新货币层：稳定币未来发展的五大洞察

Stablecoins’ value is typically pegged to agovernment-issued currency, most commonly the USdollar. Unlike cryptocurrencies such as Bitcoin orEthereum, Stablecoin’s price stability is maintained byprivate issuers that hold equivalent reserves in highlyliquid, low-risk assets, often short-term US Treasuriesor cash. Stablecoins are distinct from central bankdigital currencies (CBDCs), which are legal tender ofmoney issued directly by central banks. Digital assets are emerging froma retail novelty to the financialinfrastructure of the future.The trajectory is clear, andstablecoins—fiat-pegged digitalcurrencies—are at the forefrontof this revolution. Unlike other cryptocurrencies, stablecoins offer aunique combination of open interoperability,settlement flexibility, and integration withdecentralized ecosystems—features that positionstablecoins as a foundational layer for programmable,instant-value exchange (see figure 1). Distributed ledger technology has been generatingheadlines for more than a decade, even though therehave been a limited number of use cases. But now,that’s poised to change. Stablecoins—blockchain-based tokens issued by regulated private entities—could take digital assets into the financial andcorporate mainstream. The features of stablecoin The programmability of stablecoins is perhaps mosttransformative. Unlike static money formats,stablecoins can be integrated with smart contractsthat embed conditional logic, unlocking newautomation capabilities for treasury, payments, andcapital markets. In trade finance, for example, fundscan be released automatically upon confirmation ofgoods shipment. In treasury, stablecoins allow CFOsto program automatic liquidity rebalancing acrosssubsidiaries. In insurance, parametric policies can useoracles to trigger payouts autonomously, cuttingdown on processing delays and disputes. One key feature of stablecoins is atomic settlement,which allows for real-time finality withoutcounterparty risk. Delays and reconciliation issues intraditional settlement are estimated to cost financialinstitutions up to $15 billion a year in lost liquidity,failed trades, and operational inefficiencies. Stablecoins can also dramatically reduce transactioncosts. In 2023, global remittance fees averaged 6.2percent, reaching even higher in parts of Africa andSouth Asia. Cross-border interbank wires often incurcharges of between $20 and $80, not includinghidden foreign exchange (FX) markups. Conversely,stablecoin transaction fees on scalable blockchainscan be as low as a few cents, making themparticularly compelling for international money flowsthat require several intermediaries, which can driveup costs. These advantages are fueling a surge of stablecoinadoptions. Payment giants such as Visa andMastercard are piloting stablecoin settlement rails;banks such as JPMorgan, BBVA, and Santander haveannounced plans to issue their own stablecoin; andpayment service providers (PSPs) such as PayPal andStripe are integrating stablecoins into their core suiteof services. These developments reflect a broadershift, as stablecoins evolve from retail novelty toinstitutional-grade financial instruments. In addition, each stablecoin movement is publiclyrecorded and auditable in real time, enablingtransaction transparency and traceability to supportrobust compliance, anti-money laundering efforts,and cross-border regulatory monitoring. Thiscontrasts sharply with the opacity of legacycorrespondent banking chains. Institutions can alsolayer additional compliance protocols into on-chaintransactions, including address screening andgeofencing, ensuring alignment with local andinternational regulatory frameworks. To shed light on this shifting landscape, we offer fiveinsights into the future of stablecoins and how theycould shape the next era of financial infrastructure. Each stablecoinmovement ispublicly recordedand auditable,enablingtransactiontransparencyand traceability. A wave of strategic moves by financial andtechnology heavyweights over the past 12 monthssignals a structural shift in the adoption curve (seefigure 2). Stripe’s acquisition of Bridge and Privy, twokey players in the wallet and digital identity space,demonstrates a commitment to integrating stablecoininfrastructure natively into commerce platforms.Worldpay’s partnership with BVNK enables globalpayouts across more than 180 markets. Meanwhile,Circle’s IPO success underscores long-run marketexpectations around the institutional monetization ofstablecoins and the expansion of regulated, fiat-backed issuance. These moves reflect a consensusthat’s forming across capital markets, paymentproviders, and technology platforms: the stablecointhesis has moved from speculative to strategic. 1. Stablecoins goinstitutional in 2025 After more than a decade of experimentation andvolatility, stablecoins are entering a new phase ofmaturity defined by large-scale institutionalengagement. As of mid-2025, the total stablecoinmarket capitalization ha