USDT、USDC 與更前沿發展：2025 全球穩定幣採用與監管現況

穩定幣——這些設計用來維持穩定價值的數位代幣——現已成為全球加密貨幣市場的基石。原本僅為加密交易員設計的利基工具，如今這些與美元掛鉤的代幣早已滲透到尼日利亞的日常付款、甚至是華爾街數十億美元的交易中。它們去年的交易總量達 27.6 兆美元——超越 Visa 和 Mastercard 全年總交易額的總和。

因穩定幣使用量激增，各國政府也加緊立法腳步：美國參議院近期才通過了規範美元穩定幣的劃時代法案，歐洲與亞洲則相繼推出自己的監管框架。本文將全面回顧當今穩定幣現況——包含產業和國家層面的採用情形、主流穩定幣現況與最新動態，以及監管機構的回應——以美聯社風格全方位梳理解讀 2025 年全球穩定幣態勢。

什麼是穩定幣？為何重要？

穩定幣是依照儲備資產（如法幣或商品）作掛鉤設計的一類加密貨幣，目的是維持價格穩定。大多數穩定幣以 1:1 錨定美元、歐元等主要貨幣，也有針對黃金等資產的品種。設計上，穩定幣避免了比特幣等加密資產的劇烈價格波動，使其成為在波動性極高的加密經濟中，能作為結算媒介與價值儲存的可靠工具。世界經濟論壇報告曾指出，穩定幣本質上是一種承諾：維持對外錨定資產的穩定。

第一批穩定幣出現於 2014 年左右，由 Tether 首創美元掛鉤加密代幣模式。以 Tether 或 Circle 這類發行商為例，會將現金或美國國債等資產作儲備，並在區塊鏈上發行同等數量的代幣。使用者始終可以用 1 個代幣兌換 1 美元（或對應資產），理論上保持價格穩定於 1 美元。有些穩定幣採用演算法或加密質押，而非法幣儲備（例如 TerraUSD 崩盤前曾如此），但目前主流者仍以法幣儲備型為大宗，因其相對可靠。

為什麼穩定幣近年大受歡迎？ 簡言之，它打破了傳統金融與加密世界的藩籬。其價格穩定，讓用戶能在不擔心劇烈波動的情況下進行加密交易。比如，1 USDC 或 USDT 理論上今天、明天、明年都應維持 1 美元價值——不像比特幣一天之內可能震盪 10%。這種穩定性讓穩定幣成為理想的支付、匯款及數位儲蓄工具，可說是“數位現金”：全球轉帳便利如加密貨幣，但穩定如它所錨定的法幣。

“穩定幣是美元的代理人，” 非洲加密交易所 Yellow Card 執行長 Chris Maurice 表示。在當地貨幣不穩定的地區，持有 USDT 這類代幣，等同於手機內擁有美元。發達國家則因穩定幣能提供 24/7 即時支付，而優於傳統銀行；同時，穩定幣也成為加密交易和去中心化金融市場的關鍵結算工具。

全球穩定幣應用爆發

近年來，穩定幣展現驚人的成長，不僅成為加密生態的骨幹，還影響了傳統金融。根據產業數據，2024 年穩定幣交易總額達 27.6 兆美元，發行總量年增超過 28%，甚至超越 Visa 和 Mastercard 年交易規模。這凸顯穩定幣轉帳已經極為普及。

目前，Tether 是全球最大穩定幣，中期市值逾 1,500 億美元（2025 年中）。USDT 自 2014 年發行，現已遍布多條區塊鏈（如 Ethereum, Tron, Solana 等），並主導全球穩定幣交易。其次是 Circle 所發行的 USD Coin（USDC），市值超過 600 億美元。兩者合計佔據 2,500 億美元以上穩定幣市值的絕大部分。為對比，2023 年初 USDC 供應量約 370 億美元，而 Tether 則為 720 億美元；隨著使用者偏好變化，Tether 進一步拉大領先。

區域應用模式各異。 USDT 主要活躍於亞洲與歐洲，而 USDC 較受北美用戶青睞。例如東亞交易者長年以 Tether 作為美元替代品——即便中國等地直接持有美元受限，離岸 USDT 交易依然盛行。相對而言，美國的機構和交易所則偏好 USDC，以強調合規。地理因素也影響貨幣選擇：全球仍以美元掛鉤穩定幣為主（畢竟美元仍為全球儲備貨幣），但也有歐元穩定幣（EURC）、日圓穩定幣（GYEN）、瑞士法郎（XCHF）等。這些非美元穩定幣規模較小，但隨概念擴散而逐漸成長。

部分地區的加密交易，穩定幣占比極高。 以中西歐為例，2023 年中到 2024 年中期間，穩定幣佔當地加密交易總金額近一半。Chainalysis 數據還顯示，歐洲地區 100 萬美元以下的跨境轉帳，穩定幣的增長速度為北美的 2.5 倍，顯示零售和企業應用強勁。英國、歐盟每季約 60–80% 的加密支付也以穩定幣進行，顯示眾多企業和個人更願意用穩定代幣支付，而非高波動幣種。即使是日常小額付款、匯款，在許多地區也已首選穩定幣。

新興市場推動大規模成長。 非洲與拉丁美洲面對通膨和貨幣危機，穩定幣成為金融救命索。撒哈拉以南非洲目前是全球穩定幣採用率最高區域，達到 9.3%，奈及利亞更高達 11.9%（即 2,590 萬人），2025 年報告指出，這讓該區塊加密交易有 43% 為穩定幣。主因歸咎經濟迫切需求：“非洲有七成國家外匯短缺，”Yellow Card 的 Maurice 表示，“企業難以取得美元……穩定幣讓企業仍可運作。”當奈及利亞奈拉或衣索比亞比爾重貶時，民眾會快速將資產轉到美元穩定幣保存價值。非洲小型進口商藉由買入 USDT/USDC，與海外供應商結算，繞過銀行外匯限制。

在 阿根廷，2024 年底通膨高達 143%，民眾同樣以穩定幣避險。當地企業、消費者無法取得美元，只能依賴穩定幣保值、結算國際貿易。英國金融科技公司 BVNK 的 Chris Harmse 指出：“如同阿根廷消費者難獲美元……企業用穩定幣參與全球貿易流。”從布宜諾斯艾利斯到拉各斯，穩定幣有效創造了“數位美元化”，讓貨幣動盪國家得以擁有穩定貨幣。

即使在已開發國家，穩定幣也日益主流。 以歐洲為例，每月穩定幣流入達 100–150 億美元；而非洲交易所近月收到的穩定幣金額也超越比特幣。至 2025 年中，全球穩定幣市值膨脹至約 2,560 億美元，大型發行商甚至成為傳統金融市場重要玩家。約八成的穩定幣儲備資產投向美國國債或同類票據——等同約 2,000 億美元的美債——發行商默默成為政府債券大買家。Tether Ltd. 近期披露其持有超過 1,200 億美元美國國債，已是全球第五大美債持有人。這顯示穩定幣不再只是加密新奇事物，而是深度參與全球資金流。世界經濟論壇也指出，“穩定幣已成加密貨幣的核心資產類型”，其影響力已遠超區塊鏈領域本身。

主流穩定幣：近期發展

雖然穩定幣種類繁多，但美元掛鉤代幣仍掌控最大市場。以下回顧幾大熱門穩定幣及其最新消息：

Tether（USDT）——主宰美元型代幣

USDT 為最早且至今最具影響力穩定幣。由 Tether Limited 於 2014 年發行，1:1 錨定美元，目前分布於多條區塊鏈（以 Ethereum 和 Tron 為主）。截至 2025 年，Tether 市值已高達 1,500–1,600 億美元，約佔所有穩定幣市值六成以上。其成長驚人——從 2023 年初約 700 億美元翻倍至 2025 年超過 1,400 億美元——有效承接競爭對手退場後的市場需求。USDT 日交易規模一度與比特幣並駕齊驅，可見其在加密市場的流動性核心地位。

雖然穩定幣龍頭地位穩固，Tether 長期面臨外界對儲備資產透明度的質疑。過去多年，外界質疑 USDT 是否每單位均有安全資產支撐。2021 年經過美國調查並發現 Tether 有時資產不足或誤導訊息後，Tether 與 CFTC 和解並支付 4,100 萬罰款。自此，Tether 表示已強化儲備管理，目前多數資產為短天期美國國債、現金及其他流動性抵押品。高層表示， Sure! Here is your content translated to Traditional Chinese (zh-Hant-TW), following your instructions (skipping translation for markdown links):

該公司在2023–24年高利率環境下，靠著其美國國債持有部位的利息收入獲得了巨額利潤。到了2025年中，Tether甚至宣布已成為美國國債的最大買家之一，突顯其雄厚的財務實力。然而，資訊透明度依舊令人關切——Tether雖然每季公布資產證明，但至今尚未接受完整的公開審計，因此受到監管機構與分析師的批評。

USDT在亞洲及新興市場具有地理優勢。它在面向中國及亞洲用戶的交易所中被大量使用，通常作為加密貨幣交易或境外儲值的美元替代品。在土耳其、委內瑞拉和奈及利亞等國家，USDT很受歡迎，因其可用於對抗本國貨幣通膨（交易者會將貶值的里拉／玻利瓦／奈拉換成Tether的穩定美元）。值得注意的是，儘管中國禁止加密貨幣交易，地下市場依然存在，人們以人民幣換取USDT來將資金轉到海外——這讓Tether在全球資本流動中扮演了獨特角色。Tether在監管較鬆的區域廣泛流通，部分解釋了它為何能在離岸司法管轄區運作並持續壯大，即使在美國受到嚴格審視。“諷刺的是，那些較保守且合規的穩定幣發行商反而成了（監管）更容易下手的目標。相對地，被認為風險較高、規模最大的Tether，基本上都在離岸運作。”2023年美國監管機構對其競爭對手進行打擊時，Ledger Insights如此評論。

近期發展： Tether正乘著主導地位再度擴大的浪潮。2023年競爭對手出現挫折（下文將討論USDC短暫脫鉤事件）後，許多加密貨幣用戶紛紛轉回流動性相對更高的USDT，使其市佔率上升。Tether發行方表示，目前持有業界流動性最高的儲備資產組合之一，主要由現金等同物組成。2025年6月，Tether聲稱“已持有超過1,200億美元的美國國債”，並強調對高流動性儲備的承諾。公司更釋出計畫，將部分儲備多元化到比特幣——承諾用部份利潤來購買BTC——這舉措既受稱讚（有潛在增值空間），也引來擔憂（為儲備引入波動性）。到目前為止，USDT即使在市場壓力下仍能穩定維持錨定。2022年5月市場恐慌時，價格僅短暫跌至0.97美元，很快就恢復，進一步鞏固了用戶信心。不過，Tether目前仍未受任何大國監管（註冊地在英屬維京群島），也沒有保險保障，因此其長期穩定性很大程度繫於發行方的信譽與資產管理能力。只要Tether信心大幅下滑，加密貨幣市場就可能面臨系統性風險，這也讓監管機構持續警戒。

USD Coin (USDC) – Coinbase 及 Circle 聯手推出

USD Coin (USDC) 是第二大穩定幣，由 Circle Internet Financial 與 Coinbase 於2018年共同創設，歸於 Centre Consortium。USDC自推出以來強調資訊公開及合規監管，目標成為機構信賴的美元穩定幣。截至2025年初，USDC市值約為580億至620億美元。它完全以現金和短期美國國債作為儲備，由美國監管金融機構託管。Circle每月發布大型會計師事務所出具的資產證明，確保儲備與USDC流通供給量相等甚至超過。Circle甚至成立了專門的儲備基金（由BlackRock管理）持有國債，增添一重監督。這種做法讓USDC在重視安全與合規的企業與美國用戶間極受歡迎——例如，許多美國加密貨幣公司用USDC作為庫房與支付用途，MoneyGram與Visa也分別在試點中整合了USDC用於結算。

USDC一直維持極其嚴格的1:1美元錨定。但2023年3月，美國銀行業動盪時，USDC面臨嚴峻考驗。Circle揭露USDC現金儲備中有33億美元存於當時突然倒閉的矽谷銀行。市場懷疑USDC可能無法全額兌換，導致USDC於2023年3月11日跌破錨定，最低至0.88美元。Circle公開保證會補足任何缺口，並強調USDC依然1:1兌付，而美國監管機構後來支持矽谷銀行存款，最終安撫市場。週一，USDC恢復兌換，價格回升至1美元，但此事件已動搖用戶信心。“不論Circle營運多穩健，這種脫鉤事件仍會根本損害信心。”有分析師如此表示。USDC事後市佔率確實下滑——從約400億降至300億美元，一些用戶轉向Tether等替代選擇。

Circle從該事件吸取教訓，將所有儲備現金轉移至規模更大的銀行及經BlackRock基金參與聯邦逆回購機制，以規避單一銀行風險。2024年USDC趨於穩定，Circle也繼續拓展。USDC在美國受監管交易所及金融科技應用廣為流通，也因其可靠性在DeFi協議中交易量很大。Circle也推出以歐元計價的Euro Coin穩定幣，但EURC規模尚小。順應時勢，Circle於2025年6月在紐約證券交易所上市（其先前的SPAC上市計畫未果）。美國參議院通過穩定幣法案後，Circle新掛牌的股票受政策利多激勵，單日大漲超過12%。Circle執行長稱，預期中的新監管將為“全儲備數位美元”鋪路並獲政府背書帶來成長機會。

最新消息： 隨著美國監管即將明朗，USDC有望以“模範公民”穩定幣角色受益。它已自律遵循多項預期規範——如持有1:1安全儲備、每月揭露等。Circle積極推動與政府及金融業合作，例如，美國銀行（Bank of America）與Stripe均傳出以USDC作為穩定幣方案的意向。Circle亦與Apple Pay等傳統支付合作夥伴整合，讓USDC可用於日常支付場景。雖然2023年USDC成長減緩，2024年恢復小幅增長，目前在潛在聯邦支持的助力下市佔率回升（近期達24%，高於2025年初的22%）。Circle強調，USDC等穩定幣有助於推廣普惠金融與改善匯款，符合金融包容目標。接下來一年，將是美國是否能靠USDC撼動Tether全球霸主地位，還是僅限於受監管市場及法幣入金場景的關鍵。

Binance USD (BUSD) – 騰飛與監管終結

BUSD（幣安美元穩定幣）是一個關於監管風險的警示案例。該幣於2019年由Paxos Trust與幣安合作推出，為獲得紐約金融服務署（NYDFS）核准的美元穩定幣。借助幣安這個全球最大交易所的流量，BUSD迅速成長，到2022年底市值超過200億美元。2023年初，BUSD已是第三大穩定幣，並於幣安平台大量流通（幣安一度將其他穩定幣自動轉換為BUSD以集中流動性）。不過，2023年2月BUSD命運急轉直下。

NYDFS於2023年2月21日下令Paxos停止發行新的BUSD，理由是Paxos管理與幣安關係存在“未解決問題”。同時，美國SEC向Paxos發出Wells通知，認為BUSD屬未註冊證券（Paxos則持反對立場）。身為紐約受監管信託公司，Paxos遵從NYDFS指令。公司保證BUSD至少能兌換至2024年2月且儲備安全。不過，因新幣無法發行，BUSD市值只會“隨時間遞減”。數月內流通量大減逾70%，從160億降至2023年中約40–50億美元。到2024年中，幣安與Paxos陸續終止支持——幣安停止BUSD交易對，Paxos計劃在確保用戶能兌付後終止兌換服務。

這次監管衝擊之所以特別令人關注，是因為Paxos一向採取保守且合規路線。與Tether不同，Paxos以美國國債與現金全數儲備BUSD，且定期接受NYDFS稽核。外界推測，“幣安”品牌加猜疑的合規問題，或是導致監管動作的主因。Ledger Insights評論道：“較保守的穩定幣發行商（如Paxos）因其想合規，反而成為監管機構較易出手的對象。”離岸業者則多超出美國轄管範圍。實際上，此舉意在間接制肘幣安——當時幣安本身就正遭美國廣泛關切。最終，消費者無損失——BUSD持有者都能順利兌現，且2024年7月SEC無聲結案未採取行動。然而，這一事件釋放明確訊號：即使完全有儲備的穩定幣，只要被監管機構認為具風險，也會被迫終止。BUSD事件同時顯示了市場集中風險——幣安用戶失去主要穩定幣後，紛轉投USDT等其他選擇，助長了Tether的壟斷地位。

MakerDAO 的 DAI 及去中心化穩定幣

並非所有穩定幣都由中心化公司發行。DAI 是Ethereum上的去中心化穩定幣龍頭，由MakerDAO協議管理。自2017年推出以來，DAI並非以法幣儲備擔保，而是靠加密資產擔保：用戶需將ETH、USDC等加密貨幣鎖定於智能合約，並維持超額抵押，以使DAI價值穩定於1美元。截至2025年，DAI流通量約為40億美元，穩居第四大穩定幣，在DeFi生態中扮演重要角色。as a trustless dollar token – no single company controls DAI, and it’s governed by a distributed community of MKR token holders.

作為一種無須信任的美元代幣，沒有任何單一公司能夠控制DAI，而是由MKR代幣持有人的分散式社群來治理。

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 的模式以強化其鎖定美元價值的穩定性。DAI 最初只以以太幣作為抵押品，後來擴展到接受多元抵押品（包含包裹比特幣和像 USDC 這類穩定幣）。2022 年加密貨幣市場崩盤後，Maker 進一步強化其韌性，將大比例的儲備資產配置到現實世界資產和美國國債。如今，有很大一部分 DAI 間接以 USDC（協議持有作為抵押品）以及投資於短期債券的收益型保險庫作支撐。諷刺的是，這代表原本設計為完全去中心化貨幣的 DAI，現在部分需要依靠中心化資產來維持穩定。MakerDAO 社群對於這種「純粹性 vs. 穩定性」的取捨展開了激烈討論。2023–24 年，Maker 啟動了 “Endgame” 計畫，目標是逐步減少對 USDC 的依賴，甚至未來考慮讓 DAI 匯率浮動，但目前 DAI 仍大致維持 1:1 美元掛鉤。此外，MakerDAO 推出 DAI 儲蓄率（DAI Savings Rate），目前約為 3.3%，將其現實世界投資收益與 DAI 持有者分享，鼓勵大家持有 DAI。

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.

演算法穩定幣——也就是不完全依賴抵押資產、而是透過演算法或套利機制來維持匯率——曾經是一大創新浪潮，但自從 TerraUSD（UST）崩盤後遭受重創。UST 是 Terra 區塊鏈上的演算法美元穩定幣，在 2022 年初市值一度衝上 180 億美元，但於 2022 年 5 月爆炸性地崩潰，瞬間蒸發數十億美元價值。它的失敗（失去 1 美元掛鉤、價格崩到近乎歸零）揭露了「抵押不足」設計的巨大風險。Terra 崩潰打擊了市場對純演算法穩定幣的信心；此後，多數新發行的穩定幣都選擇採用強健抵押模式。即使如此，仍有少數專案持續發展，例如 Frax（FRAX）推出半演算法穩定幣，部分由抵押品支持，整體掛鉤表現相對良好，流通量達到數十億美元。USDD 則是孫宇晨在 Tron 網路上推行的演算法穩定幣，主打以加密資產儲備和協議干預來維持 1 美元價格；2022 年底一度跌到 $0.97，目前流通量約 $4 億美元。這些替代型演算法幣規模遠遠不及 USDT/USDC 等傳統穩定幣巨頭。

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 DeFi 領域，2023–2024 年出現了一些創新型穩定幣，例如 Aave 協議推出的去中心化超額抵押穩定幣 GHO，Curve Finance 推出的 crvUSD（採用全新基於 AMM 的掛鉤機制），以及 Ethena Labs 推出的 USDe，一種據稱由鏈上衍生品及現實資產共同擔保的合成穩定幣。值得一提的是，截至 2025 年中，Ethena 的 USDe 市值已成長到 56.5 億美元（約占穩定幣市場 2.25%），顯示「混合設計」新進者仍有巨大成長空間。這些 DeFi 原生穩定幣對維持區塊鏈生態系的去中心化至關重要——例如 DAI 和 USDe 可在監管加嚴、法幣抵押穩定幣受限時，成為非銀行替代品。不過，監管單位也正密切關注這塊市場，歐洲 MiCA 規範和美國法案已將「資產參考型代幣」定義得很廣泛，演算法穩定幣有可能也納入範圍。

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.

**總結來說，**像 DAI 這類去中心化穩定幣為開放金融帶來抗審查的數位美元選擇，但目前僅占整體穩定幣供應的一小部分。Terra 崩盤事件提醒大家「足額儲備」的重要性——監管方現在普遍要求全額儲備，以避免重演 UST 危機。未來穩定幣領域有可能分化為受監管的法幣抵押穩定幣（如 USDC 或即將推出的銀行穩定幣）與去中心化加密抵押型穩定幣，滿足不同用戶的需求和風險偏好。

New Entrants: PayPal’s PYUSD and Other Corporate Stablecoins

新進者：PayPal 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.

近期一個顯著趨勢是傳統金融與科技企業開始發行自家穩定幣。最具代表性的莫過於 PayPal 的美元穩定幣 PYUSD，這是支付巨頭 PayPal 於 2023 年 8 月推出。PYUSD 由 Paxos Trust（同時也是 BUSD 與 USDP 的受監管發行方）在以太坊上發行，完全由美國法定存款與國債作為儲備資產。PayPal 推出它，讓用戶能無縫地在區塊鏈上買賣、持有和轉帳美元。這一舉措被譽為分水嶺時刻：主流最大金融科技企業之一正式擁抱加密技術。PYUSD 的普及推進較為緩慢——截至 2025 年中流通量接近 10 億美元——但 PayPal 擁有數千萬用戶，明確定位為未來能透過其網絡整合進線上商家與跨境匯款。PayPal 執行長形容這款穩定幣是公司實現更快無國界支付願景的關鍵。最近 PayPal 也與大型支付處理商 Fiserv 合作，探索用戶可在不同平台間共同使用 PayPal 的 PYUSD 與 Fiserv 即將發行的穩定幣的跨平台互操作性。

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 也在 2025 年 6 月宣布，將於年底前發行自家穩定幣 FIUSD。Fiserv 計畫將 FIUSD 整合到其年服務 10,000 家銀行及 600 萬家商戶的支付基礎設施之中，等同把穩定幣功能一次帶入龐大金流體系。這種穩定幣會免收商戶額外費用，目的是降低支付摩擦（甚至希望藉由區塊鏈底層有朝一日降低刷卡手續費）。Fiserv 另外也正研究所謂「存款代幣」——即由銀行發行、銀行體系內運作的數位美元代幣，功能類似穩定幣，卻更加符合法規與資本管理需求。這一系列動作凸顯了金融科技與銀行業在穩定幣技術上的融合趨勢。

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.

大型銀行腳步也不落人後。摩根大通早在 2019 年便推動內部穩定幣型代幣 JPM Coin，用來處理機構間的資金結算。2025 年，摩根大通又推出升級版 JPMD，這是一種專為企業客戶設計、以存款擔保的數位美元代幣，用於簡化日常結算流程。據報導，其他銀行也積極詢問：「世界上最大幾家銀行都來找我們，說他們需要一顆穩定幣，還直接問：‘能不能幫我八週內上線？’」Paxos 投資組合管理主管 Adam Ackermann 於 2025 年 6 月受訪這麼說。這說明大型銀行已視穩定幣（或類似代幣）為未來支付清算基礎設施不可或缺的一環，很可能是看中其全年無休即時結算和高度可程式化的特性。

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，科技公司和大型支付網路同樣積極探索穩定幣應用。全球支付平台 Stripe 就透露正規劃整合穩定幣支付，開放給線上商家和創作者使用，雖然暫無自家發行穩定幣。Visa 從 2021 年起就在自家網路測試 USDC 作為跨境交易結算幣，並於 2023 年擴大試點，納入加密錢包方案。Mastercard 則是 2023 年攜手 Paxos 幫助銀行開放穩定幣交易，並投入相關卡款結算專案。這些動向說明穩定幣正逐步滲透傳統支付網絡，而不僅僅是加密幣交易所的專屬商品。

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.

監管機關也已經注意到大型科技公司對穩定幣的濃厚興趣。美國參議院討論穩定幣法案時，其中一項疑慮就是——條文未禁止大型科技企業自行發行穩定幣。這讓人想起 2019 年 Facebook 企圖發行 Libra（後來更名為 Diem）穩定幣專案，當時因為各國擔憂科技私營貨幣會擾亂金融穩定而遭遇阻撓。雖然 Libra 最終未推出，但其構想並未消失：如果法規允許，未來 Amazon、Google 或 Apple 等巨擘很可能陸續發行自家品牌穩定幣，讓生態系內流通。政策制定者意見分歧——有人主張鼓勵創新，有人擔心「科技巨頭穩定幣」若發展失控，將構成系統性風險。目前最具代表性的企業幣仍是 PayPal 的 PYUSD 和新興金融科技如 FIUSD。這些穩定幣若能依照正式執照規範發行，代表在未來，消費者習慣用 PayPal 美元或銀行數位美元支付消費商品，背後一切運作皆由穩定幣技術默默支撐。

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.

其他值得關注的新進者 包括 Paxos 自家發行的 USDP（Pax Dollar，美元穩定幣，流通量 9 億美元）以及 TrueUSD，後者因 2023 年幣安將其作為 BUSD 替代品推廣而引發用量激增。TUSD 某段時期流通量突破 20 億美元，但後來因銀行合作夥伴問題短暫停止鑄幣，目前維持在 5 億美元上下。值得一提的是與政府相關的嘗試：例如香港金管局正聯合銀行探索「港元穩定幣」，部分國家則考慮把穩定幣作為央行數位貨幣的中繼方案。整體觀察，傳統金融巨頭的加入代表穩定幣已從加密圈周邊逐步進入主流金融與支付領域。

Use Cases: How Stablecoins Are Used Across Sectors

應用場景：穩定幣在各領域的實際用途

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:

穩定幣最初是為加密貨幣交易者而生，但如今已支撐各式多元應用場景。以下總結幾個最重要的應用領域：

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
數位資產交易與市場流動性： 穩定幣是加密貨幣交易的命脈。幾乎每個交易所，交易者都用 USDT、USDC 這類穩定幣當作報價和兌換基礎，可以在劇烈波動的市場中輕鬆進出並暫存價值而無需離開加密世界。例如，不需要匯出銀行（週末或假期可能無法及時轉帳），交易員能隨時賣比特幣換 USDT，資產價值就能穩定停留。穩定幣在交易所已大幅取代傳統法幣——許多平台現在甚至不提供美元入金，全部依賴穩定幣作為美元代理角色，使得穩定幣成為整個加密生態中成交量最高、流動性最強的資產之一。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.

全球以交易量計算。事實上，截至2024年，穩定幣每月處理大約4,500億美元的交易額，約等同於Visa每月交易量的一半。在市場波動期間，投資人常常湧入穩定幣尋求安全，導致市值大幅上升。例如，在2022年加密貨幣崩盤期間，整體穩定幣供給最初上升，因為投資人將高風險資產兌換成穩定代幣以避險。簡而言之，穩定幣為加密貨幣市場提供了流動性與穩定性，就像潤滑油一樣讓市場運作順利。

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的支柱，讓用戶無需法幣即可進行借貸、獲取收益。在Aave、Compound和MakerDAO等協議中，用戶可以借出穩定幣賺取利息，或以抵押品借入穩定幣。DeFi穩定幣借貸市場經常擁有數百億美元的流動性。穩定幣也是去中心化交易所（DEX）的關鍵—在Uniswap或Curve上，許多交易對都涉及穩定幣（如ETH/USDC），以降低波動和無常損失。實際上，像Curve這種專門的DEX擁有完全由穩定幣組成的資金池，使不同美元穩定幣之間的兌換能保持低滑點。根據產業數據，穩定幣在DeFi總鎖倉價值（TVL）中佔有重大比例。例如，Curve上的歐元穩定幣池（如stEUR/agEUR）與Layer-2網路上的橋接USDC，到2025年大幅成長。DeFi專案也陸續推出自有穩定幣（如DAI、GHO、crvUSD等），以強化對中心化穩定幣的獨立性。這類去中心化穩定幣可以促進真正的鏈上金融服務，從衍生品到儲蓄帳戶，同時降低用戶遭遇加密市場劇烈波動的風險。不過，DeFi穩定幣在極端情況下仍有波動風險——例如2023年3月USDC事件期間，DAI因為USDC質押一度短暫跌至0.97美元，展現了系統內部的連帶風險。
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.
支付與匯款： 最具前景的應用之一就是用穩定幣進行支付，尤其是跨境匯款與資金轉移。穩定幣能讓用戶隨時隨地在幾分鐘內全球匯款，手續費往往僅需幾美分，遠較傳統匯款管道有優勢。這正在改變非洲與拉丁美洲等地的匯款生態。例如在奈及利亞，許多人現已透過穩定幣將資金匯給海外家人或收取國外款項，避開西聯匯款或銀行電匯的高額手續費。奈及利亞交易所Busha的Moyo Sodipo指出：「跨境匯款是穩定幣在奈及利亞的重要應用……速度更快，也更便宜。」Chainalysis發現，以穩定幣匯出200美元到撒哈拉以南非洲，平均比傳統法幣匯款服務便宜約六成。速度上，穩定幣轉帳一般在區塊鏈上幾秒到幾分鐘內結算，傳統國際銀行轉帳可能需要數天。因此，僑民社群甚至救援組織也開始採用穩定幣轉帳。我們也看到金融科技的合作：例如MoneyGram攜手Stellar網絡，讓使用者能在MoneyGram門市把現金換成USDC或反向操作，實現實體與數位匯款整合。此服務於2022–23年推出，允許一人在本地存入現金，親人在另一國家以現金提領，由USDC在中間完成價值流通。

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.

除了匯款以外，穩定幣也逐漸進入日常支付與商業領域。一些國家的商家現在接受USDT/USDC付款——從委內瑞拉的零售店到全球科技接案者都能透過穩定幣收款。穩定幣支付處理公司（如BitPay、Circle API、歐洲的BVNK等）協助商家將穩定幣收款轉換成當地貨幣，以降低匯率風險。在英國，像BVNK這類公司為企業提供接受客戶穩定幣支付並用法幣結算的入口。微支付與零工經濟也是一大應用：越來越多自由工作者與遠距員工以穩定幣收薪，尤其是當銀行選項有限或服務海外雇主時。優點是資金幾乎立即入帳並可避免高額的貨幣兌換費。例如，一位菲律賓線上助理為美國客戶工作時可直接收取USDC，需用時用線上平台兌換成比索，避開國際銀行轉帳的延誤與費用。

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.
企業交易與跨國貿易： 穩定幣正逐漸活躍於B2B場景，幫助企業更快、更低成本結算。正如前述，資本管制或美元短缺國家的企業會用穩定幣支付國外供應商。非洲某大型食品進口商，可能用USDC支付給亞洲出口商，因為銀行開立美元信用狀過慢或者無法辦理（外匯難得或倒賬困難）。甚至大型跨國企業也試水位於資金調度——利用穩定幣即時調撥子公司資金。穩定幣還能降低企業交易的對手風險：買方可直接傳送穩定幣，賣方知其背後有完整準備金且可兌付。2024年，摩根大通Onyx部門報告穩定幣用於跨境B2B支付的比例提升15%，企業認為對於較小金額的國際轉帳是SWIFT的實用替代。報告指出，穩定幣開始在某些低金額、高頻率支付管道取代傳統電匯。

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.

金融機構間的結算與交易 也是一個領域：像Signature（倒閉前）和Silvergate等銀行曾有內部代幣系統支援即時計算，如今可能由穩定幣補其不足。部份券商與機構級交易平台使用穩定幣，讓資金24/7在不同交易場所流動。使用穩定幣進行商品貿易與貿易融資也在成長中——雖然還處於初階，但已有試點利用穩定幣購買石油或穀物等商品，簡化流程。

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.
抗通膨與美元替代： 如前述地區案例指出，穩定幣已成高通膨經濟體民眾重要的避險工具。在阿根廷、土耳其、奈及利亞和黎巴嫩等地，民眾轉向穩定幣保護存款免於本幣貶值崩盤。有了智慧型手機與加密錢包，普羅大眾即使政府限制取得外幣，也能藉USDT/USDC等有效持有美元。這種「輕型價值儲存」的功能，從布宜諾斯艾利斯的計程車司機到安卡拉的小店老闆都已廣泛採用，他們可能直接接受穩定幣付款，也或是每天將餘額現金兌換成穩定幣。

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.

在黎巴嫩經濟危機下，Tron網路上的USDT（因手續費較低）成了民眾將資金進出國境的熱門方式，銀行系統癱瘓時吸引大量使用。因此，穩定幣在實體美元稀缺或銀行體系崩壞的地區成為現金美元的替代品。與容易被凍結的帳戶或易遭竊的鈔票不同，只要加密錢包妥善管理，穩定幣錢包有較高的安全性——雖然用戶仍須面對遺失私鑰等加密特有風險。這樣的情境引起各國央行關注，因為這形同透過加密貨幣「美元化」，可能削弱本地貨幣政策。然而，對處於經濟困境的個人而言，資產穩定性的好處遠大於總體政策疑慮——這讓穩定幣在個人層面顯得極其寶貴。

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.
服務無銀行賬戶及弱勢族群： 穩定幣也有潛力拓展金融服務觸及率。全球超過十億人沒有銀行賬戶，但多數持有手機。穩定幣能讓他們無需銀行即可存錢、支付並接觸基本金融服務。拉丁美洲與非洲的專案正利用穩定幣發放人道救援、推廣小額信貸和儲蓄計畫。例如，難民即便沒有銀行帳戶，也能以美元穩定幣收取救助款，透過App支付或由同儕網絡換成當地現金。Tether和Circle都曾強調自家穩定幣被新興市場弱勢族群廣泛採用。當然，這種應用仍須解決介面友善度和法幣進出橋接的問題，不過企業和NGO正積極簡化加密錢包設計、與在地行動支付代理整合。若成功，穩定幣能幫助數百萬人進入現代金融體系，彌補傳統銀行所遺落的空白。
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.
可編程貨幣與創新應用： 由於多數穩定幣是數位資產，常建立於智慧合約平台上，因此具備「可編程貨幣」特性。這帶來許多現金或傳統電子金流難以實現的新用例。例如，企業可設定付款條件自動達成（如貨物交付確認後自動釋放託管穩定幣資金）。保險理賠也可直接透過穩定幣智慧合約於特定事件觸發自動執行（參數型保險）。我們同時也看到穩定幣驅動區塊鏈遊戲及NFT生態——遊戲內貨幣或交易市場用穩定幣報價，可確保虛擬資產的現實價值穩定。內容微支付（幾分錢讀文章、看影片）利用低手續費的穩定幣才有機會落實，否則傳統信用卡費用將使其不可行。在去中心化社群媒體平台上，創作者甚至能即時收到全球粉絲給予的穩定幣打賞。這一切顯示，穩定幣藉助其穩定性與加密的開放性，為線上經濟互動創造了全新可能。

Insummary, 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.

zh-Hant-TW Translation:

總結來說，穩定幣的發展已經遠超交易工具的範疇——它們現在促成了*更快的金融交易、更大的包容性，以及在全球範圍內出現的新型數位商業模式。隨著這些層面的應用日益增長，傳統金融與加密貨幣之間的界線越來越模糊：一家小型企業可能會用穩定幣結算發票，根本不會把它看作「加密貨幣」；一個家庭也可能收到穩定幣形式的匯款，然後在家鄉套現。這項技術正逐漸融入金融與商業的基礎設施中。

The Regulatory Landscape: Global Developments and Challenges

zh-Hant-TW Translation:

監管環境：全球發展與挑戰

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:

zh-Hant-TW Translation:

穩定幣的迅速崛起——本質上是在傳統銀行體系外的數位美元——已經促使全球監管機構紛紛展開應對。對於金融穩定、消費者保護及非法用途的擔憂推動了監管發展的新風潮。以下是不同司法管轄區對穩定幣監管方式的概況：

United States: From Uncertainty to a Landmark Bill

zh-Hant-TW Translation:

美國：從不確定性到具指標性的法案

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.

zh-Hant-TW Translation:

多年來，美國監管機構一直以現有法律應對穩定幣，但缺乏全面性的框架。這使得發行商處於一個灰色地帶——像 Circle 和 Paxos 這樣的公司會尋求州級執照（例如紐約信託執照），並且嚴格遵守儲備規範；而 Tether 等其他公司則選擇在海外運營。證券交易委員會（SEC）與商品期貨交易委員會（CFTC）偶爾會有所行動（例如在 2021 年處罰 Tether 過去的誤導行為，或在 2023 年調查 Paxos 的 BUSD），但聯邦層級並無針對穩定幣的明確規則。

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.

zh-Hant-TW Translation:

2025年6月，出現了突破性進展：美國參議院通過了具兩黨共識的「GENIUS 法案」以監管穩定幣，這是首個在國會推進的重大加密貨幣立法。這項法案被業界視為「分水嶺」之舉，為支付型穩定幣（與美元掛鉤的穩定幣）建立聯邦標準。法案規定，任何美元穩定幣都必須全額以高流動性資產（如現金或短期美債）作為儲備，發行人必須維持隨時 1:1 儲備，並每月公開披露儲備資訊。這些安全措施旨在確保若發生擠兌事件，不會像 2022 年 Terra-Luna 崩潰那樣讓消費者手持毫無價值的代幣。實際上，發行商會類似於窄型銀行或貨幣市場基金，只能以安全資產作為穩定幣的儲備。

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”.

zh-Hant-TW Translation:

參議院法案同時規範誰可以發行穩定幣：對發行人設立審慎標準，並要求 FDIC 保險資格（也就是只有受監管且有資格獲得聯邦存款保險的機構才能擔任發行人）。還強制要求即時兌換——用戶必須隨時可以用穩定幣兌換成實際美元。立法部分動力來自於這樣的看法：如果受到良好監管，穩定幣可促使美元在數位時代持續保持主導地位。財政部長 Scott Bessent 告訴國會，這可望讓美元穩定幣市場在未來十年增至近八倍、達到兩兆美元。支持者表示，這將「使資產類別正當化」，並有信心地將穩定幣納入金融體系。正如一位議員所言：「太久以來，穩定幣一直處於監管灰色地帶......GENIUS 法案透過為負責任創新設立安全守欄，改變了這一情況。」

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.

zh-Hant-TW Translation:

不過，該法案尚未成為法律——它以68比30獲得兩黨支持通過參議院，但仍需獲得由共和黨掌控的眾議院批准，之後再由總統簽署。基於總統川普政府普遍對加密貨幣持友善態度（川普本人家族企業甚至推出了一款穩定幣，引發利益衝突討論），許多人預期該法案或類似版本將會在2025年內立法生效。立法過程也伴隨政治角力：部份民主黨人，如參議員 Elizabeth Warren，強烈反對此法案，認為它「加劇了穩定幣市場，助長總統的腐敗並削弱金融穩定與消費者保護」。他們指出川普家族與穩定幣公司的關聯，並要求在法案中加入更嚴格的反洗錢規範及禁止外國發行人。這些議題或將在眾議院版本中重新討論。

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.

zh-Hant-TW Translation:

假如法案順利通過，美國將從過去的零散與不確定，邁向一套明確的規範體系：穩定幣將被視為全新類型的受監管金融產品——既不是傳統的銀行存款，也不是有價證券，而是兼具兩者特性。監管將可能由銀行監理機關（負責發行人執照）與聯邦儲備（負責系統性穩定幣監管）共同負責。這種法律上的明確性，已經對市場產生影響：美國監管的穩定幣如 USDC，以及新興的 PayPal PYUSD 都開始與預期法規接軌，甚至 Tether 發行商也強調自身持有大量美債，以符合預期規範（雖然 Tether 本身未必會尋求美國認證）。加密貨幣交易所預料，未來美國用戶只能使用符合法規的穩定幣，因此已有交易所主動將掛牌重心轉向受監管穩定幣。

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.

zh-Hant-TW Translation:

值得一提的是各州的舉措：在聯邦層級法規出臺之前，一些州已搶先制定自己的規則。例如紐約金融服務署（NYDFS）對於其監管下發行的穩定幣有嚴格規定（要求審計、儲備證明——如 Paxos 的 BUSD 就曾符合，直到後來暫停）。其他州則將穩定幣納入匯款相關法規，或進行加密貨幣專法立法。不過，聯邦法一旦通過，將取代這些規範，打造統一市場。聯準會等監管單位關注，穩定幣若規模快速擴大，可能衝擊銀行存款來源。聯準會主席 Jerome Powell 於2023年表示，若穩定幣被廣泛採用，其監管標準應與銀行資金相當。GENIUS 法案實際上朝這方向推進，僅允許受保存款機構（或等同監理單位）發行這類代幣。

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.

zh-Hant-TW Translation:

期間，美國各機關仍持續關注：SEC 主席 Gary Gensler 曾暗示，在某些情況下，部分穩定幣應視為證券；財政部則主導總統工作小組討論，主張穩定幣發行人應比照銀行監管。不過整體立法趨勢顯示，美國正朝著明文認可與正規引導穩定幣進入受監管金融體系的方向前進，而非禁止。這對於認為明確規範能讓穩定幣安全蓬勃發展於日常商業環境的產業支持者來說，是一個正面訊號。

Europe: MiCA Brings Stablecoins into Oversight

zh-Hant-TW Translation:

歐洲：MiCA 將穩定幣納入監管

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.

zh-Hant-TW Translation:

歐盟以積極態度推動其全面性加密資產市場（MiCA）監管。MiCA 於2023年通過，並在2024年開始分階段上路，為包括穩定幣在內的加密資產建立完整框架（取決於是否掛鉤多種資產或單一法幣，分為「資產參考型代幣」與「電子貨幣型代幣」）。自2024年6月起，MiCA 有關穩定幣的條款正式生效，使歐盟成為最早擁有專門穩定幣規範的地區之一。

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.

zh-Hant-TW Translation:

依 MiCA 規範，任何與單一法幣（例如歐元或美元）掛鉤的穩定幣都被視為電子貨幣型代幣（EMT），必須由信用機構或獲得特別執照的主體發行。實際上，這讓穩定幣的監管方式與電子貨幣相似。發行人必須提供永久可用的 1:1 儲備，持有人享有隨時兌換權，而發行人不得向持有人支付利息（以防穩定幣與有息帳戶競爭）。對於「資產參考型代幣」（ARTs，包含一籃子貨幣或商品等），則需要遵守額外規定與監督（但目前大部分穩定幣實為單一法幣）。MiCA 也對大型支付用穩定幣設置交易量上限：如果一種非歐元 EMT（如美元穩定幣）連續三個月每日在歐盟地區的交易額超過約 2 億歐元，監管機關可下令限縮其在歐盟的活動。這條規定反映了監管對於外幣穩定幣（如 USDT）可能過度流通並削弱歐元的擔憂，實際作用就是迫使非歐元穩定幣發行商密切監控並適度約束其代幣於歐洲的使用規模。

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.

zh-Hant-TW Translation:

合規與影響：至2024年底，凡在歐洲營運的穩定幣發行商皆須依 MiCA 完成註冊。一些業者已事先調整——例如 Circle 取得法國加密貨幣執照，為在 MiCA 框架下提供 EUROC 和 USDC 做好鋪陳。而幣安則宣布基於 MiCA，將終止對自家 BUSD 的歐洲支持，並轉而為 EU 用戶主推歐元計價穩定幣。歐洲個別交易所甚至在 MiCA 正式生效前就將 USDT 對歐洲用戶下架，理由是 USDT 發行商未在 EU 取得批准。流動性也因此出現變化：例如 Curve 平台上的歐元穩定幣資金池交易量增加，歐洲用戶轉向換取 EURe 或 agEUR 等歐元穩定幣，但目前兩者總市值仍僅約千萬歐元。這顯示歐洲境內可能正在形成分歧——由於合規便利，歐元穩定幣將更受偏好，而美元穩定幣則面臨註冊門檻與阻力。

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.

zh-Hant-TW Translation:

MiCA 同時要求高度透明——例如每季必須公開儲備報告、監管機構有審計權等，並對發行人設有資本要求。歐洲銀行管理局將負責重要穩定幣發行人的監理。整體來看，歐盟採取的是將穩定幣納入既有金融監理框架的做法：當某種穩定幣被廣泛使用時，其定位接近銀行存款，同時減緩相關風險，並在受控範圍內允許創新。消費者保護是重點——保障無障礙兌換權、發行人需負損失賠償責任，以及公開維持掛鉤機制的相關資訊。

Individual European countries largely align with MiCA now,

zh-Hant-TW Translation:

目前，歐洲各國大致已與 MiCA 框架接軌，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.

但是，一些國家曾有過臨時措施：德國先前就曾表示，穩定幣不應取代歐元；法國則有相關指引，要求穩定幣項目需獲得中央銀行批准，等等。這些規定未來都將讓位給統一的MiCA規範。英國在脫歐後則走上自己的道路：2023年，英國通過了《金融服務與市場法案》，內容包括將用於支付的「穩定代幣」納入英格蘭銀行的監管範圍。英國打算讓部分穩定幣獲認可為合法數位清算方式。到2024年，英國財政部就監管穩定幣發行人的方案展開諮詢，亦可能指定系統性穩定幣由英格蘭銀行直接監管。預計到2025年，英國將推出詳細規範——可能與美國類似，要求發行人必須1:1全額儲備並獲授權。英格蘭銀行同時也在探索數位英鎊，但表明若推出零售型CBDC，將會與私人穩定幣並存，而非完全取代。

Asia: Divergent Approaches from Embrace to Bans

亞洲：從擁抱創新到全面禁令，路徑多元

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.

亞洲各國對穩定幣的立場呈現一盤散沙：部分金融中心正積極打造穩定幣監管環境，而也有國家全面禁止加密貨幣，間接限制了穩定幣的用途。

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.

日本在穩定幣監管方面屬於先行者。自2023年6月起，新法規定只有持牌銀行、註冊資金轉移業者及信託公司，才能在日本發行穩定幣。這項法律本質上將穩定幣視同數位貨幣，確保發行人接受審慎監督。外國穩定幣若要在日本銷售，也必須符合同等標準。受此影響，2024年日本多家金融機構陸續開始發行日圓穩定幣或代幣——例如三菱UFJ信託銀行推出「Progmat Coin」銀行穩定幣平台，其他規模較小的銀行則根據新架構發行像JPYC（日圓穩定幣）等代幣。這同時也配合日本推動無現金支付的政策：日本銀行表示到2024年，無現金支付的使用率已上升至42.8%，相關官員也提出，未來穩定幣及CBDC有可能在零售支付領域並存。因此，日本的政策可以形容為「可控的開放」：在嚴格監管下允許穩定幣，多數由現有金融機構主導。

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.

新加坡同樣鼓勵金融科技創新，但設有明確防線。新加坡金融管理局（MAS）2022年建議，穩定幣必須以高品質流動資產作足額儲備，發行人需確保可在五天內即時兌回。到2024年，MAS 正制定法律，明確要求 1:1 全額儲備並及時兌換。新加坡致力於成為亞洲的穩定幣監管樞紐——目前已出現如 XSGD（新加坡元穩定幣）等重要項目，政府也鼓勵在 DeFi 沙盒中試行各種穩定幣應用。許多加密公司（如 Circle）亦已在新加坡設立單位以備合規。新加坡的模式與預期中的美國方案接近，強調儲備品質、兌回權利及審慎監管。

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.

香港在多年間持審慎態度後，現積極推動成為加密與穩定幣樞紐，備受關注。2024年12月，香港政府提出穩定幣條例草案，建立全面的穩定幣發行人發牌機制。該法案進展迅速，至2025年5月立法會已通過《穩定幣條例》，規定任何針對香港市場、發行法幣支撐穩定幣或經營相關安排（如託管、錢包等）的企業，皆須取得金管局牌照。條例要求必須以高品質流動資產作一對一準備金、定期審計，以及嚴格資本管控和風險管理。有趣的是，香港新制下允許與任意法幣掛鉤的穩定幣（不限於港元）——體現國際金融中心的思維。渣打銀行已預告，法規落實後將推出港元穩定幣。監管機構視此為推動「可編程金融」和創新的關鍵，希望吸引全球穩定幣發行人來港。據報港內中資銀行亦尋求發行CNH（離岸人民幣）穩定幣。新法同時規範相關服務——如穩定幣錢包商須領牌，確保全產業鏈監管。此次轉向頗具象徵意義，既呼應內地對加密審慎的態度，但香港正開闢專屬監管路徑，盡享加密金融潛力並控管風險。

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.

中國內地則對加密交易與穩定幣實施嚴格禁令。自2017年禁止加密貨幣交易所、2021年封殺礦業後，中國積極推廣由央行發行的數位人民幣（e-CNY）作為官方法定數位貨幣。中國人民銀行明確表示，像USDT這樣的私人穩定幣在國內屬違法。2023至2024年間，當局加大對USDT場外兌換的打擊，查獲利用Tether進行資金外逃與洗錢的團夥，許多原本經營USDT兌換的中國OTC券商被迫停業或遷移海外。中國態度是：僅允許官方CBDC與受監管的數位支付平台（如支付寶、微信支付）進行人民幣交易。雖然仍有中國民眾透過香港或境外帳戶取得穩定幣，但境內一切穩定幣活動皆被禁止，官方主力放在推廣已擁有數百萬用戶的數位人民幣。此做法反映中國政府對外國穩定幣的主權防控立場：憂慮穩定幣（特別是美元掛鉤者）風靡將導致貨幣替代和資本外流，因此搶先封殺其應用，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.

亞洲其他國家作法各異：南韓迄今尚未在國內合法化穩定幣發行，正制定加密相關法律，可能以投資人保護為切入點。韓元穩定幣已存在，但多數僅在境外平台流通。印度對加密貨幣態度相當保守（徵收重稅及銀行禁令後，加密活動大減；穩定幣官方用途有限，僅有部分印度人私下以美元穩定幣作資產避險）。泰國與馬來西亞曾警告勿發行仿自本國貨幣的私人穩定幣（泰國2021年就禁止Terra發行的泰銖穩定幣）。反觀阿聯酋（杜拜、阿布達比）則屬加密友善管制區，2024年杜拜VARA已將穩定幣納入支付型代幣發牌體制。沙烏地阿拉伯與其他海灣國家則同步探索CBDC並投資區塊鏈公司（據傳部分沙國石油交易曾考慮以穩定幣結算，但尚未公開）。以色列對加密創新持開放態度，2023年出現首個銀行發行的穩定幣試點（Leumi銀行發行的謝克爾代幣），並於受控環境下測試。

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.

整體而言，越來越多國家遵循國際組織建議：2022年7月，金融穩定委員會（FSB）表示，若穩定幣要廣泛流通，應達到與商業銀行貨幣同等的標準，包括審慎規範與兌換權保障。國際清算銀行亦強調穩定幣不能危及金融穩定，必須有強韌監管，並敦促各國央行考慮以CBDC作為更安全的替代方案。G20財長2023年同意按照這些原則協同制定監管。由此可見趨勢整合：不是要求完全儲備、兌換法定明確與接受適當監管，就是限制穩定幣活動。即便在允許穩定幣的地區，也強調「同風險、同監管」原則，與傳統貨幣一致。

Africa and Latin America: Adoption Outpacing Regulation

非洲與拉丁美洲：實際採用超前監管步伐

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:

在非洲與拉美等地，穩定幣的實際應用已遠超監管制度的發展速度。如先前所述，奈及利亞、肯亞、阿根廷、巴西等國經濟因素驅使，穩定幣普及度極高，監管機構正努力追趕：

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.

非洲多數國家至今尚未針對穩定幣立專法，但部分已將加密資產納入現有法規中。例如奈及利亞雖為全球穩定幣用量領先國家，官方卻顯得矛盾：央行2021年禁止銀行為加密交易所服務，致加密交易移向非正規管道。隨後推出eNaira CBDC以作替代，但接受度遠不及穩定幣。2022年奈及利亞證券交易委員會出爐規範，明定合資格的加密資產為證券或數位資產，並暗示未來規則可能將穩定幣視為投資工具或電子貨幣等同品。預計到2025年，監管單位意識到普及程度，亦著手研擬合法化支付及匯款用穩定幣的架構，並配套相當的KYC/AML控管。

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

當局逐漸體認到，一味禁止無法遏止潮流，倒不如加以規範並加以善用。其他非洲國家如南非，監管機構FSCA已將加密（包括穩定幣）歸類為金融產品，提供者需依法申請牌照。南非行動積極，預計將針對穩定幣另立明確規範（部分銀行如Absa提前準備相關服務）。肯亞、加納中央銀行則發出風險警示，同時設立創新沙盒，容許包括穩定幣應用的試點……remittance solutions.

Generally, African regulators are mindful of both the huge financial inclusion upside of stablecoins and the risks (currency substitution, if everyone uses USDT over local currency, and illicit flows). The approach likely will be to formalize stablecoin remittances via fintech licensing and require local reserves or guarantees for stablecoins touching local currency conversions.

一般來說，非洲的監管機構既注意到穩定幣帶來大幅提升金融普惠的潛力，也關注其風險（例如貨幣替代：若人人都用 USDT 而非本地貨幣，以及非法資金流動）。監管方的做法很可能會是，通過金融科技（FinTech）牌照將穩定幣匯款納入正規化，並規定所有涉及本地貨幣兌換的穩定幣必須有本地儲備或擔保。

In Latin America, several countries are moving toward regulation. Brazil in December 2022 passed a law bringing cryptocurrencies under the supervision of its central bank and securities regulator. While the law didn’t single out stablecoins, the Central Bank of Brazil has indicated that if a stablecoin is widely used for payments, it could be treated as a payment scheme under its oversight. Brazil’s central bank is also piloting its own digital currency (real digital), but simultaneously, Brazilian fintechs are using USDC/USDT for international transfers. We might see Brazil formalize stablecoin usage via its robust payment system regulations (perhaps requiring registration or partnering with licensed payment institutions).

在拉丁美洲，數個國家正朝著監管方向前進。巴西於 2022 年 12 月通過一項法律，將加密貨幣納入央行與證券監管機關的監督範圍。雖然該法並未特別針對穩定幣，但巴西中央銀行已表示，若某穩定幣被廣泛用於支付，該行將可將其視為一種支付方案並納入監督。巴西央行目前也在試點發行自己的數位貨幣（數位雷亞爾），但巴西金融科技公司同時也正在使用 USDC/USDT 進行國際匯款轉帳。我們或許會看到巴西以其成熟的支付系統規範，將穩定幣納入正規，可能要求發行方登記或與有執照機構合作。

Argentina, facing rampant inflation, has not banned stablecoins – in fact many Argentines transact in USDT – but the government in 2023 considered whether to regulate crypto to prevent capital flight. No comprehensive crypto law has passed there yet, partly due to political instability, but any attempt to tighten currency controls could impact crypto usage. So far, it remains a gray zone with high adoption. Mexico had a 2018 Fintech Law that defined electronic payment tokens (which could include stablecoins) – one major Mexican bank (Banco Azteca) even considered launching a peso stablecoin, though it hasn’t happened publicly.

面對惡性通膨的阿根廷，並未禁止穩定幣——事實上，許多阿根廷人日常以 USDT 交易——但政府於 2023 年曾考慮是否應針對加密貨幣加強監管，以防止資本外流。受政治局勢不穩等因素影響，目前尚未通過全面的加密貨幣法律，但任何收緊資本管制的舉措都有可能影響加密貨幣的使用。目前，阿根廷依然屬於高採納率但處於灰色地帶。而墨西哥自 2018 年以來就有 Fintech 法案，當中定義了電子支付代幣（電子貨幣，可能涵蓋穩定幣）——當地一間主要銀行（Banco Azteca）甚至曾考慮發行披索穩定幣，但最終未有公開推行。

Elsewhere in LatAm: Colombia and Chile are studying crypto regulations; Venezuela ironically launched an oil-backed “Petro” state crypto that failed, while people use U.S. dollars and USDT widely on the street due to hyperinflation. El Salvador, famous for adopting Bitcoin as legal tender, has no specific stablecoin law, but stablecoins are commonly used there too as dollars on blockchain. In sum, Latin America’s approach is still evolving, with Brazil likely to lead with a clear regulatory path integrating stablecoins into its financial system, while others either tolerate use or are in early stages of rulemaking.

拉美其他國家方面：哥倫比亞及智利都在研究制定加密貨幣相關規範；委內瑞拉則諷刺地推出過官方石油支持的加密貨幣「Petro」，最後失敗，而人民則因惡性通膨反而普遍以美元和 USDT 進行街頭交易。薩爾瓦多以比特幣列為法定貨幣聞名，雖無明文穩定幣法規，但穩定幣作為「區塊鏈上的美元」同樣在當地普遍流通。總得來看，拉美監管模式正在持續演化，以巴西最有望率先明確整合穩定幣於本國金融體系，其他國家則要麼寬容現況，要麼還處於立法初期。

Key Regulatory Themes and Challenges

Across jurisdictions, some common themes and challenges have emerged in regulating stablecoins:

在不同司法轄區，監管穩定幣時出現了一些共同的主題與挑戰：

Reserve Quality and Transparency: Regulators universally emphasize that stablecoins must be fully reserved with high-quality assets. The push is for frequent disclosures or audits of reserves to ensure tokens are truly backed. Lack of transparency (as in Tether’s case historically) has been a sticking point; new laws will force issuers to open their books. A related debate is who holds the reserves – some proposals require reserves be kept at insured banks or even at the central bank (e.g., some suggest stablecoin issuers park cash at the Fed like narrow banks). Most laws so far allow Treasuries and cash in commercial banks. Ensuring the reserves aren’t pledged elsewhere or leveraged is key to preventing the equivalent of a bank run.
儲備品質及透明度： 各國監管機關普遍重視穩定幣須以高品質資產做到全額儲備，並且要求發行方頻繁披露或審計儲備以確保代幣確實有資產支撐。缺乏透明度（如歷來 Tether 案例）常為爭議焦點，新法將強制發行方公開帳本。相關爭議還包括儲備資產應由誰持有——部分規範要求儲備必須存放於有保險的銀行，甚至中央銀行（例如有建議如窄幅銀行那樣讓發行方將現金停放於聯準會）。目前多數規則允許國債及商業銀行存款。確保儲備資產不被挪用或槓桿化，是避免擠兌風險的關鍵。
Redemption Rights: A core regulatory principle is that stablecoin holders should be able to redeem tokens for the underlying fiat easily (usually directly with the issuer or through authorized participants). Both U.S. and EU rules stress prompt redemption at par. This gives users confidence and also legally clarifies that the token is not a security investment (since it’s just a representation of a stored fiat value).
兌換權益： 監管核心原則包括必須保障持有者可輕鬆將穩定幣兌回相應法幣（通常可向發行方或經授權方直接兌換）。美國及歐盟規定均強調應迅速、足值兌付，此舉賦予用戶信心，同時也在法律上界定穩定幣並非「證券型」投資，而僅屬於存放法幣的數位憑證。
Licensing and Supervision: Regulators are deciding which agencies oversee stablecoin issuers. Banking regulators are heavily involved given stablecoins’ money-like nature. For instance, in the U.S. the Act would involve bank regulators (OCC, Fed, FDIC) for licensing stablecoin issuers akin to banks. In the EU, EBA oversees large issuers under MiCA. Supervision will include compliance with AML/CFT (anti-money laundering and counter-terror finance) rules, cybersecurity standards, fit-and-proper checks for management, etc., similar to other financial institutions.
執照與監理： 監管機構須決定由哪個主管機關來監理穩定幣發行方。由於穩定幣具貨幣屬性，銀行監理部門深度參與。例如美國立法規劃由監管銀行的 OCC、聯準會、FDIC 等核發類似銀行的執照予發穩定幣業者。歐盟則由歐銀管理局（EBA）依 MiCA 監督大型穩定幣發行。監理項目還涵蓋落實 AML/CFT（防洗錢、反資恐）、資安標準、經營階層適格審查等與一般金融機構無異。
Addressing Illicit Activity: Authorities worry that stablecoins can be used for money laundering, sanctions evasion or fraud due to pseudonymous transfers. While on one hand stablecoins are traceable on blockchains, the ease of global transfer raises flags. The U.S. Treasury and others advocate for strict AML controls on stablecoin issuers and intermediaries. That means exchanges and wallet providers must conduct KYC (know-your-customer) and monitor transactions. There’s also discussion of technical solutions: e.g., blacklisting capability (Circle routinely freezes blacklisted USDC addresses when requested by law enforcement). Tether too has complied with some freeze orders. However, fully decentralized stablecoins like DAI present a challenge as they lack a central blacklist authority – regulators may focus on regulating the gateways (exchanges, etc.) in those cases. The industry and regulators are working on balancing privacy vs. compliance in stablecoin transactions. Travel Rule (sending sender/recipient data with transactions above thresholds) is one measure being implemented via crypto providers.
打擊非法行為： 當局擔心因為穩定幣可匿名或偽名轉帳，易成洗錢、逃避制裁或詐欺工具。雖然穩定幣在區塊鏈上技術上可追蹤，但全球任意流通卻成隱憂。美國財政部等部門主張對發行方及中介設嚴格 AML 規範，即要求交易所、錢包服務商強制執行「認識你的客戶」(KYC) 及監控。技術解法包括黑名單（如 Circle 配合執法凍結特定 USDC 地址，Tether 亦有遵令凍結紀錄）。但像 DAI 這種完全去中心化的穩定幣，由於無中央黑名單權限，監管可能轉以交易所等出入口嚴管。業界與監管方正努力在隱私與合規間取得平衡。所謂 Travel Rule（高金額加密交易須附發送方/收款方資料）已通過加密服務供應商逐步落實。
Foreign Stability and Monetary Policy: Central bankers worry that if a stablecoin not denominated in local currency becomes widespread, it could diminish the effectiveness of local monetary policy (a form of “crypto dollarization”). This is why, for example, Europe’s MiCA included usage caps for non-euro stablecoins in payments, and why some emerging economies are leery of USD stablecoins proliferating. Regulators in smaller economies might consider requiring FX controls on stablecoins – for instance, mandating that local transactions use local-currency stablecoins or limiting conversion of local fiat to foreign stablecoins. We haven’t seen strict measures yet beyond China’s outright ban, but it remains a consideration in policy discussions, especially as stablecoin use grows in countries with weak currencies.
貨幣穩定與政策主權： 各國央行擔憂非本地貨幣的穩定幣普及會削弱本地貨幣政策效力（也就是「加密化的美元化」）。例如歐洲 MiCA 針對非歐元穩定幣支付設下上限，一些新興經濟體亦對 USD 型穩定幣擴張態度謹慎。小型經濟體監管者甚至會考慮要求穩定幣適用外匯管制——如規定本地交易只能用本國穩定幣，或限制法幣兌換外幣穩定幣。目前除中國一刀切外，其餘嚴格措施尚未實施，但隨許多弱勢貨幣國家穩定幣流通量成長，此議題正備受政策關注。
Integration with Traditional Finance: As stablecoins become more regulated, they are likely to integrate with traditional payment systems. One question is insurance and investor protections. U.S. law may not initially insure stablecoin holdings (like deposits), but by requiring issuers to be insured depository institutions, it indirectly provides some safety net (though likely only for cash portions, not for tokens themselves). There’s also talk of whether stablecoin users should have access to central bank lender-of-last-resort facilities via the issuer – effectively treating them like banks. Most central banks are not keen on that yet, but it could evolve if stablecoins become systemically important. The Standard Chartered projection that the stablecoin market could reach $2 trillion by 2028 if U.S. law passesshows they could indeed become systemically relevant.
與傳統金融體系整合： 當穩定幣監管愈發健全，將更可能整合於既有支付/金融系統。保險與投資者保障是一大議題。美國法令目前尚未像銀行存款直接保障穩定幣持有，但若要求發行公司必須是受保存款機構，則間接有資安保護作用（雖多數僅涵蓋現金部分，不及代幣本身）。業界也討論過穩定幣持有者是否應可經發行方存取央行最後貸款人機制——亦即比照銀行業處理。多數央行現階段態度保留，但若穩定幣體系化，未來將不排除朝此方向發展。渣打銀行曾經預測，若美國立法通過，2028 年穩定幣市場有望達兩兆美元級，顯示其系統性重要性提升。
Competitive and Technological Issues: Regulators must also watch how competition plays out. If one or two private stablecoins dominate global payments, that raises questions of market power and resilience. That is partly why many central banks are simultaneously exploring CBDCs (central bank digital currencies) – to provide a sovereign alternative. The interplay between CBDCs and stablecoins is complex: some see them coexisting (stablecoins innovating in niche areas, CBDC as basic public infrastructure), others see CBDCs possibly reducing the need for stablecoins. The market outcome isn’t clear, and regulators are carefully evaluating pilot results from projects like China’s e-CNY, Europe’s digital euro initiative, etc.
競爭與技術層面： 監管方也須關注市場競爭——若僅一兩家民間穩定幣壟斷全球支付，勢必引發市場力量與韌性的疑慮。因此世界各大央行一邊研議 CBDC（中央銀行數位貨幣），提供國家級選擇。CBDC 與穩定幣的互動頗為複雜：有人認為兩者可共存（穩定幣創新於利基，CBDC 做基本公設），也有說法預期 CBDC 會部分替代穩定幣。市場發展趨勢尚未明朗，監管方則密切評估中國 e-CNY、歐洲數位歐元等試點成果。

Finally, regulatory coherence internationally is a challenge. If rules differ greatly, stablecoin activity could migrate to the most permissive jurisdictions (or remain offshore). There are efforts to harmonize standards through bodies like IOSCO and the BIS. So far, the overall direction is aligned: full backing, robust oversight. One notable stance: International Monetary Fund has urged emerging markets not to adopt foreign stablecoins too quickly without proper frameworks, warning of potential instability. Instead, the IMF suggests developing regional solutions or strengthening macro policies, but acknowledges stablecoins can have benefits if well-regulated.

最後，國際間規範協調是重大挑戰。若各國規定落差太大，穩定幣業務將流向最寬鬆管轄區或繼續離岸運作。IOSCO、BIS 等都在推動標準一致化。目前主流方向是一致的：全額儲備、嚴格監管。值得一提的是，國際貨幣基金組織（IMF）明確建議新興市場在有完善框架前，勿倉促採用外國穩定幣，以免帶來不穩——反而倡議自行發展地區性方案或健全本國宏觀政策，同時也承認在妥善監理下穩定幣確實能帶來好處。

Outlook: Stablecoins at a Crossroads

Stablecoins have swiftly gone from an experiment to a pervasive phenomenon in finance. As of 2025, they sit at a crossroads of greater adoption and greater regulation. On the current trajectory, stablecoins are poised to play an increasingly significant role in global financial systems, provided the outstanding challenges are addressed.

穩定幣已從實驗性質迅速成長為金融領域無所不在的現象。到了 2025 年，它們正處於廣泛應用與嚴格監管的十字路口。只要現存挑戰逐步解決，穩定幣可望在全球金融體系中擔當更舉足輕重的角色。

In the near-term future, we can expect:

Wider Mainstream Use: With major payment processors like Fiserv and fintech firms on board, using stablecoins could become as commonplace as using PayPal or credit cards, with users perhaps unaware of the blockchain backend. For example, a customer might pay a merchant in stablecoins via a wallet, and the merchant instantly converts to local currency – all in-app, abstracted away. Visa and MasterCard integrating stablecoin settlement in their networks could significantly boost usage volume, bringing billions of everyday transactions onto stablecoin rails (albeit behind the scenes).

在近期未來，我們可預期：

更普及的主流應用： 當 Fiserv 等大型支付業者與金融科技公司投入，使用穩定幣有可能像用 Paypal 或信用卡般稀鬆平常，且一般用戶甚至可能沒察覺其背後區塊鏈運作。例如使用者可用錢包支付穩定幣給商家，商家即時自動兌換成本地法幣，一切於應用程式內完成、技術細節隱形。若 Visa、MasterCard 直接將穩定幣結算納入支付網路，預期可大幅推升整體用量，讓上億筆日常消費悄悄轉移到穩定幣軌道。
Proliferation of New Stablecoins: If regulations provide clarity, more entities will launch stablecoins. We may see large banks issuing their own branded stablecoins (e.g., Citi or HSBC coin) for clients, or consortium-based stablecoins (perhaps a Utility Settlement Coin used by multiple banks). Non-bank companies might issue stablecoins tied to loyalty systems or specific ecosystems (imagine an Amazon stablecoin for
新型穩定幣大量湧現： 若規範日趨明確，更多機構將推出自有穩定幣。例如大型銀行如花旗、匯豐發行自家品牌穩定幣給客戶，或以多家銀行組成財團共同發行（如一種擔作多邊清算的 Utility Settlement Coin）。非銀行企業則可能發行與自家生態系綁定的穩定幣（想像一款 Amazon 專屬穩定幣）Here is the translated content per your instructions (skipping translation for markdown links):

marketplace transactions)。監管機構必須監控這些活動，並確保市場競爭環境公平。GENIUS 法案的通過預計將在美國激發這類創新。

互操作性解決方案： 目前，穩定幣的流動性分佈在不同區塊鏈上（如 Ethereum、Tron、Solana 等），呈現出分散狀態。現正有多項努力推動互操作性，例如跨鏈橋（cross-chain bridges）以及 Chainlink 的 CCIP 項目，使穩定幣能夠安全地跨鏈移動。這將可減輕使用單一網路的穩定幣時流動性被鎖死的疑慮。同時也代表監管機構會特別關注跨鏈橋（因為如果橋樑被利用攻擊，可能間接影響穩定幣資產的儲備，如代幣丟失或被複製）。
高利率與商業模式： 穩定幣發行方如 Tether 和 Circle 之所以能在 2023–2024 年蓬勃發展，部分原因是準備金的高利息——他們持有的美國國債可以有效拿到 5% 利率，金額達數百億美元。這不僅帶來利潤，也引發問題：穩定幣用戶是否應該受益於這些利息？目前大多數發行方保留這些利息（用於營運或盈餘）；如 Maker 的 DAI 則經由 DAI Savings Rate 向部分用戶分享利息。在競爭激烈的市場中，未來可能會有更多發行方開始對用戶提供利息或獎勵以吸引用戶。不過，有些司法管轄區（如歐盟 MiCA 法規）明確禁止為穩定幣餘額支付利息，以避免演變成類似銀行帳戶的投資產品。這樣的規定，將會影響穩定幣作為儲蓄工具還是僅用於交易的吸引力。
與 CBDC 的整合： 隨著央行數位貨幣（CBDC）的推出 (如歐盟未來幾年可能推行數位歐元，美聯儲則在研究數位美元），將與穩定幣產生互動。有些人預想會出現雙層架構：央行向受監管的金融中介機構提供 CBDC，由這些中介機構分發 CBDC，甚至用來作為穩定幣的儲備（例如，完全由 CBDC 100% 擔保的穩定幣，兼具私人創新的彈性與央行貨幣的穩定性）。香港提到穩定幣與 e-HKD 可能的並行就是一個例子。CBDC 與穩定幣究竟如何共存還有待觀察，但兩者並不必然互斥。可以確定的是，央行希望維持對貨幣主權的最終控制權，因此穩定幣很可能會受相關監管框架的錨定（對央行貨幣的價值和兌換權）。
系統性風險應對： 如果穩定幣規模持續擴大，監管機關可能考慮將部分穩定幣列為系統重要性機構（例如部分貨幣市場基金或結算所被指定為 SIFI）。這將帶來更嚴格的監管要求、美聯儲監測，以及可能像銀行那樣有應急流動性的要求。State Street 執行長提到穩定幣有可能“超越美債供應增速”而需要新的買家，可見傳統市場也已留意其總體經濟影響。反過來看，穩定幣的成長也可能帶來正面效益——為政府債務創造穩定需求，並促進支付創新。
技術進步： 技術持續演進以提升穩定幣效率。如 Ethereum 上的二層擴容方案（Optimistic 或 ZK Rollups 等）可大幅降低交易成本，讓小額支付變得可行。同時對隱私功能也正積極探索（因為所有交易公開上鏈有其缺點），如零知識證明技術（zero-knowledge proofs）讓穩定幣交易可保留隱私，同時符合法規檢查。隱私與合規的平衡將是一大爭論點：匿名過多會讓監管機構警覺，隱私過少則用戶也不願意讓所有支付紀錄可追查。未來可能會出現可程式化隱私（如交易金額對外隱藏，但在有法定需求時可讓主管機關查看），以服務穩定幣需求。
全球協調或競爭： 法國、日本等 G7 國家呼籲針對穩定幣制定國際標準，特別是在 Facebook 發表 Libra 計畫之後。由於穩定幣具跨境屬性，可能會出現條約或協議，針對穩定幣資金流動進行資訊共享。另一方面，部分司法管轄區則爭取創新機會（如香港、新加坡、阿聯酋）以提供明確法規和對金融科技友善環境，吸引合法穩定幣業者進駐。這種競爭若不是導致監管鬆散，對創新發展是好事，迄今為止，競爭主要體現在監管品質而非寬鬆，這是一個健康的現象。

挑戰仍存： 法規套利（有些發行方可能選擇於監管較鬆的地區運作；但用戶/交易方也許會認為風險較高）、智能合約攻擊（穩定幣或相關 DeFi 智能合約如果有漏洞，仍可能引發損失，因此需要審計及保險機制），以及用戶教育（許多主流用戶仍不了解穩定幣，或容易被冒充“穩定幣”產品詐騙）。監理明確度有助於合法經營者，但無法完全消除惡意分子——打擊詐騙性穩定幣（例如聲稱有儲備實無儲備的穩定幣）依然很重要。

總之，穩定幣於 2025 年正處於關鍵轉捩點。其應用已創新高，涵蓋交易、匯款，甚至影響傳統貨幣市場。與此同時，全球監管機構正陸續實施首套全方位規範，力求在確保創新的同時管理風險。未來幾年將考驗這些監管框架的實際成效——理想情況下，這將帶來更多穩定性與信任，激勵主流機構和用戶更廣泛應用穩定幣。屆時，穩定幣或可真正實踐讓全球交易更快速、更低成本且更普及的潛力。

專家指出，要實現這一點，需要加密產業和監管機構的合作。“明確且一致的規則有助於擴大穩定幣應用範圍”，世界經濟論壇報告指出，更高的監管明確度也可能吸引更多可信賴發行方投入。我們已經看到金融科技及銀行業者陸續加入。若一切順利，未來穩定幣將如同生活中看不到的基礎設施——大家只把它視為一種快速的數位美元/歐元等，無需再多做思考。儘管挑戰猶存，穩定幣似乎將持續成為金融系統中永久且日益成長的一環，融合傳統貨幣的信任與現代科技的效率。正如一位產業 CEO 所言：“我們認為穩定幣將徹底改變遊戲規則……提供比傳統支付更快、更便宜的可行替代方案”。全球金融監管機構正押寶於恰當的防護措施，使這場變革成為正面影響——並讓穩定幣浪潮能造福消費者與經濟體。