{"id":10746,"date":"2025-07-09T11:22:37","date_gmt":"2025-07-09T11:22:37","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/stablecoins-hoat-dong-chenh-lech-tai-chinh-khong-pha-hoai\/"},"modified":"2025-07-09T11:22:37","modified_gmt":"2025-07-09T11:22:37","slug":"stablecoins-hoat-dong-chenh-lech-tai-chinh-khong-pha-hoai","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/stablecoins-hoat-dong-chenh-lech-tai-chinh-khong-pha-hoai\/","title":{"rendered":"Stablecoins: Ho\u1ea1t \u0110\u1ed9ng Ch\u00eanh L\u1ec7ch T\u00e0i Ch\u00ednh Kh\u00f4ng Ph\u00e1 Ho\u1ea1i"},"content":{"rendered":"

Th\u1ecb Tr\u01b0\u1eddng Tr\u00e1i Phi\u1ebfu Kho B\u1ea1c M\u1ef9 v\u00e0 S\u1ef1 Xu\u1ea5t Hi\u1ec7n C\u1ee7a Stablecoin<\/h2>\n

Trong nhi\u1ec1u th\u1eadp k\u1ef7, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9<\/strong> tr\u1ecb gi\u00e1 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la \u0111\u00e3 l\u00e0 tr\u1ee5 c\u1ed9t c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u, v\u1edbi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, qu\u1ef9 t\u00e0i s\u1ea3n qu\u1ed1c gia v\u00e0 c\u00e1c \u00f4ng l\u1edbn trong th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 truy\u1ec1n th\u1ed1ng. Tuy nhi\u00ean, m\u1ed9t t\u00e0i li\u1ec7u g\u1ea7n \u0111\u00e2y t\u1eeb Ng\u00e2n h\u00e0ng Thanh to\u00e1n Qu\u1ed1c t\u1ebf (BIS)<\/strong> ti\u1ebft l\u1ed9 r\u1eb1ng m\u1ed9t l\u1ef1c l\u01b0\u1ee3ng m\u1edbi \u0111ang tham gia v\u00e0o vi\u1ec7c \u0111\u1ecbnh h\u00ecnh gi\u00e1 c\u1ee7a nh\u1eefng t\u00e0i s\u1ea3n an to\u00e0n quan tr\u1ecdng n\u00e0y: c\u00e1c stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi \u0111\u00f4 la<\/strong>.<\/p>\n

Vai Tr\u00f2 C\u1ee7a C\u00e1c Nh\u00e0 Ph\u00e1t H\u00e0nh Stablecoin<\/h2>\n

Th\u1ef1c t\u1ebf, c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin l\u1edbn \u0111ang ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t lo\u1ea1i qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 m\u1edbi. H\u1ecd t\u1eadp h\u1ee3p nh\u1eefng ngu\u1ed3n t\u00e0i s\u1ea3n d\u1ef1a tr\u00ean \u0111\u00f4 la kh\u1ed5ng l\u1ed3 v\u00e0, nh\u01b0 t\u00e0i li\u1ec7u c\u1ee7a BIS ch\u1ec9 ra, cho vay s\u1ed1 ti\u1ec1n n\u00e0y v\u00e0o th\u1ecb tr\u01b0\u1eddng repo ng\u1eafn h\u1ea1n<\/strong> gi\u1ed1ng nh\u01b0 c\u00e1c \u0111\u1ed1i t\u00e1c truy\u1ec1n th\u1ed1ng c\u1ee7a h\u1ecd. M\u1eb7c d\u00f9 c\u00f3 nh\u1eefng \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng n\u00e0y, nh\u01b0ng c\u00f3 m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n trong s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh, hi\u1ec7n \u0111ang thay \u0111\u1ed5i.<\/p>\n

H\u00e3y b\u1eaft \u0111\u1ea7u v\u1edbi c\u00e1ch th\u1ee9c v\u00e0 l\u00fd do m\u00e0 c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin, ch\u1eb3ng h\u1ea1n nh\u01b0 Tether<\/strong>, gi\u1eef m\u1ed9t l\u01b0\u1ee3ng d\u1ef1 tr\u1eef l\u1edbn. M\u1ed9t ph\u1ea7n trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd c\u00f3 th\u1ec3 li\u00ean quan \u0111\u1ebfn vi\u1ec7c tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng repo c\u1ee7a M\u1ef9, n\u01a1i c\u00e1c b\u00ean tham gia vay ti\u1ec1n m\u1eb7t b\u1eb1ng c\u00e1ch th\u1ebf ch\u1ea5p ch\u1ee9ng kho\u00e1n c\u1ee7a h\u1ecd, v\u1edbi l\u1eddi h\u1ee9a s\u1ebd mua l\u1ea1i ch\u1ee9ng kho\u00e1n v\u00e0o m\u1ed9t ng\u00e0y sau \u0111\u00f3.<\/p>\n

Giao D\u1ecbch Ch\u00eanh L\u1ec7ch v\u00e0 T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Th\u1ecb Tr\u01b0\u1eddng<\/h2>\n

Trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng (TradFi), giao d\u1ecbch ch\u00eanh l\u1ec7ch th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u00f2n b\u1ea9y nh\u01b0 qu\u1ef9 \u0111\u1ea7u c\u01a1. H\u1ecd th\u01b0\u1eddng c\u1ea7n vay ti\u1ec1n m\u1eb7t th\u00f4ng qua th\u1ecb tr\u01b0\u1eddng repo \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu kho b\u1ea1c trong khi \u0111\u1ed3ng th\u1eddi b\u00e1n kh\u1ed1ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu kho b\u1ea1c tr\u00ean CME. B\u1eb1ng c\u00e1ch tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng repo th\u00f4ng qua vi\u1ec7c cho vay ti\u1ec1n m\u1eb7t qua c\u00e1c giao d\u1ecbch mua l\u1ea1i ng\u01b0\u1ee3c, c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh ngu\u1ed3n t\u00e0i tr\u1ee3 cho c\u00e1c th\u1ef1c th\u1ec3 th\u1ef1c hi\u1ec7n giao d\u1ecbch ch\u00eanh l\u1ec7ch.<\/p>\n

\n

Giao d\u1ecbch ch\u00eanh l\u1ec7ch tr\u00e1i phi\u1ebfu kho b\u1ea1c l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng h\u00e0ng \u0111\u1ea7u nh\u01b0 qu\u1ef9 \u0111\u1ea7u c\u01a1 tri\u1ec3n khai, nh\u01b0ng ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c t\u1ea1o \u0111i\u1ec1u ki\u1ec7n b\u1edfi c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u1eefng nh\u00e0 ph\u00e1t h\u00e0nh stablecoin l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi.<\/p>\n<\/blockquote>\n

Trong khi m\u1ed9t s\u1ed1 b\u00ecnh lu\u1eadn vi\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 lo ng\u1ea1i r\u1eb1ng giao d\u1ecbch ch\u00eanh l\u1ec7ch n\u00e0y \u0111ang ph\u00e1 ho\u1ea1i th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c r\u1ed9ng l\u1edbn h\u01a1n, vi\u1ec7c hi\u1ec3u c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a tr\u00f2 ch\u01a1i ch\u00eanh l\u1ec7ch n\u00e0y c\u0169ng nh\u01b0 c\u00e1ch v\u00e0 l\u00fd do m\u00e0 c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin s\u1eed d\u1ee5ng n\u00f3 l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 nh\u1eadn th\u1ee9c \u0111\u01b0\u1ee3c nh\u1eefng l\u1ee3i \u00edch m\u00e0 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 th\u1ec3 mang l\u1ea1i cho h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng.<\/p>\n

R\u1ee7i Ro H\u1ec7 Th\u1ed1ng v\u00e0 T\u01b0\u01a1ng Lai C\u1ee7a Stablecoin<\/h2>\n

B\u00e1o c\u00e1o c\u1ee7a BIS l\u01b0u \u00fd r\u1eb1ng Tether “c\u00f3 th\u1ec3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n” cho nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 vi\u1ec7c cho vay ti\u1ec1n m\u1eb7t c\u1ee7a c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 trong c\u00e1c giao d\u1ecbch repo \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 ph\u1ea3n \u00e1nh c\u00e1c v\u1ecb th\u1ebf b\u00e1n kh\u1ed1ng tr\u00ean h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu kho b\u1ea1c c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0, khi Tether cung c\u1ea5p ti\u1ec1n m\u1eb7t cho th\u1ecb tr\u01b0\u1eddng repo, h\u1ecd \u0111ang gi\u00e1n ti\u1ebfp gi\u00fap t\u00e0i tr\u1ee3 cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 tham gia v\u00e0o giao d\u1ecbch ch\u00eanh l\u1ec7ch.<\/p>\n

Giao d\u1ecbch ch\u00eanh l\u1ec7ch \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u00e0 m\u1ed9t “m\u1ed1i quan t\u00e2m h\u00e0ng \u0111\u1ea7u \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd” do \u0111\u00f2n b\u1ea9y li\u00ean quan v\u00e0 kh\u1ea3 n\u0103ng g\u00e2y r\u1ed1i th\u1ecb tr\u01b0\u1eddng n\u1ebfu c\u00e1c giao d\u1ecbch n\u00e0y b\u1ecb \u0111\u1ea3o ng\u01b0\u1ee3c nhanh ch\u00f3ng, nh\u01b0 \u0111\u00e3 x\u1ea3y ra trong c\u00e1c giai \u0111o\u1ea1n c\u0103ng th\u1eb3ng th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u00e2y, ch\u1eb3ng h\u1ea1n nh\u01b0 v\u00e0o th\u00e1ng 3 n\u0103m 2020.<\/p>\n

N\u1ebfu l\u0129nh v\u1ef1c stablecoin ph\u00e1t tri\u1ec3n l\u00ean 2 ngh\u00ecn t\u1ef7 \u0111\u00f4 la<\/strong> v\u00e0o n\u0103m 2028, m\u1ed9t s\u1ef1 gia t\u0103ng t\u1ef7 l\u1ec7 t\u01b0\u01a1ng \u1ee9ng trong bi\u1ebfn \u0111\u1ed9ng d\u00f2ng ti\u1ec1n 5 ng\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn m\u1ed9t d\u00f2ng ti\u1ec1n kho\u1ea3ng 11 t\u1ef7 \u0111\u00f4 la<\/strong>, v\u1edbi t\u00e1c \u0111\u1ed9ng \u01b0\u1edbc t\u00ednh t\u1eeb -6.28 \u0111\u1ebfn -7.85 \u0111i\u1ec3m c\u01a1 b\u1ea3n l\u00ean l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c.<\/p>\n

D\u1ea5u ch\u00e2n ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng c\u1ee7a stablecoin mang l\u1ea1i nh\u1eefng h\u1ec7 qu\u1ea3 quan tr\u1ecdng cho l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9, truy\u1ec1n t\u1ea3i ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 t\u01b0\u01a1ng lai c\u1ee7a c\u00e1c kho\u1ea3n thanh to\u00e1n to\u00e0n c\u1ea7u, th\u00fac \u0111\u1ea9y y\u00eau c\u1ea7u v\u1ec1 s\u1ef1 minh b\u1ea1ch v\u00e0 s\u1ef1 ch\u00fa \u00fd quy \u0111\u1ecbnh l\u1edbn h\u01a1n.<\/p>\n

Hy v\u1ecdng r\u1eb1ng c\u00e1c lu\u1eadt \u0111ang ch\u1edd x\u1eed l\u00fd nh\u01b0 \u0110\u1ea1o lu\u1eadt GENIUS<\/strong> s\u1ebd gi\u00fap \u0111\u1eb7t n\u1ec1n t\u1ea3ng c\u1ea7n thi\u1ebft \u0111\u1ec3 t\u00edch h\u1ee3p \u0111\u00fang c\u00e1ch l\u1edbp nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu l\u1edbn m\u1edbi n\u00e0y nh\u1eb1m n\u00e2ng cao c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u1ee7a ch\u00fang ta ch\u1ee9 kh\u00f4ng ph\u1ea3i ph\u00e1 ho\u1ea1i ch\u00fang.<\/p>\n","protected":false},"excerpt":{"rendered":"

Th\u1ecb Tr\u01b0\u1eddng Tr\u00e1i Phi\u1ebfu Kho B\u1ea1c M\u1ef9 v\u00e0 S\u1ef1 Xu\u1ea5t Hi\u1ec7n C\u1ee7a Stablecoin Trong nhi\u1ec1u th\u1eadp k\u1ef7, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 tr\u1ecb gi\u00e1 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la \u0111\u00e3 l\u00e0 tr\u1ee5 c\u1ed9t c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u, v\u1edbi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3…<\/p>\n","protected":false},"author":3,"featured_media":10745,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[5392,5079,4533,4217,4409,5509,4569],"class_list":["post-10746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-bank-for-international-settlements","tag-circle","tag-cme","tag-legal","tag-tether","tag-tradfi","tag-u-s-treasury"],"yoast_head":"\nStablecoins: Ho\u1ea1t \u0110\u1ed9ng Ch\u00eanh L\u1ec7ch T\u00e0i Ch\u00ednh Kh\u00f4ng Ph\u00e1 Ho\u1ea1i - CryptoZen<\/title>\n<meta name=\"description\" content=\"Kh\u00e1m ph\u00e1 c\u00e1ch c\u00e1c stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi \u0111\u00f4 la \u0111ang \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 th\u00f4ng qua c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ch\u00eanh l\u1ec7ch t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 truy\u1ec1n th\u1ed1ng.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptozen.asia\/vn\/stablecoins-hoat-dong-chenh-lech-tai-chinh-khong-pha-hoai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stablecoins: Ho\u1ea1t 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