Kh\u00f4ng ai ng\u1edd r\u1eb1ng v\u00e0o th\u1eddi \u0111i\u1ec3m c\u1ed9ng \u0111\u1ed3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111ang than phi\u1ec1n v\u1ec1 s\u1ef1 thi\u1ebfu \u0111\u1ed5i m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng, c\u00e1i m\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp Paradigm, Matt Huang g\u1ecdi l\u00e0 “si\u00eau chu k\u1ef3 stablecoin”<\/strong> l\u1ea1i xu\u1ea5t hi\u1ec7n. K\u1ec3 t\u1eeb khi ni\u00eam y\u1ebft v\u00e0o ng\u00e0y 5 th\u00e1ng 6, c\u1ed5 phi\u1ebfu stablecoin \u0111\u1ea7u ti\u00ean c\u1ee7a Circle \u0111\u00e3 t\u0103ng v\u1ecdt t\u1eeb 31 USD l\u00ean h\u01a1n 298,99 USD, t\u0103ng g\u1ea7n 10 l\u1ea7n ch\u1ec9 trong ch\u01b0a \u0111\u1ea7y n\u1eeda th\u00e1ng. Hi\u1ec7u \u1ee9ng gi\u00e0u c\u00f3 ph\u00f3ng \u0111\u1ea1i c\u1ee7a n\u00f3 \u0111\u00e3 thu h\u00fat ng\u01b0\u1eddi trong ng\u00e0nh \u0111\u1ed5 x\u00f4 v\u00e0o c\u1ed5 phi\u1ebfu ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u1ec3 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn. S\u1ef1 ph\u1ed5 bi\u1ebfn c\u1ee7a c\u1ed5 phi\u1ebfu Circle tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 \u0111\u00e3 m\u1ed9t l\u1ea7n n\u1eefa thu h\u00fat s\u1ef1 ch\u00fa \u00fd c\u1ee7a c\u1ed9ng \u0111\u1ed3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng stablecoin.<\/p>\n Stablecoin \u0111\u01b0\u1ee3c t\u1ea1o ra v\u00e0o n\u0103m 2014 \u0111\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 gi\u00e1 c\u1ea3 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u00e1c lo\u1ea1i ti\u1ec1n \u0111i\u1ec7n t\u1eed truy\u1ec1n th\u1ed1ng. USDT, \u0111\u01b0\u1ee3c Tether ph\u00e1t h\u00e0nh l\u1ea7n \u0111\u1ea7u, l\u00e0 m\u1ed9t trong nh\u1eefng stablecoin n\u1ed5i b\u1eadt nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng. Gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c neo v\u00e0o \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 theo t\u1ef7 l\u1ec7 1:1 v\u00e0 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef t\u00e0i s\u1ea3n b\u1eb1ng \u0111\u00f4 la M\u1ef9. Kh\u00e1i ni\u1ec7m c\u1ed1t l\u00f5i c\u1ee7a stablecoin l\u00e0 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ec3 duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7, nh\u1eb1m k\u1ebft h\u1ee3p s\u1ef1 ti\u1ec7n l\u1ee3i v\u00e0 phi t\u1eadp trung c\u1ee7a ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 trong khi tr\u00e1nh \u0111\u01b0\u1ee3c c\u00e1c r\u1ee7i ro giao d\u1ecbch do bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n Trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y, vi\u1ec7c \u00e1p d\u1ee5ng v\u00e0 \u1ee9ng d\u1ee5ng stablecoin \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng theo c\u1ea5p s\u1ed1 nh\u00e2n, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c l\u0129nh v\u1ef1c thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, DeFi, RWA v\u00e0 nhi\u1ec1u l\u0129nh v\u1ef1c kh\u00e1c. DeFi \u0111\u00e3 tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n cho cho vay, staking v\u00e0 yield farming. Theo d\u1eef li\u1ec7u t\u1eeb DefiLlama, t\u00ednh \u0111\u1ebfn ng\u00e0y 25 th\u00e1ng 6 n\u0103m 2025, quy m\u00f4 th\u1ecb tr\u01b0\u1eddng stablecoin to\u00e0n c\u1ea7u \u0111\u00e3 v\u01b0\u1ee3t qua kho\u1ea3ng 252,9 t\u1ef7 USD, trong \u0111\u00f3 USDT chi\u1ebfm h\u01a1n 62% th\u1ecb ph\u1ea7n, ti\u1ebfp theo l\u00e0 USDC, c\u00f9ng nhau chi\u1ebfm h\u01a1n 85% th\u1ecb ph\u1ea7n. Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean chu\u1ed7i c\u1ee7a stablecoin \u0111\u00e3 \u0111\u1ea1t kho\u1ea3ng 20,2 ngh\u00ecn t\u1ef7 USD, g\u1ea7n 40% kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a g\u00e3 kh\u1ed5ng l\u1ed3 thanh to\u00e1n to\u00e0n c\u1ea7u Visa, cho th\u1ea5y v\u1ecb tr\u00ed quan tr\u1ecdng c\u1ee7a n\u00f3 trong thanh to\u00e1n k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi.<\/p>\n C\u01a1n s\u1ed1t stablecoin th\u1eadm ch\u00ed \u0111\u00e3 lan \u0111\u1ebfn c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 \u1edf Trung Qu\u1ed1c v\u00e0 Hoa K\u1ef3. K\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m nay, nhi\u1ec1u g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 v\u00e0 t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111\u00e3 t\u0103ng t\u1ed1c b\u1ed1 tr\u00ed trong l\u0129nh v\u1ef1c stablecoin, t\u1ea1o ra m\u1ed9t l\u00e0n s\u00f3ng c\u1ea1nh tranh kh\u1ed1c li\u1ec7t. T\u1ea1i Hoa K\u1ef3, PayPal \u0111\u00e3 c\u00f4ng b\u1ed1 stablecoin PYUSD neo v\u00e0o \u0111\u00f4 la c\u1ee7a m\u00ecnh, \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i v\u1edbi m\u1ea1ng Stellar, t\u1eadp trung v\u00e0o chuy\u1ec3n ti\u1ec1n xuy\u00ean bi\u00ean gi\u1edbi v\u00e0 t\u00e0i tr\u1ee3 cho c\u00e1c doanh nghi\u1ec7p nh\u1ecf v\u00e0 v\u1eeba. Walmart v\u00e0 Amazon c\u0169ng \u0111ang t\u00edch c\u1ef1c kh\u00e1m ph\u00e1 vi\u1ec7c ph\u00e1t h\u00e0nh stablecoin neo v\u00e0o \u0111\u00f4 la c\u1ee7a ri\u00eang h\u1ecd, nh\u1eb1m gi\u1ea3m chi ph\u00ed thanh to\u00e1n v\u00e0 t\u1ea1o ra m\u1ed9t h\u1ec7 sinh th\u00e1i ti\u00eau d\u00f9ng kh\u00e9p k\u00edn. Shopify \u0111\u00e3 h\u1ee3p t\u00e1c v\u1edbi Coinbase v\u00e0 Stripe \u0111\u1ec3 h\u1ed7 tr\u1ee3 c\u00e1c th\u01b0\u01a1ng nh\u00e2n ch\u1ea5p nh\u1eadn thanh to\u00e1n b\u1eb1ng USDC d\u1ef1a tr\u00ean chu\u1ed7i Base, ph\u1ee5c v\u1ee5 ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u1edf 34 qu\u1ed1c gia.<\/p>\n Th\u1ecb tr\u01b0\u1eddng ch\u00e2u \u00c1 c\u0169ng r\u1ea5t s\u00f4i \u0111\u1ed9ng. Ant International v\u00e0 Ant Digits, c\u00e1c c\u00f4ng ty con c\u1ee7a Ant Group, \u0111\u00e3 n\u1ed9p \u0111\u01a1n xin gi\u1ea5y ph\u00e9p stablecoin t\u1ea1i H\u1ed3ng K\u00f4ng, \u0111\u1ecbnh v\u1ecb H\u1ed3ng K\u00f4ng l\u00e0 tr\u1ee5 s\u1edf to\u00e0n c\u1ea7u c\u1ee7a h\u1ecd \u0111\u1ec3 th\u00fac \u0111\u1ea9y vi\u1ec7c x\u00e2y d\u1ef1ng c\u00e1c k\u1ecbch b\u1ea3n giao d\u1ecbch k\u1ef9 thu\u1eadt s\u1ed1 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh. JD CoinChain Technology d\u1ef1 ki\u1ebfn s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c gi\u1ea5y ph\u00e9p trong qu\u00fd IV n\u0103m 2025 v\u00e0 c\u00f3 k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh stablecoin neo v\u00e0o \u0111\u00f4 la H\u1ed3ng K\u00f4ng v\u00e0 c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 kh\u00e1c, t\u1eadp trung v\u00e0o thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, giao d\u1ecbch \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c k\u1ecbch b\u1ea3n thanh to\u00e1n b\u00e1n l\u1ebb.<\/p>\n T\u1ea1i sao c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 Trung Qu\u1ed1c v\u00e0 Hoa K\u1ef3 l\u1ea1i ch\u1ecdn b\u01b0\u1edbc v\u00e0o th\u1ecb tr\u01b0\u1eddng stablecoin c\u00f9ng m\u1ed9t l\u00fac? \u0110\u00e2y c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t xu h\u01b0\u1edbng b\u1ea5t ng\u1edd hay l\u00e0 m\u1ed9t b\u1ed1 tr\u00ed chi\u1ebfn l\u01b0\u1ee3c sau khi c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng?<\/p>\n C\u00f4ng c\u1ee5 thanh to\u00e1n nhanh, \u00edt ma s\u00e1t<\/strong><\/p>\n<\/blockquote>\n H\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u th\u00e1ch th\u1ee9c trong k\u1ef7 nguy\u00ean kinh t\u1ebf s\u1ed1, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong c\u00e1c v\u1ea5n \u0111\u1ec1 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, thanh to\u00e1n qu\u1ef9 v\u00e0 thanh to\u00e1n theo th\u1eddi gian th\u1ef1c. N\u00f3 kh\u00f4ng hi\u1ec7u qu\u1ea3 v\u00e0 kh\u00f3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u to\u00e0n c\u1ea7u h\u00f3a nhanh ch\u00f3ng v\u00e0 ph\u00e1t tri\u1ec3n k\u1ef9 thu\u1eadt s\u1ed1. H\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng ph\u1ee5 thu\u1ed9c v\u00e0o nhi\u1ec1u trung gian v\u00e0 quy tr\u00ecnh r\u01b0\u1eddm r\u00e0, d\u1eabn \u0111\u1ebfn vi\u1ec7c chuy\u1ec3n ti\u1ec1n xuy\u00ean bi\u00ean gi\u1edbi th\u01b0\u1eddng m\u1ea5t v\u00e0i ng\u00e0y v\u00e0 ph\u00ed cao, \u0111i\u1ec1u n\u00e0y nghi\u00eam tr\u1ecdng h\u1ea1n ch\u1ebf t\u00ednh thanh kho\u1ea3n v\u00e0 hi\u1ec7u qu\u1ea3 c\u1ee7a qu\u1ef9. Ngo\u00e0i ra, c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng c\u1ea7n thi\u1ebft k\u1ebf l\u1ea1i quy tr\u00ecnh kinh doanh v\u00e0 d\u1ecbch v\u1ee5 s\u1ea3n ph\u1ea9m trong qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i k\u1ef9 thu\u1eadt s\u1ed1. Nhi\u1ec1u ng\u01b0\u1eddi d\u00f9ng g\u1eb7p ph\u1ea3i gi\u1edbi h\u1ea1n th\u1ebb ng\u00e2n h\u00e0ng ho\u1eb7c th\u1eadm ch\u00ed b\u1ecb \u0111\u00f3ng b\u0103ng do c\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh s\u00e1ch.<\/p>\n Ng\u01b0\u1ee3c l\u1ea1i, stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00f4ng ngh\u1ec7 blockchain \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t lo\u1ea1i ti\u1ec1n m\u1eb7t k\u1ef9 thu\u1eadt s\u1ed1 hi\u1ec7u qu\u1ea3 v\u00e0 linh ho\u1ea1t h\u01a1n trong k\u1ef7 nguy\u00ean k\u1ef9 thu\u1eadt s\u1ed1 nh\u1edd gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c neo v\u00e0o ti\u1ec1n t\u1ec7 h\u1ee3p ph\u00e1p v\u00e0 gi\u00e1 c\u1ea3 \u1ed5n \u0111\u1ecbnh. Stablecoin c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n vi\u1ec7c chuy\u1ec3n qu\u1ef9 m\u00e0 kh\u00f4ng c\u1ea7n trung gian v\u00e0 trong v\u00f2ng v\u00e0i gi\u00e2y, gi\u1ea3m \u0111\u00e1ng k\u1ec3 chi ph\u00ed giao d\u1ecbch v\u00e0 th\u1eddi gian, \u0111\u1ed3ng th\u1eddi c\u1ea3i thi\u1ec7n vi\u1ec7c s\u1eed d\u1ee5ng qu\u1ef9. H\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng r\u1eb1ng b\u1ea1n c\u1ea7n chuy\u1ec3n h\u00e0ng tri\u1ec7u \u0111\u00f4 la cho m\u1ed9t ng\u01b0\u1eddi b\u1ea1n \u1edf Hoa K\u1ef3. B\u00ean kia ch\u1ec9 c\u1ea7n cung c\u1ea5p cho b\u1ea1n m\u1ed9t chu\u1ed7i m\u00e3 s\u1ed1, v\u00e0 trong v\u00e0i ph\u00fat, ti\u1ec1n c\u1ee7a b\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n v\u00e0o t\u00e0i kho\u1ea3n c\u1ee7a b\u00ean kia, v\u00e0 ph\u00ed x\u1eed l\u00fd ch\u01b0a \u0111\u1ebfn 1 USD. Kh\u00f4ng c\u00f3 gi\u1edbi h\u1ea1n, kh\u00f4ng b\u1ecb \u0111\u00f3ng b\u0103ng, kh\u00f4ng c\u00f3 ph\u00ed x\u1eed l\u00fd kh\u1ed5ng l\u1ed3, kh\u00f4ng c\u1ea7n ch\u1ee9ng minh t\u00e0i ch\u00ednh v\u00e0 kh\u00f4ng c\u00f3 th\u1eddi gian ch\u1edd \u0111\u1ee3i v\u00e0i ng\u00e0y. T\u00ednh n\u0103ng n\u00e0y c\u00f3 nh\u1eefng l\u1ee3i th\u1ebf tuy\u1ec7t \u0111\u1ed1i trong c\u00e1c l\u0129nh v\u1ef1c nh\u01b0 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi.<\/p>\n Tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n, s\u1ef1 ki\u00eau ng\u1ea1o c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng hi\u1ec7n di\u1ec7n kh\u1eafp n\u01a1i. \u0110\u1ed1i t\u00e1c SIG, Michael Yuan g\u1ea7n \u0111\u00e2y \u0111\u00e3 b\u00e0y t\u1ecf tr\u1ea3i nghi\u1ec7m kh\u00f4ng vui c\u1ee7a m\u00ecnh t\u1ea1i DBS Bank \u1edf Singapore: “T\u00f4i \u0111\u00e3 b\u1ecb ch\u1ea5t v\u1ea5n khi nh\u1eadn m\u1ed9t kho\u1ea3n chuy\u1ec3n kho\u1ea3n ng\u00e2n h\u00e0ng 200 nh\u00e2n d\u00e2n t\u1ec7. \u0110\u1ed1i v\u1edbi 1.000 USD, ng\u00e2n h\u00e0ng y\u00eau c\u1ea7u t\u00f4i mang h\u1ed9 chi\u1ebfu \u0111\u1ebfn tr\u1ee5 s\u1edf ng\u00e2n h\u00e0ng, v\u00e0 t\u00f4i l\u1ea1i b\u1ecb ch\u1ea5t v\u1ea5n b\u1edfi qu\u1ea7y ti\u1ebfp t\u00e2n.”<\/em> Tin t\u1ee9c x\u00e3 h\u1ed9i v\u1ec1 nhi\u1ec1u ng\u01b0\u1eddi d\u00f9ng \u1edf Trung Qu\u1ed1c \u0111\u1ea1i l\u1ee5c b\u1ecb y\u00eau c\u1ea7u tr\u1ea3 l\u1eddi nhi\u1ec1u c\u00e2u h\u1ecfi b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng khi r\u00fat ti\u1ec1n v\u00e0 b\u1ecb y\u00eau c\u1ea7u cung c\u1ea5p nhi\u1ec1u ch\u1ee9ng ch\u1ec9 tr\u01b0\u1edbc khi \u0111\u01b0\u1ee3c c\u1ea5p quy\u1ec1n truy c\u1eadp \u0111\u00e3 th\u01b0\u1eddng xuy\u00ean tr\u1edf th\u00e0nh ch\u1ee7 \u0111\u1ec1 n\u00f3ng.<\/p>\n Stablecoin c\u00f3 th\u1ec3 l\u1eadp tr\u00ecnh, \u0111i\u1ec1u n\u00e0y t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho vi\u1ec7c t\u00edch h\u1ee3p s\u00e2u v\u1edbi c\u00e1c \u1ee9ng d\u1ee5ng \u0111\u1ed5i m\u1edbi nh\u01b0 DeFi, v\u00e0 h\u1ed7 tr\u1ee3 c\u00e1c \u1ee9ng d\u1ee5ng \u0111a k\u1ecbch b\u1ea3n nh\u01b0 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, t\u00e0i ch\u00ednh chu\u1ed7i cung \u1ee9ng v\u00e0 ti\u00eau d\u00f9ng b\u00e1n l\u1ebb. C\u00e1c nghi\u00ean c\u1ee9u \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng sau khi thay th\u1ebf ti\u1ec1n m\u1eb7t v\u1eadt l\u00fd, stablecoin kh\u00f4ng ch\u1ec9 c\u00f3 th\u1ec3 duy tr\u00ec ch\u1ee9c n\u0103ng trung gian t\u00edn d\u1ee5ng c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, m\u00e0 c\u00f2n c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y s\u1ef1 gia t\u0103ng cung c\u1ea5p t\u00edn d\u1ee5ng v\u00e0 th\u00fac \u0111\u1ea9y s\u1ef1 n\u00e2ng c\u1ea5p k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh. Do \u0111\u00f3, stablecoin \u0111ang d\u1ea7n tr\u1edf th\u00e0nh m\u1ed9t c\u1ea7u n\u1ed1i quan tr\u1ecdng k\u1ebft n\u1ed1i t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng v\u00e0 t\u00e0i ch\u00ednh k\u1ef9 thu\u1eadt s\u1ed1 m\u1edbi n\u1ed5i trong k\u1ef7 nguy\u00ean kinh t\u1ebf s\u1ed1.<\/p>\n Trung Qu\u1ed1c, Hoa K\u1ef3 v\u00e0 c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 to\u00e0n c\u1ea7u \u0111\u00e3 b\u01b0\u1edbc v\u00e0o l\u0129nh v\u1ef1c stablecoin. M\u1ed9t trong nh\u1eefng \u0111\u1ed9ng l\u1ef1c s\u00e2u s\u1eafc \u0111\u1ee9ng sau \u0111i\u1ec1u n\u00e0y l\u00e0 cu\u1ed9c \u0111\u1ea5u tranh gi\u00e0nh quy\u1ec1n th\u1ed1ng tr\u1ecb k\u1ef9 thu\u1eadt s\u1ed1. B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Hoa K\u1ef3, Benson \u0111\u00e3 l\u00e0m r\u00f5 t\u1ea1i m\u1ed9t phi\u00ean \u0111i\u1ec1u tr\u1ea7n c\u1ee7a Th\u01b0\u1ee3ng vi\u1ec7n v\u00e0o th\u00e1ng 6 n\u0103m 2025 r\u1eb1ng stablecoin, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng stablecoin neo v\u00e0o \u0111\u00f4 la M\u1ef9, s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng \u0111\u1ec3 c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 trong h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. Trong b\u1ed1i c\u1ea3nh n\u00e0y, m\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch d\u1ef1 \u0111o\u00e1n gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a stablecoin s\u1ebd \u0111\u1ea1t 2 ngh\u00ecn t\u1ef7 USD ho\u1eb7c th\u1eadm ch\u00ed cao h\u01a1n trong t\u01b0\u01a1ng lai. V\u00e0o ng\u00e0y 19 th\u00e1ng 6, Bessant th\u1eadm ch\u00ed \u0111\u00e3 tweet l\u1ea1i r\u1eb1ng, “Ti\u1ec1n \u0111i\u1ec7n t\u1eed kh\u00f4ng \u0111e d\u1ecda \u0111\u1ebfn \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. Th\u1ef1c t\u1ebf, stablecoin c\u00f3 th\u1ec3 c\u1ee7ng c\u1ed1 quy\u1ec1n th\u1ed1ng tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9.”<\/em> T\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 l\u00e0 m\u1ed9t trong nh\u1eefng hi\u1ec7n t\u01b0\u1ee3ng quan tr\u1ecdng nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi ng\u00e0y nay, nh\u01b0ng ch\u00fang \u0111\u00e3 b\u1ecb ch\u00ednh ph\u1ee7 b\u1ecf qua trong th\u1eddi gian d\u00e0i. Ch\u00ednh quy\u1ec1n n\u00e0y cam k\u1ebft bi\u1ebfn Hoa K\u1ef3 th\u00e0nh trung t\u00e2m \u0111\u1ed5i m\u1edbi t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1, v\u00e0 \u0110\u1ea1o lu\u1eadt GENIUS \u0111\u01b0a ch\u00fang ta \u0111\u1ebfn g\u1ea7n h\u01a1n v\u1edbi m\u1ee5c ti\u00eau n\u00e0y. Ch\u00ednh ph\u1ee7 Hoa K\u1ef3 \u0111\u00e3 th\u00fac \u0111\u1ea9y \u0110\u1ea1o lu\u1eadt Genius \u0111\u1ec3 thi\u1ebft l\u1eadp m\u1ed9t khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh li\u00ean bang cho stablecoin, nh\u1eb1m c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf \u0111\u1ed3ng \u0111\u00f4 la nh\u01b0 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n d\u1ef1 tr\u1eef qu\u1ed1c t\u1ebf v\u00e0 ng\u0103n ch\u1eb7n c\u00e1c qu\u1ed1c gia kh\u00e1c ho\u1eb7c c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 th\u00e1ch th\u1ee9c quy\u1ec1n th\u1ed1ng tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la.<\/p>\n \u0110\u1ed3ng th\u1eddi, c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 b\u00e1n l\u1ebb nh\u01b0 Walmart v\u00e0 Amazon c\u0169ng \u0111ang t\u00edch c\u1ef1c tri\u1ec3n khai stablecoin, c\u1ed1 g\u1eafng v\u01b0\u1ee3t qua c\u00e1c m\u1ea1ng l\u01b0\u1edbi thanh to\u00e1n truy\u1ec1n th\u1ed1ng nh\u01b0 Visa v\u00e0 MasterCard, ti\u1ebft ki\u1ec7m h\u00e0ng t\u1ef7 USD ph\u00ed, v\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c thanh to\u00e1n t\u1ee9c th\u00ec, t\u1eeb \u0111\u00f3 c\u1ea1nh tranh \u0111\u1ec3 gi\u00e0nh \u0111\u01b0\u1ee3c ti\u1ebfng n\u00f3i v\u00e0 th\u1ecb ph\u1ea7n l\u1edbn h\u01a1n trong h\u1ec7 th\u1ed1ng thanh to\u00e1n to\u00e0n c\u1ea7u. C\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 M\u1ef9 \u1edf b\u00ean kia \u0111\u1ea1i d\u01b0\u01a1ng \u0111ang b\u1eadn r\u1ed9n l\u00ean k\u1ebf ho\u1ea1ch cho stablecoin, v\u00e0 Trung Qu\u1ed1c \u0111\u1ea1i l\u1ee5c c\u00f9ng H\u1ed3ng K\u00f4ng c\u0169ng \u0111ang t\u0103ng c\u01b0\u1eddng nghi\u00ean c\u1ee9u v\u1ec1 stablecoin \u0111\u1ec3 m\u1edf c\u1eeda. T\u1ea1i Di\u1ec5n \u0111\u00e0n Lujiazui 2025, Pan Gongsheng, th\u1ed1ng \u0111\u1ed1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, \u0111\u00e3 c\u00f4ng b\u1ed1 vi\u1ec7c th\u00e0nh l\u1eadp m\u1ed9t trung t\u00e2m v\u1eadn h\u00e0nh qu\u1ed1c t\u1ebf cho \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 kh\u1edfi \u0111\u1ed9ng m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh th\u00ed \u0111i\u1ec3m cho c\u1ea3i c\u00e1ch to\u00e0n di\u1ec7n d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh th\u01b0\u01a1ng m\u1ea1i ngo\u00e0i kh\u01a1i t\u1ea1i Khu v\u1ef1c M\u1edbi Lingang c\u1ee7a Th\u01b0\u1ee3ng H\u1ea3i. \u00d4ng c\u0169ng cho bi\u1ebft r\u1eb1ng c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 blockchain v\u00e0 s\u1ed5 c\u00e1i ph\u00e2n t\u00e1n \u0111\u00e3 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd c\u1ee7a stablecoin ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, \u0111\u1ea1t \u0111\u01b0\u1ee3c thanh to\u00e1n v\u00e0 thanh to\u00e1n \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac h\u1ec7 th\u1ed1ng thanh to\u00e1n truy\u1ec1n th\u1ed1ng t\u1eeb d\u01b0\u1edbi l\u00ean, v\u00e0 r\u00fat ng\u1eafn \u0111\u00e1ng k\u1ec3 chu\u1ed7i thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi. B\u1ed1 tr\u00ed n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh s\u1ef1 \u0111\u1ed5i m\u1edbi c\u00f4ng ngh\u1ec7, m\u00e0 c\u00f2n l\u00e0 m\u1ed9t tr\u00f2 ch\u01a1i chi\u1ebfn l\u01b0\u1ee3c xung quanh quy\u1ec1n th\u1ed1ng tr\u1ecb c\u1ee7a ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 quy\u1ec1n l\u1eadp ra c\u00e1c quy t\u1eafc t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/p>\n N\u00f3 ph\u1ea3n \u00e1nh \u0111\u1ed9ng l\u1ef1c s\u00e2u xa c\u1ee7a c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 Trung Qu\u1ed1c v\u00e0 Hoa K\u1ef3 trong vi\u1ec7c n\u1eafm b\u1eaft th\u1ebf ch\u1ee7 \u0111\u1ed9ng trong l\u0129nh v\u1ef1c stablecoin v\u00e0 duy tr\u00ec ho\u1eb7c th\u00e1ch th\u1ee9c h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7 hi\u1ec7n t\u1ea1i. Wang Yongli, c\u1ef1u ph\u00f3 ch\u1ee7 t\u1ecbch Ng\u00e2n h\u00e0ng Trung Qu\u1ed1c, \u0111\u00e3 ch\u1ec9 ra trong m\u1ed9t b\u00e0i vi\u1ebft r\u1eb1ng Hoa K\u1ef3 \u0111\u00e3 th\u00f4ng qua lu\u1eadt \u0111\u1ec3 b\u1ea3o v\u1ec7 v\u00e0 h\u1ed7 tr\u1ee3 vi\u1ec7c khai th\u00e1c v\u00e0 giao d\u1ecbch t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 th\u1eadm ch\u00ed tr\u1edf th\u00e0nh m\u1ed9t d\u1ef1 tr\u1eef chi\u1ebfn l\u01b0\u1ee3c qu\u1ed1c gia, h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng h\u1ee3p ph\u00e1p c\u1ee7a stablecoin neo v\u00e0o \u0111\u00f4 la M\u1ef9, t\u00edch c\u1ef1c n\u1eafm b\u1eaft c\u00e1c \u0111\u1ec9nh cao trong l\u0129nh v\u1ef1c t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 stablecoin, v\u00e0 n\u00e2ng cao nhu c\u1ea7u \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 v\u00e0 \u1ea3nh h\u01b0\u1edfng qu\u1ed1c t\u1ebf c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la. \u0110i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a chi\u1ebfn l\u01b0\u1ee3c quan tr\u1ecdng v\u00e0 s\u00e2u r\u1ed9ng, v\u00e0 Trung Qu\u1ed1c c\u1ea7n ph\u1ea3i ch\u00fa \u00fd \u0111\u1ea7y \u0111\u1ee7 v\u00e0 ph\u1ea3n \u1ee9ng t\u00edch c\u1ef1c.<\/p>\n Li Yang, th\u00e0nh vi\u00ean c\u1ee7a Ph\u00e2n vi\u1ec7n Khoa h\u1ecdc X\u00e3 h\u1ed9i Trung Qu\u1ed1c v\u00e0 ch\u1ee7 t\u1ecbch Ph\u00f2ng th\u00ed nghi\u1ec7m T\u00e0i ch\u00ednh v\u00e0 Ph\u00e1t tri\u1ec3n Qu\u1ed1c gia, cho bi\u1ebft r\u1eb1ng m\u1ed9t m\u1eb7t, v\u00ec b\u1ea5t k\u1ef3 h\u00ecnh th\u1ee9c stablecoin n\u00e0o c\u0169ng kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi v\u1ea5n \u0111\u1ec1 ch\u1ee7 quy\u1ec1n ti\u1ec1n t\u1ec7, vi\u1ec7c th\u00fac \u0111\u1ea9y qu\u1ed1c t\u1ebf h\u00f3a \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 v\u1eabn l\u00e0 nhi\u1ec7m v\u1ee5 c\u1ed1t l\u00f5i trong vi\u1ec7c nu\u00f4i d\u01b0\u1ee1ng m\u1ed9t \u0111\u1ed3ng ti\u1ec1n m\u1ea1nh (nh\u00e2n d\u00e2n t\u1ec7). M\u1eb7t kh\u00e1c, c\u1ea7n ph\u1ea3i nh\u1eadn th\u1ea5y r\u1eb1ng xu h\u01b0\u1edbng t\u00edch h\u1ee3p v\u00e0 ph\u00e1t tri\u1ec3n c\u1ee7a stablecoin, ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng s\u1ebd kh\u00f3 c\u00f3 th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c. Stablecoin v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ed5 sung v\u1edbi c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, c\u1ea3i thi\u1ec7n to\u00e0n di\u1ec7n hi\u1ec7u qu\u1ea3 thanh to\u00e1n v\u00e0 gi\u1ea3m chi ph\u00ed thanh to\u00e1n, v\u00e0 t\u00e1i c\u1ea5u tr\u00fac h\u1ec7 th\u1ed1ng thanh to\u00e1n to\u00e0n c\u1ea7u.<\/p>\n K\u1ec3 t\u1eeb khi Trump nh\u1eadm ch\u1ee9c, Hoa K\u1ef3 \u0111\u00e3 \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng cao v\u1ec1 s\u1ef1 th\u00e2n thi\u1ec7n v\u1edbi th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed. C\u00e1c l\u00e3nh \u0111\u1ea1o c\u1ee7a c\u00e1c c\u01a1 quan ch\u00ednh ph\u1ee7 c\u0169ng l\u00e0 nh\u1eefng ng\u01b0\u1eddi th\u00e2n thi\u1ec7n v\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u1eafm gi\u1eef c\u00e1c v\u1ecb tr\u00ed quan tr\u1ecdng. C\u0169ng c\u00f3 nh\u1eefng h\u00e0nh \u0111\u1ed9ng li\u00ean t\u1ee5c trong l\u0129nh v\u1ef1c stablecoin. V\u00e0o ng\u00e0y 17 th\u00e1ng 6 n\u0103m 2025, Th\u01b0\u1ee3ng vi\u1ec7n Hoa K\u1ef3 \u0111\u00e3 th\u00f4ng qua \u0110\u1ea1o lu\u1eadt H\u01b0\u1edbng d\u1eabn v\u00e0 Thi\u1ebft l\u1eadp \u0110\u1ed5i m\u1edbi Qu\u1ed1c gia cho Stablecoin t\u1ea1i Hoa K\u1ef3 (\u0110\u1ea1o lu\u1eadt Genius) v\u1edbi 68 phi\u1ebfu thu\u1eadn v\u00e0 30 phi\u1ebfu ch\u1ed1ng, \u0111\u00e1nh d\u1ea5u l\u1ea7n \u0111\u1ea7u ti\u00ean Hoa K\u1ef3 ph\u00ea duy\u1ec7t lu\u1eadt quan tr\u1ecdng v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed. D\u1ef1 lu\u1eadt thi\u1ebft l\u1eadp m\u1ed9t khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh li\u00ean bang cho c\u00e1c stablecoin neo v\u00e0o \u0111\u00f4 la, y\u00eau c\u1ea7u c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i gi\u1eef t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef theo t\u1ef7 l\u1ec7 1:1, tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh ch\u1ed1ng r\u1eeda ti\u1ec1n v\u00e0 c\u00f4ng b\u1ed1 chi ti\u1ebft d\u1ef1 tr\u1eef h\u00e0ng th\u00e1ng, nh\u1eb1m n\u00e2ng cao t\u00ednh minh b\u1ea1ch c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng, \u0111\u1ed3ng th\u1eddi k\u00edch th\u00edch nhu c\u1ea7u \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu kho b\u1ea1c ng\u1eafn h\u1ea1n c\u1ee7a Hoa K\u1ef3 v\u00e0 c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf to\u00e0n c\u1ea7u c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la.<\/p>\n V\u00e0o ng\u00e0y 24 th\u00e1ng 6, Th\u01b0\u1ee3ng ngh\u1ecb s\u0129 Hagerty \u0111\u00e3 n\u00f3i trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi KOL n\u1ed5i ti\u1ebfng Scott Melker r\u1eb1ng Trump \u0111\u00e3 s\u1eb5n s\u00e0ng k\u00fd \u0110\u1ea1o lu\u1eadt Genius, v\u00e0 c\u00f3 th\u1ec3 s\u1edbm \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ebfn b\u00e0n l\u00e0m vi\u1ec7c c\u1ee7a \u00f4ng. David Sacks, gi\u00e1m \u0111\u1ed1c ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o c\u1ee7a Nh\u00e0 Tr\u1eafng v\u00e0 l\u00e0 ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u0111\u00e3 n\u00f3i trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi FOX r\u1eb1ng vi\u1ec7c th\u00f4ng qua \u0110\u1ea1o lu\u1eadt Genius l\u00e0 m\u1ed9t chi\u1ebfn th\u1eafng l\u1edbn cho c\u1ed9ng \u0111\u1ed3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed. M\u1ed9t s\u1ed1 ng\u01b0\u1eddi trong c\u1ed9ng \u0111\u1ed3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed ph\u00e2n t\u00edch r\u1eb1ng d\u1ef1 lu\u1eadt n\u00e0y c\u00f3 th\u1ec3 \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng stablecoin l\u00ean 2 ngh\u00ecn t\u1ef7 USD v\u00e0o n\u0103m 2028.<\/p>\n V\u00e0o ng\u00e0y 21 th\u00e1ng 5 n\u0103m 2025, H\u1ed3ng K\u00f4ng \u0111\u00e3 th\u00f4ng qua D\u1ef1 lu\u1eadt Stablecoin, thi\u1ebft l\u1eadp khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh to\u00e0n di\u1ec7n \u0111\u1ea7u ti\u00ean tr\u00ean th\u1ebf gi\u1edbi cho stablecoin fiat. Th\u00f4ng qua nguy\u00ean t\u1eafc quy \u0111\u1ecbnh neo gi\u00e1 tr\u1ecb, c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u ph\u1ea3i c\u00f3 gi\u1ea5y ph\u00e9p v\u00e0 duy tr\u00ec t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef c\u00f3 t\u00ednh thanh kho\u1ea3n cao, thu h\u00fat c\u00e1c c\u00f4ng ty nh\u01b0 Ant v\u00e0 JD.com tham gia. Vi\u1ec7c c\u1ea3i thi\u1ec7n gi\u00e1m s\u00e1t \u1edf c\u1ea3 hai n\u01a1i \u0111\u00e3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro ch\u00ednh s\u00e1ch v\u00e0 th\u00fac \u0111\u1ea9y \u0111\u00e1ng k\u1ec3 s\u1ef1 \u0111\u1ed5i m\u1edbi t\u00e0i ch\u00ednh v\u00e0 ph\u00e1t tri\u1ec3n tu\u00e2n th\u1ee7.<\/p>\n V\u00e0o th\u00e1ng 6 n\u0103m nay, Liu Qiangdong, ch\u1ee7 t\u1ecbch h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u1ee7a JD.com Group, cho bi\u1ebft JD.com hy v\u1ecdng s\u1ebd n\u1ed9p \u0111\u01a1n xin gi\u1ea5y ph\u00e9p stablecoin t\u1ea1i t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia c\u00f3 \u0111\u1ed3ng ti\u1ec1n ch\u00ednh tr\u00ean th\u1ebf gi\u1edbi, v\u00e0 sau \u0111\u00f3 s\u1eed d\u1ee5ng c\u00e1c gi\u1ea5y ph\u00e9p stablecoin \u0111\u1ec3 th\u1ef1c hi\u1ec7n trao \u0111\u1ed5i gi\u1eefa c\u00e1c c\u00f4ng ty to\u00e0n c\u1ea7u, gi\u1ea3m chi ph\u00ed thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi to\u00e0n c\u1ea7u xu\u1ed1ng 90%, v\u00e0 t\u0103ng hi\u1ec7u qu\u1ea3 xu\u1ed1ng d\u01b0\u1edbi 10 gi\u00e2y. \u0110\u1ed3ng th\u1eddi, JD.com d\u1ef1 ki\u1ebfn s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c gi\u1ea5y ph\u00e9p v\u00e0o \u0111\u1ea7u qu\u00fd IV n\u0103m nay v\u00e0 ra m\u1eaft stablecoin c\u1ee7a JD.com c\u00f9ng l\u00fac.<\/p>\n Trong c\u00f9ng th\u00e1ng, Bian Zhuoqun, ph\u00f3 ch\u1ee7 t\u1ecbch c\u1ee7a Ant Group v\u00e0 ch\u1ee7 t\u1ecbch b\u1ed9 ph\u1eadn blockchain c\u1ee7a Ant Digits, \u0111\u00e3 ti\u1ebft l\u1ed9 r\u1eb1ng Ant Digits \u0111\u00e3 b\u1eaft \u0111\u1ea7u n\u1ed9p \u0111\u01a1n xin gi\u1ea5y ph\u00e9p stablecoin t\u1ea1i H\u1ed3ng K\u00f4ng v\u00e0 \u0111\u00e3 ti\u1ebfn h\u00e0nh nhi\u1ec1u v\u00f2ng giao ti\u1ebfp v\u1edbi c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd. Ant Digits \u0111\u00e3 x\u00e1c \u0111\u1ecbnh H\u1ed3ng K\u00f4ng l\u00e0 tr\u1ee5 s\u1edf to\u00e0n c\u1ea7u c\u1ee7a m\u00ecnh trong n\u0103m nay v\u00e0 \u0111\u00e3 ho\u00e0n th\u00e0nh th\u1eed nghi\u1ec7m th\u00ed \u0111i\u1ec3m trong khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh t\u1ea1i H\u1ed3ng K\u00f4ng. JD.com, c\u00f4ng ty g\u1ea7n \u0111\u00e2y \u0111\u00e3 c\u00f3 nhi\u1ec1u \u0111\u1ed9ng th\u00e1i, \u0111\u00e3 l\u00ean k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh m\u1ed9t stablecoin neo v\u00e0o \u0111\u00f4 la H\u1ed3ng K\u00f4ng theo t\u1ef7 l\u1ec7 1:1 t\u1ea1i H\u1ed3ng K\u00f4ng t\u1eeb n\u0103m ngo\u00e1i. V\u00e0o th\u00e1ng 5 n\u0103m 2025, Liu Peng, CEO c\u1ee7a JD.com Coin Chain Technology, \u0111\u00e3 c\u00f4ng b\u1ed1 ti\u1ebfn tr\u00ecnh c\u1ee7a stablecoin JD.com. “Giai \u0111o\u1ea1n \u0111\u1ea7u ti\u00ean c\u1ee7a stablecoin JD.com d\u1ef1 ki\u1ebfn s\u1ebd \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u1edbi c\u00e1c stablecoin neo v\u00e0o \u0111\u00f4 la H\u1ed3ng K\u00f4ng v\u00e0 \u0111\u00f4 la M\u1ef9. C\u00e1c k\u1ecbch b\u1ea3n th\u1eed nghi\u1ec7m ch\u1ee7 y\u1ebfu bao g\u1ed3m thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, giao d\u1ecbch \u0111\u1ea7u t\u01b0, thanh to\u00e1n b\u00e1n l\u1ebb, v.v.”<\/em> Sau \u0111\u00f3, Liu Peng c\u0169ng cho bi\u1ebft, “Th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed t\u1ef1 v\u1eadn h\u00e0nh c\u1ee7a JD.com t\u1ea1i H\u1ed3ng K\u00f4ng v\u00e0 Ma Cao s\u1ebd s\u1edbm h\u1ed7 tr\u1ee3 mua s\u1eafm b\u1eb1ng stablecoin.”<\/em><\/p>\n V\u1ec1 vi\u1ec7c m\u1edf r\u1ed9ng k\u1ecbch b\u1ea3n kinh doanh, JD Stablecoin t\u1eadp trung v\u00e0o hai k\u1ecbch b\u1ea3n ch\u00ednh: thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi v\u00e0 t\u00e0i ch\u00ednh chu\u1ed7i cung \u1ee9ng. Trong thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, JD h\u1ee3p t\u00e1c v\u1edbi Visa \u0111\u1ec3 ra m\u1eaft m\u1ed9t th\u1ebb li\u00ean k\u1ebft, gi\u1ea3m chi ph\u00ed thanh to\u00e1n t\u1eeb 6% c\u1ee7a SWIFT xu\u1ed1ng 0,1%, v\u00e0 r\u00fat ng\u1eafn th\u1eddi gian t\u1eeb 3 ng\u00e0y xu\u1ed1ng 10 gi\u00e2y. M\u1ee5c ti\u00eau l\u00e0 chi\u1ebfm 10%-15% th\u1ecb tr\u01b0\u1eddng thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi to\u00e0n c\u1ea7u v\u00e0o n\u0103m 2028. Ngo\u00e0i ra, JD \u0111ang kh\u00e1m ph\u00e1 stablecoin nh\u00e2n d\u00e2n t\u1ec7 ngo\u00e0i kh\u01a1i (JD-CNH) \u0111\u1ec3 k\u1ebft n\u1ed1i v\u1edbi thanh to\u00e1n th\u01b0\u01a1ng m\u1ea1i V\u00e0nh \u0111ai v\u00e0 Con \u0111\u01b0\u1eddng v\u00e0 thay th\u1ebf h\u1ec7 th\u1ed1ng SWIFT.<\/p>\n C\u00e1c c\u00f4ng ty Internet Trung Qu\u1ed1c \u0111ang b\u1eaft \u0111\u1ea7u m\u1ed9t con \u0111\u01b0\u1eddng kh\u00e1m ph\u00e1, nh\u01b0ng tham v\u1ecdng c\u1ee7a c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 t\u00e0i ch\u00ednh M\u1ef9 nh\u01b0 Visa th\u1ef1c s\u1ef1 \u0111\u00e3 b\u1eaft \u0111\u1ea7u t\u1eeb n\u0103m 2020, nh\u01b0ng h\u1ecd \u0111\u00e3 r\u00fat lui kh\u1ecfi d\u1ef1 \u00e1n Libra (nay l\u00e0 Diem) do Facebook d\u1eabn d\u1eaft v\u00ec s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 quy \u0111\u1ecbnh trong giai \u0111o\u1ea1n \u0111\u1ea7u. V\u1edbi vi\u1ec7c d\u1ea7n d\u1ea7n th\u1ef1c hi\u1ec7n c\u00e1c khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh nh\u01b0 \u0110\u1ea1o lu\u1eadt Genius c\u1ee7a Hoa K\u1ef3, Visa \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a m\u00ecnh v\u00e0 chuy\u1ec3n sang h\u1ee3p t\u00e1c v\u1edbi c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd. V\u00e0o n\u0103m 2025, Visa ch\u00ednh th\u1ee9c tham gia li\u00ean minh stablecoin Global Dollar Network (USDG) do c\u00f4ng ty blockchain Paxos kh\u1edfi x\u01b0\u1edbng, tr\u1edf th\u00e0nh t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng \u0111\u1ea7u ti\u00ean tham gia li\u00ean minh. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 Visa gi\u00e1n ti\u1ebfp nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 h\u1ed7 tr\u1ee3 h\u1ee3p ph\u00e1p cho vi\u1ec7c ph\u00e1t h\u00e0nh v\u00e0 thanh to\u00e1n stablecoin th\u00f4ng qua t\u01b0 c\u00e1ch th\u00e0nh vi\u00ean li\u00ean minh d\u01b0\u1edbi khu\u00f4n kh\u1ed5 tu\u00e2n th\u1ee7.<\/p>\n Ngo\u00e0i ra, Visa c\u0169ng h\u1ee3p t\u00e1c v\u1edbi s\u00e0n giao d\u1ecbch ti\u1ec1n \u0111i\u1ec7n t\u1eed ch\u00e2u Phi Yellow Card \u0111\u1ec3 th\u00fac \u0111\u1ea9y thanh to\u00e1n stablecoin \u1edf Trung v\u00e0 \u0110\u00f4ng \u00c2u, Trung \u0110\u00f4ng v\u00e0 ch\u00e2u Phi (CEMEA). B\u1ed1 tr\u00ed c\u00f4ng ngh\u1ec7 c\u1ee7a Visa t\u1eadp trung v\u00e0o vi\u1ec7c t\u00edch h\u1ee3p li\u1ec1n m\u1ea1ch stablecoin v\u1edbi c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n hi\u1ec7n c\u00f3. V\u00e0o n\u0103m 2023, Visa \u0111\u00e3 d\u1eabn \u0111\u1ea7u trong vi\u1ec7c h\u1ed7 tr\u1ee3 thanh to\u00e1n stablecoin USDC, tr\u1edf th\u00e0nh m\u1ea1ng l\u01b0\u1edbi thanh to\u00e1n to\u00e0n c\u1ea7u \u0111\u1ea7u ti\u00ean \u0111\u01b0a stablecoin v\u00e0o h\u1ec7 th\u1ed1ng thanh to\u00e1n c\u1ed1t l\u00f5i. Ki\u1ebfn tr\u00fac k\u1ef9 thu\u1eadt c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh tr\u00ean chu\u1ed7i th\u00f4ng qua D\u1ecbch v\u1ee5 Token c\u1ee7a Visa, \u0111\u1ec3 thanh to\u00e1n stablecoin c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c nh\u00fang v\u00e0o c\u00e1c quy tr\u00ecnh kinh doanh nh\u01b0 thanh to\u00e1n t\u1ef1 \u0111\u1ed9ng v\u00e0 ph\u00e2n chia t\u00e0i kho\u1ea3n. V\u00ed d\u1ee5, API thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi c\u1ee7a Visa \u0111\u00e3 h\u1ed7 tr\u1ee3 thanh to\u00e1n stablecoin theo th\u1eddi gian th\u1ef1c, r\u00fat ng\u1eafn th\u1eddi gian \u0111\u1ebfn c\u1ee7a c\u00e1c kho\u1ea3n thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi truy\u1ec1n th\u1ed1ng t\u1eeb v\u00e0i ng\u00e0y xu\u1ed1ng gi\u00e2y, v\u00e0 gi\u1ea3m chi ph\u00ed xu\u1ed1ng d\u01b0\u1edbi 0,1%.<\/p>\n Ti\u1ec1n \u0111i\u1ec7n t\u1eed tr\u01b0\u1edbc \u0111\u00e2y c\u1ee7a Ant, PayPal, c\u0169ng \u0111\u00e3 tham gia v\u00e0o stablecoin t\u1eeb l\u00e2u. K\u1ec3 t\u1eeb khi ra m\u1eaft tr\u00ean m\u1ea1ng ch\u00ednh Ethereum v\u00e0o th\u00e1ng 8 n\u0103m 2023, PayPal USD (PYUSD) \u0111\u00e3 nhanh ch\u00f3ng ph\u00e1t tri\u1ec3n t\u1eeb m\u1ed9t th\u1eed nghi\u1ec7m ngang h\u00e0ng th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 thanh to\u00e1n \u0111a chu\u1ed7i, c\u1ea5p \u0111\u1ed9 doanh nghi\u1ec7p. Stablecoin n\u00e0y \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n th\u00f4ng qua s\u1ef1 h\u1ee3p t\u00e1c gi\u1eefa PayPal v\u00e0 Paxos Trust Company, v\u00e0 \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o 100% b\u1edfi c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u00f4 la M\u1ef9, tr\u00e1i phi\u1ebfu kho b\u1ea1c ng\u1eafn h\u1ea1n c\u1ee7a M\u1ef9 v\u00e0 c\u00e1c t\u00e0i s\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1n m\u1eb7t t\u01b0\u01a1ng t\u1ef1; Paxos th\u01b0\u1eddng xuy\u00ean ph\u00e1t h\u00e0nh b\u00e1o c\u00e1o ki\u1ec3m to\u00e1n d\u1ef1 tr\u1eef \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch c\u1ee7a d\u1ef1 tr\u1eef v\u00e0 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh. Ngay t\u1eeb \u0111\u1ea7u, PayPal \u0111\u00e3 cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng d\u1ec5 d\u00e0ng g\u1eedi v\u00e0 r\u00fat ti\u1ec1n gi\u1eefa s\u1ed1 d\u01b0 PayPal v\u00e0 Venmo c\u0169ng nh\u01b0 v\u00ed d\u1ef1a tr\u00ean Ethereum, th\u1ef1c s\u1ef1 t\u00edch h\u1ee3p c\u00e1c k\u00eanh thanh to\u00e1n truy\u1ec1n th\u1ed1ng v\u1edbi c\u00e1c k\u00eanh t\u00e0i ch\u00ednh phi t\u1eadp trung, v\u00e0 cung c\u1ea5p thanh to\u00e1n g\u1ea7n nh\u01b0 theo th\u1eddi gian th\u1ef1c v\u00e0 ph\u1ea1m vi to\u00e0n c\u1ea7u.<\/p>\n V\u00e0o th\u00e1ng 5 n\u0103m 2024, PayPal th\u00f4ng b\u00e1o r\u1eb1ng PYUSD s\u1ebd \u0111\u01b0\u1ee3c ra m\u1eaft tr\u00ean chu\u1ed7i Solana, nh\u1eb1m t\u1eadn d\u1ee5ng \u0111\u1ed9 ch\u1eafc ch\u1eafn d\u01b0\u1edbi m\u1ed9t gi\u00e2y c\u1ee7a Solana v\u00e0 ph\u00ed giao d\u1ecbch c\u1ef1c th\u1ea5p \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c vi\u1ec7c chuy\u1ec3n ti\u1ec1n nhanh h\u01a1n v\u00e0 chi ph\u00ed th\u1ea5p h\u01a1n. C\u00e1c v\u00ed l\u1edbn v\u00e0 nh\u00e0 cung c\u1ea5p k\u00eanh g\u1eedi ti\u1ec1n nh\u01b0 Crypto.com, Phantom v\u00e0 Paxos l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u ti\u00ean truy c\u1eadp v\u00e0 gi\u00fap ng\u01b0\u1eddi d\u00f9ng nh\u1eadn PYUSD tr\u00ean chu\u1ed7i Solana. \u0110\u1ed9ng th\u00e1i n\u00e0y kh\u00f4ng ch\u1ec9 m\u1edf r\u1ed9ng \u1ee9ng d\u1ee5ng c\u1ee7a stablecoin trong thanh to\u00e1n b\u00e1n l\u1ebb v\u00e0 chuy\u1ec3n ti\u1ec1n xuy\u00ean bi\u00ean gi\u1edbi, m\u00e0 c\u00f2n thu h\u00fat c\u00e1c nh\u00e0 ph\u00e1t tri\u1ec3n t\u00edch h\u1ee3p PYUSD v\u00e0o c\u00e1c h\u1ec7 th\u1ed1ng thu nh\u1eadn, giao th\u1ee9c DeFi v\u00e0 \u1ee9ng d\u1ee5ng Web3. T\u00ednh \u0111\u1ebfn th\u00e1ng 6 n\u0103m 2025, vi\u1ec7c ph\u00e1t h\u00e0nh PYUSD tr\u00ean m\u1ea1ng Solana \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 300 tri\u1ec7u USD. Trong t\u01b0\u01a1ng lai, PayPal d\u1ef1 ki\u1ebfn s\u1ebd m\u1edf r\u1ed9ng h\u1ed7 tr\u1ee3 PYUSD \u0111\u1ebfn nhi\u1ec1u m\u1ea1ng Layer 2 v\u00e0 chu\u1ed7i c\u00f4ng khai h\u01a1n, v\u00e0 ti\u1ebfp t\u1ee5c t\u1ed1i \u01b0u h\u00f3a ch\u1ee9c n\u0103ng h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u \u0111a d\u1ea1ng c\u1ee7a c\u00e1c th\u01b0\u01a1ng nh\u00e2n.<\/p>\n Th\u00fa v\u1ecb l\u00e0, c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 Ph\u1ed1 Wall c\u0169ng kh\u00f4ng \u0111\u1ee9ng ngo\u00e0i cu\u1ed9c. V\u00e0o n\u0103m 2019, JPMorgan \u0111\u00e3 ra m\u1eaft JPMCoin \u0111\u1ec3 s\u1eed d\u1ee5ng n\u1ed9i b\u1ed9 cho c\u00e1c kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho thanh to\u00e1n v\u00e0 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi trong ng\u00e2n h\u00e0ng. Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y kho\u1ea3ng 1 t\u1ef7 USD, l\u00e0m n\u1ed5i b\u1eadt gi\u00e1 tr\u1ecb \u1ee9ng d\u1ee5ng t\u1ea7n su\u1ea5t cao c\u1ee7a n\u00f3 trong c\u00e1c k\u1ecbch b\u1ea3n t\u1ed5 ch\u1ee9c. Tuy nhi\u00ean, JPMCoin ch\u1ec9 gi\u1edbi h\u1ea1n trong m\u1ea1ng l\u01b0\u1edbi n\u1ed9i b\u1ed9 c\u1ee7a Morgan v\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c l\u01b0u th\u00f4ng tr\u00ean chu\u1ed7i c\u00f4ng khai. V\u00e0o gi\u1eefa th\u00e1ng 6 n\u0103m 2025, JPMorgan \u0111\u00e3 c\u00f4ng b\u1ed1 ra m\u1eaft token ti\u1ec1n g\u1eedi JPMD d\u1ef1a tr\u00ean m\u1ea1ng Coinbase Layer 2 Base. Kh\u00e1c v\u1edbi c\u00e1c stablecoin truy\u1ec1n th\u1ed1ng, JPMD \u0111\u1ea1i di\u1ec7n cho c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi th\u1ef1c t\u1ebf c\u1ee7a ng\u00e2n h\u00e0ng v\u00e0 c\u00f3 k\u1ebf ho\u1ea1ch bao g\u1ed3m b\u1ea3o hi\u1ec3m ti\u1ec1n g\u1eedi li\u00ean bang. N\u00f3 nh\u1eb1m cung c\u1ea5p cho c\u00e1c kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c c\u00e1c ch\u1ee9ng ch\u1ec9 ti\u1ec1n g\u1eedi k\u1ef9 thu\u1eadt s\u1ed1 tu\u00e2n th\u1ee7, c\u00f3 th\u1ec3 ki\u1ec3m to\u00e1n trong khi tu\u00e2n th\u1ee7 c\u00e1c quy tr\u00ecnh KYC\/AML nghi\u00eam ng\u1eb7t \u0111\u1ec3 h\u1ed7 tr\u1ee3 thanh to\u00e1n v\u00e0 qu\u1ea3n l\u00fd thanh kho\u1ea3n g\u1ea7n nh\u01b0 theo th\u1eddi gian th\u1ef1c 24\/7.<\/p>\n Kh\u00f4ng kh\u00f3 \u0111\u1ec3 th\u1ea5y r\u1eb1ng nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 n\u00e0y \u0111\u00e3 h\u00ecnh th\u00e0nh m\u1ed9t th\u1ebf \u0111\u1ed9c quy\u1ec1n trong c\u00e1c l\u0129nh v\u1ef1c Internet v\u00e0 t\u00e0i ch\u00ednh \u0111\u1ec1u \u0111\u00e3 b\u01b0\u1edbc v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 nh\u1eafm \u0111\u1ebfn \u0111\u01b0\u1eddng \u0111ua m\u1edbi c\u1ee7a stablecoin. Trong t\u01b0\u01a1ng lai, nhi\u1ec7m v\u1ee5 c\u1ee7a stablecoin l\u00e0 t\u0103ng t\u1ed1c chuy\u1ec3n \u0111\u1ed5i thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, ph\u00e1 v\u1ee1 th\u1ebf \u0111\u1ed9c quy\u1ec1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng v\u00e0 SWIFT, \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u1ebfn n\u01a1i theo th\u1eddi gian th\u1ef1c 24\/7 v\u00e0 d\u00f2ng v\u1ed1n to\u00e0n c\u1ea7u v\u1edbi chi ph\u00ed g\u1ea7n nh\u01b0 b\u1eb1ng kh\u00f4ng, v\u00e0 tr\u1edf th\u00e0nh c\u00f4ng c\u1ee5 c\u1ed1t l\u00f5i cho chuy\u1ec3n ti\u1ec1n v\u00e0 thanh to\u00e1n th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf \u1edf c\u00e1c n\u01b0\u1edbc \u0111ang ph\u00e1t tri\u1ec3n. Stablecoin s\u1ebd kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed, m\u00e0 c\u00f2n c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t l\u1ef1c l\u01b0\u1ee3ng ch\u00ednh trong vi\u1ec7c t\u00e1i c\u1ea5u tr\u00fac tr\u1eadt t\u1ef1 ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh.<\/p>\n Tuy nhi\u00ean, stablecoin kh\u00f3 c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n thay th\u1ebf c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n truy\u1ec1n th\u1ed1ng. Thay v\u00e0o \u0111\u00f3, ch\u00fang s\u1ebd d\u1ea7n d\u1ea7n t\u00e1i c\u1ea5u tr\u00fac con \u0111\u01b0\u1eddng l\u01b0u th\u00f4ng gi\u00e1 tr\u1ecb v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n, kh\u1ea3 n\u0103ng l\u1eadp tr\u00ecnh m\u1ea1nh m\u1ebd h\u01a1n v\u00e0 k\u1ebft n\u1ed1i to\u00e0n c\u1ea7u. Trong ng\u1eafn h\u1ea1n, stablecoin s\u1ebd thay th\u1ebf m\u1ed9t ph\u1ea7n c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n truy\u1ec1n th\u1ed1ng trong m\u1ed9t s\u1ed1 k\u1ecbch b\u1ea3n, ch\u1eb3ng h\u1ea1n nh\u01b0 th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed xuy\u00ean bi\u00ean gi\u1edbi, thanh to\u00e1n t\u1ef1 do, thanh to\u00e1n qu\u1ea3ng c\u00e1o tr\u00f2 ch\u01a1i, v.v. Trong trung v\u00e0 d\u00e0i h\u1ea1n, stablecoin d\u1ef1 ki\u1ebfn s\u1ebd h\u00ecnh th\u00e0nh m\u1ed9t th\u1ebf h\u1ec7 m\u1edbi c\u1ee7a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng thanh to\u00e1n v\u00e0 thanh to\u00e1n tr\u00ean chu\u1ed7i, song song v\u1edbi h\u1ec7 th\u1ed1ng truy\u1ec1n th\u1ed1ng, v\u00e0 th\u1eadm ch\u00ed d\u1ea7n d\u1ea7n thay th\u1ebf h\u1ec7 th\u1ed1ng thanh to\u00e1n truy\u1ec1n th\u1ed1ng trong m\u1ed9t s\u1ed1 k\u1ecbch b\u1ea3n. Trong d\u00e0i h\u1ea1n, stablecoin s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t c\u1ef1c quan tr\u1ecdng c\u1ee7a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng thanh to\u00e1n to\u00e0n c\u1ea7u.<\/p>\n Alex Zuo, ph\u00f3 ch\u1ee7 t\u1ecbch c\u1ea5p cao c\u1ee7a Cobo v\u00e0 ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u kinh doanh stablecoin, \u0111\u00e3 n\u00f3i v\u1edbi Foresight News. Tuy nhi\u00ean, nh\u1eefng r\u1ee7i ro m\u00e0 nhi\u1ec1u c\u00f4ng ty ph\u1ea3i \u0111\u1ed1i m\u1eb7t sau khi b\u01b0\u1edbc v\u00e0o th\u1ecb tr\u01b0\u1eddng stablecoin kh\u00f4ng th\u1ec3 b\u1ecb b\u1ecf qua. Liu Honglin, m\u1ed9t lu\u1eadt s\u01b0 t\u1ea1i C\u00f4ng ty Lu\u1eadt Mankiw Th\u01b0\u1ee3ng H\u1ea3i, \u0111\u00e3 n\u00f3i v\u1edbi Foresight News r\u1eb1ng vi\u1ec7c ph\u00e1t h\u00e0nh stablecoin l\u00e0 m\u1ed9t cu\u1ed9c \u0111\u1ed1i tho\u1ea1i v\u1ec1 c\u1ea5u tr\u00fac qu\u1ea3n tr\u1ecb, ranh gi\u1edbi ki\u1ec3m so\u00e1t r\u1ee7i ro v\u00e0 gi\u00e1m s\u00e1t. \u0110\u1ea7u ti\u00ean, k\u1ebf ho\u1ea1ch c\u1ea5u tr\u00fac ban \u0111\u1ea7u ph\u1ea3i r\u00f5 r\u00e0ng. T\u1ea1i H\u1ed3ng K\u00f4ng, con \u0111\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng tu\u00e2n th\u1ee7 Quy \u0111\u1ecbnh v\u1ec1 Stablecoin \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf t\u1eeb \u0111\u1ea7u, bao g\u1ed3m vi\u1ec7c n\u1ed9p \u0111\u01a1n xin gi\u1ea5y ph\u00e9p, c\u1ea5u tr\u00fac qu\u1ef9 d\u1ef1 tr\u1eef, h\u1ec7 th\u1ed1ng c\u00f4ng b\u1ed1 th\u00f4ng tin v\u00e0 ki\u1ec3m tra tu\u00e2n th\u1ee7 c\u1ee7a gi\u00e1m \u0111\u1ed1c. Kh\u00f4ng \u0111\u01b0\u1ee3c \u0111i theo con \u0111\u01b0\u1eddng ph\u00e1t h\u00e0nh tr\u01b0\u1edbc v\u00e0 tu\u00e2n th\u1ee7 sau. HKMA r\u00f5 r\u00e0ng c\u1ea5m vi\u1ec7c ph\u00e1t h\u00e0nh ti\u1ec1n m\u00e0 kh\u00f4ng c\u00f3 gi\u1ea5y ph\u00e9p.<\/p>\n Th\u1ee9 hai, ng\u00e2n s\u00e1ch tu\u00e2n th\u1ee7 c\u1ea7n \u0111\u01b0\u1ee3c d\u1ef1 tr\u1eef \u0111\u1ea7y \u0111\u1ee7. Stablecoin kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1c d\u1ef1 \u00e1n nh\u1eb9 v\u1ec1 t\u00e0i s\u1ea3n. Vi\u1ec7c b\u1ea3o qu\u1ea3n d\u1ef1 tr\u1eef, chu\u1ea9n b\u1ecb b\u00e1o c\u00e1o ki\u1ec3m to\u00e1n, ki\u1ec3m tra an ninh h\u1ec7 th\u1ed1ng CNTT, ho\u1ea1t \u0111\u1ed9ng h\u00e0ng ng\u00e0y v\u00e0 nh\u00e2n s\u1ef1 tu\u00e2n th\u1ee7 ph\u00e1p l\u00fd \u0111\u1ec1u l\u00e0 nh\u1eefng chi ph\u00ed l\u00e2u d\u00e0i. N\u00ean thi\u1ebft l\u1eadp m\u1ed9t qu\u1ef9 ng\u00e2n s\u00e1ch tu\u00e2n th\u1ee7 \u0111\u1eb7c bi\u1ec7t v\u00e0 thi\u1ebft l\u1eadp m\u1ed9t c\u01a1 ch\u1ebf ki\u1ec3m so\u00e1t r\u1ee7i ro b\u00ean th\u1ee9 ba, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c cu\u1ed9c \u0111\u00e1nh gi\u00e1 b\u00ean ngo\u00e0i \u0111\u1ecbnh k\u1ef3.<\/p>\n Th\u1ee9 ba, c\u1ea7n thi\u1ebft l\u1eadp m\u1ed9t h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p trung l\u1eadp. Tr\u00e1nh c\u00e1c khuy\u1ebft \u0111i\u1ec3m c\u1ea5u tr\u00fac nh\u01b0 s\u1ef1 ki\u1ec3m so\u00e1t tuy\u1ec7t \u0111\u1ed1i c\u1ee7a c\u00f4ng ty m\u1eb9 \u0111\u1ed1i v\u1edbi nh\u00e0 ph\u00e1t h\u00e0nh, thi\u1ebfu t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a c\u00e1c gi\u00e1m \u0111\u1ed1c v\u00e0 thi\u1ebfu quy tr\u00ecnh xem x\u00e9t n\u1ed9i b\u1ed9 cho c\u00e1c v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng. HKMA c\u00f3 nh\u1eefng ti\u1ec1n l\u1ec7 r\u00f5 r\u00e0ng trong vi\u1ec7c t\u1eeb ch\u1ed1i c\u00e1c ch\u1ee7 s\u1edf h\u1eefu c\u00f3 l\u1ee3i kh\u00f4ng minh b\u1ea1ch v\u00e0 qu\u1ea3n tr\u1ecb kh\u00f4ng t\u00e1ch bi\u1ec7t. L\u00e0 nh\u1eefng ng\u01b0\u1eddi d\u00f9ng b\u00ecnh th\u01b0\u1eddng, \u0111\u1ec3 tr\u00e1nh nh\u1eefng b\u00e0i h\u1ecdc t\u1eeb s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a UST, ng\u01b0\u1eddi d\u00f9ng c\u1ea7n ch\u00fa \u00fd kh\u00f4ng ch\u1ec9 \u0111\u1ebfn thi\u1ebft k\u1ebf c\u1ee7a c\u01a1 ch\u1ebf d\u1ef1 \u00e1n, m\u00e0 c\u00f2n \u0111\u1ebfn vi\u1ec7c li\u1ec7u cam k\u1ebft ho\u00e0n tr\u1ea3 c\u1ee7a n\u00f3 c\u00f3 \u0111\u00e1ng tin c\u1eady hay kh\u00f4ng. M\u1eb7c d\u00f9 H\u1ed3ng K\u00f4ng v\u00e0 Hoa K\u1ef3 \u0111ang li\u00ean t\u1ee5c \u0111\u01b0a ra c\u00e1c bi\u1ec7n ph\u00e1p quy \u0111\u1ecbnh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb v\u1eabn c\u1ea7n ph\u1ea3i t\u1ec9nh t\u00e1o khi ch\u1ecdn ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n stablecoin \u0111\u1ec3 tr\u00e1nh t\u1ed5n th\u1ea5t. C\u1ed1t l\u00f5i c\u1ee7a stablecoin kh\u00f4ng ph\u1ea3i l\u00e0 li\u1ec7u c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n k\u1ef9 thu\u1eadt c\u00f3 \u0111\u1ed5i m\u1edbi hay kh\u00f4ng. Thi\u1ebft k\u1ebf thanh to\u00e1n c\u00f3 th\u1ec3 ng\u0103n ch\u1eb7n c\u00e1c r\u1ee7i ro h\u1ec7 th\u1ed1ng, nh\u01b0ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 r\u1ee7i ro \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf, lu\u1eadt s\u01b0 Liu Honglin cho bi\u1ebft.<\/p>\n","protected":false},"excerpt":{"rendered":" T\u00e1c gi\u1ea3: 1912212.eth, Foresight News Kh\u00f4ng ai ng\u1edd r\u1eb1ng v\u00e0o th\u1eddi \u0111i\u1ec3m c\u1ed9ng \u0111\u1ed3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111ang than phi\u1ec1n v\u1ec1 s\u1ef1 thi\u1ebfu \u0111\u1ed5i m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng, c\u00e1i m\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp Paradigm, Matt Huang g\u1ecdi l\u00e0 “si\u00eau chu k\u1ef3 stable…<\/p>\n","protected":false},"author":3,"featured_media":10391,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[5308,9059,4293,4203,5079,4226,4280,6809,4217,6897,4999,5886,6581,6126,5222,4409,4314,4204,4756,7101],"class_list":["post-10392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-amazon","tag-ant-group","tag-base","tag-china","tag-circle","tag-coinbase","tag-hong-kong","tag-hong-kong-dollar","tag-legal","tag-paradigm","tag-paypal","tag-paypal-usd","tag-shopify","tag-stellar","tag-stripe","tag-tether","tag-tether-usdt","tag-usa","tag-usdc","tag-walmart"],"yoast_head":"\n\u1ee8ng d\u1ee5ng v\u00e0 T\u0103ng tr\u01b0\u1edfng c\u1ee7a Stablecoin<\/h2>\n
T\u1ea1i sao c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 l\u1ea1i tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng stablecoin?<\/h2>\n
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Cu\u1ed9c chi\u1ebfn gi\u00e0nh quy\u1ec1n th\u1ed1ng tr\u1ecb k\u1ef9 thu\u1eadt s\u1ed1<\/h2>\n
Con \u0111\u01b0\u1eddng quy \u0111\u1ecbnh \u0111ang tr\u1edf n\u00ean r\u00f5 r\u00e0ng h\u01a1n<\/h2>\n