(原文為研究員余哲安《美元穩定幣系列 #5：穩定幣何去何從？從制度滲透到央行嵌入的演化路徑》，鏈新聞編輯)
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- 序言
- 美元穩定幣的崛起：超越支付工具的制度性影響
- 超越支付工具的制度影響：三層七項的穩定幣滲透框架
- 主權滲透：稅基流失與鑄幣稅移轉的挑戰
- 1.1 稅基滲透：課稅基礎的結構性流失
- 1.2 鑄幣稅移轉：私人實體對貨幣利差紅...

剖析美元穩定幣未來演進：「三層七項」注定收斂監管套利，研究員提出 IOSR 終局方案

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- Preface
- The Rise of Dollar Stablecoins: Institutional Impact Beyond Payment Tools
- Institutional Impact Beyond Payment Tools: A Three-Tier, Seven-Item Stablecoin Penetration Framework
- Sovereign Penetration: Challenges of Tax Base Erosion and Seigniorage Transfer
- 1.1 Tax Base Penetration: Structural Loss of Taxation Basis
- 1.2 Seigniorage Transfer: Private Entities and Monetary Interest Spread...

<div><p>(Original article by Researcher Yu Zhe'an 'US Dollar Stablecoin Series #5: Where Are Stablecoins Heading? From Institutional Penetration to Central Bank Embedding Evolution Path', ABMedia Editor)</p><div><div><p>Table of Contents

Analysis of the future evolution of the US dollar stablecoin: "Three layers and seven items" are destined to converge regulatory arbitrage, and researchers propose the final solution of IOSR

This article is the transcript of the keynote speech delivered by Li Yang, a member of the Chinese Academy of Social Sciences, chairman of the National Financial and Development Laboratory, at the 37th closed-door seminar on "Development Prospects of RMB Stablecoin" jointly organized by the Shenzhen Xianmi Lake International Financial Technology Research Institute and the China Digital Finance Cooperation Forum on July 13, 2025.

Li Yang, Chairman of the National Financial and Development Laboratory: Five Discussions on "Stablecoin"

Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Original Title: Stablecoin Breaking Boundaries: An In-depth Analysis of Regulatory Policies for Stablecoins in 12 Countries

The breaking circle effect of stablecoins continues to expand.
From frequently appearing topics on Douyin's trending list, to content creation by traditional financial bloggers shifting their focus, to active inquiries from relatives and neighbors around us, ...

A chart of the stablecoin regulatory race among 12 countries: Who is leading the way?

Payment goes far beyond the "point-to-point transfer" stage, and the true enterprise-level scenarios are much more complex than simply "sending money from A to B".

Written by: A Wang

Stablecoins are the most representative practical tool in the digital currency field, demonstrating how blockchain provides a brand-new and efficient infrastructure for traditional financial payment systems. Over the past year, the total market value of stablecoins has grown by more than 50%; since Trump's re-election in November, it has accelerated its surge. Currently, the total market value of stablecoins exceeds $250 billion and is at the forefront of an explosive period. This scale has already carried the efficient circulation of global payment funds worth trillions of dollars.

Industry insiders...