性的存在……為傳統支付方式提供更快、更便宜的選擇。」全球監管機構都寄望，只要設好護欄，這場變革帶來的衝擊能夠變成正面——而穩定幣的爆發亦能轉化為對全球消費者與經濟的福祉。