稳定币不完美但不可避免

Stablecoins Are Imperfect butInevitable PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research A deep dive into the value chain, transaction mechanics,and the inconvenient truths about adoption Kyle Stanford, CAIADirector of Research,US Venture Institutional Research Group PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Analysis Rudy YangSenior Research Analyst,Enterprise Fintech and RetailFintechrudy.yang@pitchbook.com Key takeaways pbinstitutionalresearch@pitchbook.com •Stablecoins are becoming financial infrastructure, but they complement ratherthan replace traditional finance:This report maps the six-layer value chain,explains how stablecoin transactions work end-to-end, and identifies whichuse cases, geographies, and business models justify investment versus wheretraditional rails remain superior. PublishingDesigned byChloe Ladwig Published on October 17, 2025 •Stablecoins win as a settlement layer:They are seeing their strongest use casesamong cross-border B2B payments in dollar-constrained markets, corporatetreasury operations that require 24/7 liquidity mobility across jurisdictions, andcapital markets settlement. In capital markets, instant collateral movement andprogrammable workflows create operational advantages that traditional T+1settlement (next business day after transaction date) cannot provide. Contents •Stablecoins are not always better than traditional payment infrastructure:In markets where existing rails are already fast, cheap, and trusted, stablecoinbenefits are marginal. Some markets already operate real-time payment rails,and stablecoin transactions are not necessarily cheaper if there are liquidity andforeign exchange constraints. •Thin liquidity is the current Achilles heel:Stablecoin-to-fiat spreads can besignificantly wider than interbank rates in emerging markets, preventing largeinstitutional flows from coming online. Without deeper bid-ask flows andtighter foreign exchange spreads, stablecoins cannot compete with traditionalrails on cost. Report participants29 •Market makers will determine adoption success:Their ability to quotecompetitive foreign exchange spreads and maintain deep liquidity pools acrosscorridors is critical for payment at the last mile. •Capital efficiency favors banks over stablecoins:Traditional clearing systems,such as the Clearing House Interbank Payments System, achieve 29:1 liquidityefficiency ratios through netting, while stablecoins require 1:1 backing. Thisforces stablecoin intermediaries to operate more capital-intensively, fragmentingliquidity across currencies and blockchains. •Stablecoins do not disintermediate banks but rather depend on them:Real-time on-chain settlement still requires traditional banking infrastructure for fiatpre-funding, local market-maker reserves, and last-mile payouts. The speedadvantage exists at the settlement layer, but liquidity provisioning remainsanchored in the legacy system. •Banks are adapting, not disappearing:While deposit leakage is a concern,banks’ roles as trusted intermediaries and compliance anchors position them asessential to the stablecoin ecosystem. The winning strategy is integration, notcompetition. Banks exploring stablecoin strategies are evaluating how to offertokenized deposits and stablecoin rails alongside traditional products to meetcustomers wherever they transact. •Broader tokenization trends are converging with stablecoins:The sameinfrastructure that facilitates instant stablecoin payments is now being usedto trade securities 24/7, earn yield on idle cash, and leverage investments ascollateral. The future will involve a unified system where moving money, tradingassets, and managing corporate treasuries are interoperable on a blockchain. •Currency controls can lead to stablecoin premiums and arbitrageopportunities:In dollar-constrained markets with strict foreign exchange caps,stablecoins can sometimes trade above official rates, providing parallel dollaraccess. Regulators see these flows as undermining monetary policy and oftenshut down local off-ramp partners, creating constant enforcement risk. •The stablecoin value chain is complex and includes players from traditionalfinance and digital assets:Beyond issuers and applications, infrastructureproviders can be broken out into traditional finance infrastructure, digital assetinfrastructure, orchestrators, and enablement platforms. Each layer has a role toplay in an end-to-end transaction. Background and context This report provides an in-depth examination of stablecoins, building on ourearlier research into cross-border money movement. For readers who are newto the space, we recommend starting with our primers onstablecoinsandcross-border payments, which provide the necessary context for the themes explored inthis