{"id":20704,"date":"2026-07-02T14:48:17","date_gmt":"2026-07-02T14:48:17","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/stablecoin-lien-minh-la-gi-mo-hinh-open-usd\/"},"modified":"2026-07-02T14:48:17","modified_gmt":"2026-07-02T14:48:17","slug":"stablecoin-lien-minh-la-gi-mo-hinh-open-usd","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/stablecoin-lien-minh-la-gi-mo-hinh-open-usd\/","title":{"rendered":"Stablecoin Li\u00ean Minh L\u00e0 G\u00ec? M\u00f4 H\u00ecnh Open USD"},"content":{"rendered":"

Tether v\u00e0 Circle: M\u00f4 H\u00ecnh Stablecoin Truy\u1ec1n Th\u1ed1ng<\/h2>\n

Tether<\/strong> v\u00e0 Circle<\/strong> \u0111\u00e3 x\u00e2y d\u1ef1ng doanh nghi\u1ec7p c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch gi\u1eef l\u00e3i su\u1ea5t tr\u00ean c\u00e1c \u0111\u1ed3ng \u0111\u00f4 la \u0111\u1ee9ng sau c\u00e1c \u0111\u1ed3ng ti\u1ec1n c\u1ee7a h\u1ecd. M\u1ed9t lo\u1ea1i stablecoin m\u1edbi, \u0111\u01b0\u1ee3c \u0111i\u1ec1u h\u00e0nh v\u00e0 s\u1edf h\u1eefu b\u1edfi m\u1ed9t nh\u00f3m thay v\u00ec m\u1ed9t c\u00f4ng ty \u0111\u01a1n l\u1ebb, chia s\u1ebb s\u1ed1 ti\u1ec1n \u0111\u00f3 thay v\u00ec gi\u1eef l\u1ea1i. \u0110\u00e2y l\u00e0 c\u00e1ch m\u00e0 m\u00f4 h\u00ecnh li\u00ean minh<\/strong> ho\u1ea1t \u0111\u1ed9ng v\u00e0 l\u00fd do t\u1ea1i sao n\u00f3 \u0111ang lan r\u1ed9ng.<\/p>\n

Stablecoin Li\u00ean Minh<\/h2>\n

Stablecoin li\u00ean minh l\u00e0 m\u1ed9t \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1, ho\u1eb7c token g\u1eafn v\u1edbi fiat kh\u00e1c, \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 qu\u1ea3n l\u00fd t\u1eadp th\u1ec3 b\u1edfi m\u1ed9t nh\u00f3m c\u00f4ng ty thay v\u00ec b\u1ecb ki\u1ec3m so\u00e1t b\u1edfi m\u1ed9t c\u00f4ng ty duy nh\u1ea5t. \u00dd t\u01b0\u1edfng c\u1ed1t l\u00f5i l\u00e0 s\u1edf h\u1eefu chung c\u1ea3 quy\u1ebft \u0111\u1ecbnh v\u00e0 kinh t\u1ebf: m\u1ed9t h\u1ed9i \u0111\u1ed3ng \u0111\u01b0\u1ee3c r\u00fat ra t\u1eeb c\u00e1c c\u00f4ng ty \u0111\u1ed1i t\u00e1c \u0111\u1eb7t ra c\u00e1c quy t\u1eafc, v\u00e0 thu nh\u1eadp ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef h\u1ed7 tr\u1ee3 \u0111\u1ed3ng ti\u1ec1n \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i gi\u1eefa c\u00e1c \u0111\u1ed1i t\u00e1c \u0111\u00f3 thay v\u00ec gi\u1eef l\u1ea1i b\u1edfi m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t. C\u1ea5u tr\u00fac n\u00e0y l\u00e0 m\u1ed9t s\u1ef1 ph\u00e1 v\u1ee1 c\u00f3 ch\u1ee7 \u00fd kh\u1ecfi m\u00f4 h\u00ecnh \u0111\u00e3 x\u00e2y d\u1ef1ng c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 stablecoin, v\u00e0 n\u00f3 \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng xu h\u01b0\u1edbng quan tr\u1ecdng nh\u1ea5t trong ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1.<\/p>\n

So S\u00e1nh M\u00f4 H\u00ecnh<\/h2>\n

B\u00e0i vi\u1ebft n\u00e0y gi\u1ea3i th\u00edch nh\u1eefng g\u00ec l\u00e0m cho m\u1ed9t stablecoin tr\u1edf th\u00e0nh stablecoin li\u00ean minh, l\u00fd do m\u00f4 h\u00ecnh n\u00e0y \u0111ang n\u1ed5i l\u00ean hi\u1ec7n nay, c\u00e1c v\u00ed d\u1ee5 h\u00e0ng \u0111\u1ea7u, v\u00e0 nh\u1eefng r\u1ee7i ro \u0111i k\u00e8m v\u1edbi vi\u1ec7c \u0111i\u1ec1u h\u00e0nh m\u1ed9t \u0111\u1ed3ng ti\u1ec1n b\u1edfi \u1ee7y ban.<\/p>\n

\u0110\u1ec3 hi\u1ec3u m\u00f4 h\u00ecnh li\u00ean minh, h\u00e3y b\u1eaft \u0111\u1ea7u v\u1edbi m\u00f4 h\u00ecnh m\u00e0 n\u00f3 ph\u1ea3n \u1ee9ng l\u1ea1i. H\u1ea7u h\u1ebft c\u00e1c stablecoin l\u1edbn hi\u1ec7n nay l\u00e0 c\u00e1c \u0111\u1ed3ng ti\u1ec1n do m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t ph\u00e1t h\u00e0nh. M\u1ed9t c\u00f4ng ty t\u1ea1o ra token, gi\u1eef c\u00e1c qu\u1ef9 \u0111\u00f4 la h\u1ed7 tr\u1ee3 n\u00f3, thu th\u1eadp l\u00e3i su\u1ea5t m\u00e0 c\u00e1c qu\u1ef9 \u0111\u00f3 ki\u1ebfm \u0111\u01b0\u1ee3c, v\u00e0 gi\u1eef l\u1ea1i l\u1ee3i nhu\u1eadn. Tether<\/strong>, ph\u00e1t h\u00e0nh USDT<\/strong>, v\u00e0 Circle<\/strong>, ph\u00e1t h\u00e0nh USDC<\/strong>, l\u00e0 nh\u1eefng v\u00ed d\u1ee5 n\u1ed5i b\u1eadt, v\u00e0 c\u00f9ng nhau h\u1ecd ki\u1ec3m so\u00e1t kho\u1ea3ng 80% th\u1ecb tr\u01b0\u1eddng stablecoin tr\u1ecb gi\u00e1 h\u01a1n 300 t\u1ef7 \u0111\u00f4 la.<\/p>\n

Doanh nghi\u1ec7p c\u1ee7a h\u1ecd r\u1ea5t \u0111\u01a1n gi\u1ea3n v\u00e0 c\u1ef1c k\u1ef3 c\u00f3 l\u1ee3i: nh\u1eadn \u0111\u00f4 la, g\u1eedi ch\u00fang v\u00e0o c\u00e1c t\u00e0i s\u1ea3n an to\u00e0n nh\u01b0 tr\u00e1i phi\u1ebfu Kho b\u1ea1c, v\u00e0 gi\u1eef l\u1ea1i l\u1ee3i su\u1ea5t trong khi token l\u01b0u th\u00f4ng t\u1ef1 do.<\/p>\n

Thu Nh\u1eadp T\u1eeb Qu\u1ef9 D\u1ef1 Tr\u1eef<\/h2>\n

Thu nh\u1eadp t\u1eeb qu\u1ef9 d\u1ef1 tr\u1eef l\u00e0 c\u1ed1t l\u00f5i c\u1ee7a v\u1ea5n \u0111\u1ec1. Khi l\u00e3i su\u1ea5t c\u00f3 \u00fd ngh\u0129a, l\u00e3i su\u1ea5t tr\u00ean h\u00e0ng t\u1ef7 \u0111\u00f4 la qu\u1ef9 d\u1ef1 tr\u1eef c\u1ed9ng l\u1ea1i th\u00e0nh h\u00e0ng t\u1ef7 \u0111\u00f4 la doanh thu. Nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t gi\u1eef l\u1ea1i s\u1ed1 ti\u1ec1n \u0111\u00f3, \u0111i\u1ec1u n\u00e0y l\u00e0m cho vi\u1ec7c ph\u00e1t h\u00e0nh m\u1ed9t stablecoin l\u1edbn tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng doanh nghi\u1ec7p t\u1ed1t nh\u1ea5t trong t\u00e0i ch\u00ednh. M\u1ed9t ngo\u1ea1i l\u1ec7 m\u1ed9t ph\u1ea7n l\u00e0 USDC<\/strong>, n\u01a1i Circle<\/strong> chia s\u1ebb m\u1ed9t ph\u1ea7n l\u1edbn kinh t\u1ebf v\u1edbi Coinbase<\/strong> \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y vi\u1ec7c ph\u00e2n ph\u1ed1i, m\u1ed9t g\u1ee3i \u00fd v\u1ec1 \u00fd t\u01b0\u1edfng kinh t\u1ebf chia s\u1ebb \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n h\u01a1n b\u1edfi m\u00f4 h\u00ecnh li\u00ean minh.<\/p>\n

C\u1ea5u Tr\u00fac M\u00f4 H\u00ecnh Li\u00ean Minh<\/h2>\n

Stablecoin li\u00ean minh s\u1eafp x\u1ebfp l\u1ea1i \u0111i\u1ec1u n\u00e0y theo hai c\u00e1ch. \u0110\u1ea7u ti\u00ean, kh\u00f4ng c\u00f3 c\u00f4ng ty n\u00e0o ki\u1ec3m so\u00e1t m\u1ea1ng l\u01b0\u1edbi; m\u1ed9t nh\u00f3m qu\u1ea3n l\u00fd n\u00f3 t\u1eadp th\u1ec3 th\u00f4ng qua m\u1ed9t h\u1ed9i \u0111\u1ed3ng chung. Th\u1ee9 hai, thu nh\u1eadp t\u1eeb qu\u1ef9 d\u1ef1 tr\u1eef kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1eef l\u1ea1i b\u1edfi m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh m\u00e0 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i gi\u1eefa c\u00e1c c\u00f4ng ty tham gia, th\u01b0\u1eddng sau m\u1ed9t kho\u1ea3n ph\u00ed qu\u1ea3n l\u00fd \u0111\u1ec3 t\u00e0i tr\u1ee3 cho ho\u1ea1t \u0111\u1ed9ng. \u0110\u1ed3ng ti\u1ec1n v\u1eabn ho\u1ea1t \u0111\u1ed9ng theo c\u00e1ch gi\u1ed1ng nhau cho ng\u01b0\u1eddi d\u00f9ng, c\u00f3 th\u1ec3 \u0111\u1ed5i m\u1ed9t \u0111\u1ed5i m\u1ed9t cho m\u1ed9t \u0111\u00f4 la \u0111\u01b0\u1ee3c gi\u1eef trong qu\u1ef9 d\u1ef1 tr\u1eef, nh\u01b0ng quy\u1ec1n s\u1edf h\u1eefu c\u00e1c quy\u1ebft \u0111\u1ecbnh v\u00e0 ti\u1ec1n \u0111\u1ee9ng sau n\u00f3 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 gi\u1eefa nhi\u1ec1u tay thay v\u00ec t\u1eadp trung v\u00e0o m\u1ed9t. \u0110\u00f3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t thi\u1ebft y\u1ebfu.<\/p>\n

Hai Tr\u1ee5 C\u1ed9t C\u1ee7a M\u00f4 H\u00ecnh Li\u00ean Minh<\/h2>\n

M\u1ed7i stablecoin li\u00ean minh d\u1ef1a tr\u00ean hai tr\u1ee5 c\u1ed9t gi\u1ed1ng nhau, v\u00e0 \u0111\u00e1ng \u0111\u1ec3 ch\u00ednh x\u00e1c v\u1ec1 t\u1eebng c\u00e1i. Tr\u1ee5 c\u1ed9t \u0111\u1ea7u ti\u00ean l\u00e0 qu\u1ea3n tr\u1ecb chung, trung l\u1eadp<\/strong>. Thay v\u00ec m\u1ed9t c\u00f4ng ty \u0111\u1eb7t ra c\u00e1c quy t\u1eafc c\u1ee7a token, ch\u00ednh s\u00e1ch d\u1ef1 tr\u1eef c\u1ee7a n\u00f3, c\u00e1c chu\u1ed7i \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3, v\u00e0 l\u1ed9 tr\u00ecnh s\u1ea3n ph\u1ea9m c\u1ee7a n\u00f3, m\u1ed9t h\u1ed9i \u0111\u1ed3ng \u0111\u01b0\u1ee3c t\u1ea1o th\u00e0nh t\u1eeb c\u00e1c c\u00f4ng ty \u0111\u1ed1i t\u00e1c \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh \u0111\u00f3 t\u1eadp th\u1ec3. M\u1ee5c ti\u00eau \u0111\u01b0\u1ee3c n\u00eau l\u00e0 t\u00ednh trung l\u1eadp: kh\u00f4ng m\u1ed9t ng\u01b0\u1eddi tham gia n\u00e0o c\u00f3 th\u1ec3 \u0111i\u1ec1u khi\u1ec3n \u0111\u1ed3ng ti\u1ec1n \u0111\u1ec3 ph\u1ee5c v\u1ee5 l\u1ee3i \u00edch ri\u00eang c\u1ee7a m\u00ecnh m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn nh\u1eefng ng\u01b0\u1eddi kh\u00e1c, \u0111i\u1ec1u n\u00e0y nh\u1eb1m l\u00e0m cho token \u0111\u00e1ng tin c\u1eady nh\u01b0 m\u1ed9t c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng chung thay v\u00ec s\u1ea3n ph\u1ea9m c\u1ee7a m\u1ed9t c\u00f4ng ty.<\/p>\n

Tr\u1ee5 c\u1ed9t th\u1ee9 hai l\u00e0 kinh t\u1ebf chia s\u1ebb<\/strong>. Trong m\u00f4 h\u00ecnh li\u00ean minh, l\u00e3i su\u1ea5t ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef \u0111\u01b0\u1ee3c tr\u1ea3 l\u1ea1i cho c\u00e1c \u0111\u1ed1i t\u00e1c \u00e1p d\u1ee5ng v\u00e0 ph\u00e2n ph\u1ed1i \u0111\u1ed3ng ti\u1ec1n, tr\u1eeb m\u1ed9t kho\u1ea3n ph\u00ed qu\u1ea3n l\u00fd cho chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. \u0110i\u1ec1u n\u00e0y \u0111\u1ea3o ng\u01b0\u1ee3c tr\u1ef1c ti\u1ebfp th\u1ecfa thu\u1eadn hi\u1ec7n t\u1ea1i n\u01a1i nh\u00e0 ph\u00e1t h\u00e0nh gi\u1eef l\u1ea1i l\u1ee3i su\u1ea5t.<\/p>\n

Th\u00e1ch Th\u1ee9c v\u00e0 R\u1ee7i Ro<\/h2>\n

C\u00f9ng nhau, hai t\u00ednh n\u0103ng n\u00e0y nh\u1eb1m gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 m\u00e0 nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 m\u00f4 h\u00ecnh li\u00ean minh cho r\u1eb1ng c\u00e1c doanh nghi\u1ec7p \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c stablecoin hi\u1ec7n c\u00f3. C\u00e1c c\u00f4ng ty th\u01b0\u1eddng ph\u1ea3i tr\u1ea3 ph\u00ed \u0111\u1ec3 \u0111\u00fac ho\u1eb7c \u0111\u1ed5i ti\u1ec1n \u1edf quy m\u00f4 l\u1edbn, kh\u00f4ng chia s\u1ebb trong doanh thu qu\u1ef9 m\u00e0 kh\u1ed1i l\u01b0\u1ee3ng c\u1ee7a h\u1ecd gi\u00fap t\u1ea1o ra, v\u00e0 c\u00f3 \u00edt \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ed9 tr\u00ecnh c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh. M\u1ed9t \u0111\u1ed3ng ti\u1ec1n trung l\u1eadp, chia s\u1ebb doanh thu, \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u1eadp th\u1ec3 \u0111\u01b0\u1ee3c qu\u1ea3ng b\u00e1 nh\u01b0 l\u00e0 c\u00e2u tr\u1ea3 l\u1eddi cho c\u1ea3 ba v\u1ea5n \u0111\u1ec1.<\/p>\n

\n

Li\u1ec7u n\u00f3 c\u00f3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c hay kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n, nh\u01b0ng c\u1ea5u tr\u00fac n\u00e0y l\u00e0 m\u1ed9t ph\u1ea3n \u1ee9ng h\u1ee3p l\u00fd \u0111\u1ed1i v\u1edbi nh\u1eefng \u0111i\u1ec3m y\u1ebfu c\u1ee7a c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh hi\u1ec7n t\u1ea1i.<\/p>\n<\/blockquote>\n

Xu H\u01b0\u1edbng Hi\u1ec7n T\u1ea1i<\/h2>\n

M\u00f4 h\u00ecnh li\u00ean minh kh\u00f4ng ph\u1ea3i l\u00e0 m\u1edbi v\u1ec1 m\u1eb7t kh\u00e1i ni\u1ec7m, nh\u01b0ng n\u00f3 \u0111\u00e3 thu h\u00fat \u0111\u01b0\u1ee3c \u0111\u1ed9ng l\u1ef1c v\u00ec nh\u1eefng l\u00fd do c\u1ee5 th\u1ec3 v\u00e0o gi\u1eefa nh\u1eefng n\u0103m 2020. L\u00fd do \u0111\u1ea7u ti\u00ean l\u00e0 quy \u0111\u1ecbnh<\/strong>. T\u1ea1i Hoa K\u1ef3, \u0110\u1ea1o lu\u1eadt GENIUS, \u0111\u01b0\u1ee3c k\u00fd th\u00e0nh lu\u1eadt v\u00e0o n\u0103m 2025, \u0111\u00e3 t\u1ea1o ra m\u1ed9t khu\u00f4n kh\u1ed5 li\u00ean bang cho c\u00e1c stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi \u0111\u00f4 la, thi\u1ebft l\u1eadp c\u00e1c ti\u00eau chu\u1ea9n cho c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef v\u00e0 c\u1ea5p ph\u00e9p. S\u1ef1 r\u00f5 r\u00e0ng \u0111\u00f3 \u0111\u00e3 gi\u1ea3m b\u1edbt s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn ph\u00e1p l\u00fd \u0111\u00e3 gi\u1eef cho c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn, \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh \u0111\u1ee9ng ngo\u00e0i cu\u1ed9c, v\u00e0 \u0111\u00e3 thu h\u00fat c\u00e1c ng\u00e2n h\u00e0ng, m\u1ea1ng l\u01b0\u1edbi thanh to\u00e1n, v\u00e0 c\u00e1c doanh nghi\u1ec7p l\u1edbn v\u00e0o m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 h\u1ecd tr\u01b0\u1edbc \u0111\u00e2y ch\u1ec9 theo d\u00f5i t\u1eeb xa.<\/p>\n

L\u00fd do th\u1ee9 hai l\u00e0 quy m\u00f4 v\u00e0 xu h\u01b0\u1edbng c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/strong>. Ng\u00e0nh stablecoin \u0111\u00e3 ph\u00e1t tri\u1ec3n v\u01b0\u1ee3t qu\u00e1 300 t\u1ef7 \u0111\u00f4 la, v\u00e0 m\u1ed9t s\u1ed1 d\u1ef1 \u0111o\u00e1n cho th\u1ea5y n\u00f3 s\u1ebd \u0111\u1ea1t \u0111\u1ebfn h\u00e0ng ngh\u00ecn t\u1ef7 v\u00e0o cu\u1ed1i th\u1eadp k\u1ef7 khi c\u00e1c token chuy\u1ec3n t\u1eeb giao d\u1ecbch ti\u1ec1n \u0111i\u1ec7n t\u1eed sang thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, thanh to\u00e1n th\u01b0\u01a1ng nh\u00e2n, v\u00e0 ho\u1ea1t \u0111\u1ed9ng kho b\u1ea1c doanh nghi\u1ec7p.<\/p>\n

L\u00fd do th\u1ee9 ba l\u00e0 ch\u00ednh kinh t\u1ebf<\/strong>. Khi thu nh\u1eadp l\u00e3i su\u1ea5t ki\u1ebfm \u0111\u01b0\u1ee3c b\u1edfi c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01a1n l\u1ebb \u0111\u00e3 tr\u1edf n\u00ean \u0111\u01b0\u1ee3c hi\u1ec3u r\u1ed9ng r\u00e3i, c\u00e1c \u0111\u1ed1i t\u00e1c ng\u00e0y c\u00e0ng h\u1ecfi t\u1ea1i sao h\u1ecd n\u00ean th\u00fac \u0111\u1ea9y vi\u1ec7c \u00e1p d\u1ee5ng m\u1ed9t \u0111\u1ed3ng ti\u1ec1n m\u00e0 doanh thu qu\u1ef9 c\u1ee7a n\u00f3 ch\u1ea3y ho\u00e0n to\u00e0n v\u00e0o m\u1ed9t c\u00f4ng ty.<\/p>\n

V\u00ed D\u1ee5 Th\u1ef1c T\u1ebf<\/h2>\n

C\u00e1ch r\u00f5 r\u00e0ng nh\u1ea5t \u0111\u1ec3 hi\u1ec3u m\u00f4 h\u00ecnh l\u00e0 th\u00f4ng qua c\u00e1c d\u1ef1 \u00e1n th\u1ef1c hi\u1ec7n n\u00f3. V\u00ed d\u1ee5 n\u1ed5i b\u1eadt nh\u1ea5t l\u00e0 Open USD<\/strong>, hay OUSD<\/strong>, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o n\u0103m 2026 b\u1edfi m\u1ed9t c\u00f4ng ty \u0111\u1ed9c l\u1eadp c\u00f3 t\u00ean Open Standard<\/strong> v\u00e0 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi m\u1ed9t li\u00ean minh g\u1ed3m h\u01a1n 140 doanh nghi\u1ec7p tr\u1ea3i d\u00e0i t\u1eeb thanh to\u00e1n, ng\u00e2n h\u00e0ng, c\u00f4ng ngh\u1ec7, v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed, bao g\u1ed3m Visa<\/strong>, Mastercard<\/strong>, Stripe<\/strong>, BlackRock<\/strong>, BNY<\/strong>, Coinbase<\/strong>, v\u00e0 Google<\/strong>.<\/p>\n

Open USD cho ph\u00e9p c\u00e1c doanh nghi\u1ec7p \u0111\u00fac v\u00e0 \u0111\u1ed5i token m\u00e0 kh\u00f4ng c\u00f3 ph\u00ed v\u00e0 kh\u00f4ng c\u00f3 gi\u1edbi h\u1ea1n kh\u1ed1i l\u01b0\u1ee3ng, v\u00e0 n\u00f3 chia s\u1ebb thu nh\u1eadp t\u1eeb qu\u1ef9 d\u1ef1 tr\u1eef v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c tham gia sau m\u1ed9t kho\u1ea3n ph\u00ed qu\u1ea3n l\u00fd, \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi m\u1ed9t h\u1ed9i \u0111\u1ed3ng \u0111\u01b0\u1ee3c r\u00fat ra t\u1eeb c\u00e1c \u0111\u1ed1i t\u00e1c \u0111\u00f3.<\/p>\n

Open USD kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ed3ng ti\u1ec1n \u0111\u1ea7u ti\u00ean c\u1ee7a lo\u1ea1i h\u00ecnh n\u00e0y. M\u1ea1ng l\u01b0\u1edbi \u0110\u00f4 la To\u00e0n c\u1ea7u, \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng xung quanh token USDG<\/strong> v\u00e0 do nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh Paxos<\/strong> d\u1eabn d\u1eaft, s\u1eed d\u1ee5ng m\u1ed9t c\u1ea5u tr\u00fac chia s\u1ebb doanh thu t\u01b0\u01a1ng t\u1ef1, ph\u00e2n ph\u1ed1i thu nh\u1eadp t\u1eeb qu\u1ef9 cho c\u00e1c \u0111\u1ed1i t\u00e1c nh\u01b0 Robinhood<\/strong>, Kraken<\/strong>, v\u00e0 Galaxy Digital<\/strong> \u0111\u1ec3 khuy\u1ebfn kh\u00edch vi\u1ec7c \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i.<\/p>\n

R\u1ee7i Ro v\u00e0 Th\u00e1ch Th\u1ee9c<\/h2>\n

\u0110i\u1ec1u g\u1eafn k\u1ebft c\u00e1c v\u00ed d\u1ee5 n\u00e0y l\u00e0 m\u1ed9t c\u01b0\u1ee3c chi\u1ebfn l\u01b0\u1ee3c: r\u1eb1ng t\u01b0\u01a1ng lai c\u1ee7a stablecoin l\u00e0 m\u1ed9t cu\u1ed9c chi\u1ebfn v\u1ec1 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng v\u00e0 ki\u1ec3m so\u00e1t m\u1ea1ng l\u01b0\u1edbi thay v\u00ec c\u00e1c token ri\u00eang l\u1ebb, v\u00e0 r\u1eb1ng m\u1ed9t li\u00ean minh r\u1ed9ng l\u1edbn, \u0111\u1ed3ng b\u1ed9 c\u00f3 th\u1ec3 th\u1eafng l\u1ee3i tr\u01b0\u1edbc c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01a1n l\u1ebb \u0111\u00e3 \u0103n s\u00e2u.<\/p>\n

\u0110\u1ed9 r\u1ed9ng c\u1ee7a c\u00e1c li\u00ean minh, tr\u1ea3i d\u00e0i t\u1eeb c\u00e1c m\u1ea1ng l\u01b0\u1edbi th\u1ebb, ng\u00e2n h\u00e0ng, n\u1ec1n t\u1ea3ng c\u00f4ng ngh\u1ec7, v\u00e0 c\u00e1c c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u1eb1m chuy\u1ec3n h\u00f3a th\u00e0nh s\u1ef1 ch\u1ea5p nh\u1eadn th\u1ef1c t\u1ebf m\u00e0 m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01a1n l\u1ebb s\u1ebd g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c x\u00e2y d\u1ef1ng.<\/p>\n

\n

Li\u1ec7u c\u01b0\u1ee3c \u0111\u00f3 c\u00f3 th\u00e0nh c\u00f4ng hay kh\u00f4ng l\u00e0 c\u00e2u h\u1ecfi m\u1edf, v\u00e0 l\u1ecbch s\u1eed cung c\u1ea5p m\u1ed9t v\u00ed d\u1ee5 c\u1ea3nh b\u00e1o.<\/p>\n<\/blockquote>\n

K\u1ebft Lu\u1eadn<\/h2>\n

C\u00e1c stablecoin li\u00ean minh quan tr\u1ecdng v\u00ec ch\u00fang t\u1ea5n c\u00f4ng v\u00e0o kinh t\u1ebf c\u1ed1t l\u00f5i c\u1ee7a c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh hi\u1ec7n t\u1ea1i v\u00e0 c\u00f3 th\u1ec3 \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u00e1ch m\u00e0 c\u00e1c \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng. B\u1eb1ng c\u00e1ch chia s\u1ebb thu nh\u1eadp t\u1eeb qu\u1ef9 d\u1ef1 tr\u1eef, ch\u00fang \u0111e d\u1ecda m\u00f4 h\u00ecnh kinh doanh c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01a1n l\u1ebb \u0111\u00e3 l\u00e0m cho Tether v\u00e0 Circle tr\u1edf n\u00ean c\u00f3 l\u1ee3i nhu\u1eadn, v\u00e0 ch\u00fang t\u1ea1o \u00e1p l\u1ef1c l\u00ean m\u1ecdi nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c gi\u1eef l\u1ea1i l\u1ee3i su\u1ea5t m\u00e0 c\u00e1c stablecoin ki\u1ebfm \u0111\u01b0\u1ee3c m\u1ed9t c\u00e1ch \u00e2m th\u1ea7m.<\/p>\n

\u0110i\u1ec1u n\u00e0y c\u0169ng thay \u0111\u1ed5i \u0111\u1ed9ng l\u1ef1c xung quanh vi\u1ec7c \u00e1p d\u1ee5ng. M\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01a1n l\u1ebb ph\u1ea3i thuy\u1ebft ph\u1ee5c c\u00e1c \u0111\u1ed1i t\u00e1c ph\u00e2n ph\u1ed1i \u0111\u1ed3ng ti\u1ec1n c\u1ee7a m\u00ecnh; m\u1ed9t li\u00ean minh cung c\u1ea5p cho c\u00e1c \u0111\u1ed1i t\u00e1c \u0111\u00f3 m\u1ed9t ph\u1ea7n t\u00e0i ch\u00ednh trong s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a \u0111\u1ed3ng ti\u1ec1n, bi\u1ebfn vi\u1ec7c ph\u00e2n ph\u1ed1i th\u00e0nh m\u1ed9t l\u1ee3i \u00edch chung.<\/p>\n

\u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n, s\u1ef1 gia t\u0103ng c\u1ee7a c\u00e1c stablecoin li\u00ean minh l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a m\u1ed9t c\u00e2u chuy\u1ec7n l\u1edbn h\u01a1n trong \u0111\u00f3 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111ang t\u00e1i hi\u1ec7n l\u1ecbch s\u1eed c\u1ee7a ng\u00e2n h\u00e0ng, n\u01a1i ai n\u1eafm gi\u1eef ti\u1ec1n g\u1eedi, ho\u1eb7c \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1, cu\u1ed1i c\u00f9ng c\u00f3 \u0111\u01b0\u1ee3c kinh t\u1ebf b\u1ec1n v\u1eefng h\u01a1n so v\u1edbi ai ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 di chuy\u1ec3n giao d\u1ecbch.<\/p>\n

M\u00f4 h\u00ecnh li\u00ean minh l\u00e0 m\u1ed9t n\u1ed7 l\u1ef1c \u0111\u1ec3 ph\u00e2n ph\u1ed1i v\u1ecb tr\u00ed b\u1ec1n v\u1eefng \u0111\u00f3 tr\u00ean m\u1ed9t li\u00ean minh thay v\u00ec t\u1eadp trung n\u00f3 trong m\u1ed9t c\u00f4ng ty. \u0110i\u1ec1u \u0111\u00f3 l\u00e0m cho n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t ph\u00e1t tri\u1ec3n c\u00f3 \u00fd ngh\u0129a v\u1ec1 c\u1ea5u tr\u00fac, kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t s\u1ef1 ra m\u1eaft s\u1ea3n ph\u1ea9m kh\u00e1c, m\u1eb7c d\u00f9 th\u00e0nh c\u00f4ng cu\u1ed1i c\u00f9ng c\u1ee7a n\u00f3 v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o.<\/p>\n

R\u1ee7i Ro C\u1ee7a M\u00f4 H\u00ecnh Li\u00ean Minh<\/h2>\n

D\u00f9 c\u00f3 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a n\u00f3, m\u00f4 h\u00ecnh li\u00ean minh mang theo nh\u1eefng r\u1ee7i ro r\u00f5 r\u00e0ng m\u00e0 b\u1ea5t k\u1ef3 ai \u0111\u00e1nh gi\u00e1 n\u00f3 c\u0169ng n\u00ean c\u00e2n nh\u1eafc. R\u1ee7i ro c\u01a1 b\u1ea3n nh\u1ea5t l\u00e0 s\u1ef1 ph\u1ed1i h\u1ee3p<\/strong>. \u0110\u1ed3ng b\u1ed9 h\u00f3a l\u1ee3i \u00edch c\u1ee7a m\u1ed9t nh\u00f3m l\u1edbn c\u00e1c c\u00f4ng ty, m\u1ed7i c\u00f4ng ty c\u00f3 \u01b0u ti\u00ean v\u00e0 \u0111\u1ed1i th\u1ee7 ri\u00eang trong c\u00f9ng m\u1ed9t li\u00ean minh, l\u00e0 th\u1ef1c s\u1ef1 kh\u00f3 kh\u0103n, v\u00e0 vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh b\u1edfi \u1ee7y ban c\u00f3 th\u1ec3 ch\u1eadm v\u00e0 d\u1ec5 b\u1ecb b\u1ebf t\u1eafc.<\/p>\n

R\u1ee7i ro th\u1ee9 hai l\u00e0 c\u00e1c li\u00ean minh \u0111\u00e3 g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c ph\u00e1t tri\u1ec3n v\u00e0 duy tr\u00ec s\u1ea3n ph\u1ea9m. M\u1ed9t danh s\u00e1ch c\u00e1c t\u00ean n\u1ed5i ti\u1ebfng v\u00e0o ng\u00e0y ra m\u1eaft kh\u00f4ng gi\u1ed1ng nh\u01b0 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng, \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i, v\u00e0 nhi\u1ec1u li\u00ean minh trong ng\u00e0nh t\u00e0i ch\u00ednh v\u00e0 c\u00f4ng ngh\u1ec7 \u0111\u00e3 c\u00f4ng b\u1ed1 c\u00e1c d\u1ef1 \u00e1n chung \u0111\u1ea7y tham v\u1ecdng nh\u01b0ng kh\u00f4ng \u0111\u1ea1t y\u00eau c\u1ea7u.<\/p>\n

C\u0169ng c\u00f3 nh\u1eefng m\u1ed1i quan t\u00e2m tinh vi h\u01a1n. T\u1eadp trung qu\u1ea3n tr\u1ecb gi\u1eefa m\u1ed9t nh\u00f3m c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh l\u1edbn, m\u1ea1nh m\u1ebd \u0111\u1eb7t ra nh\u1eefng c\u00e2u h\u1ecfi ri\u00eang v\u1ec1 ai th\u1ef1c s\u1ef1 ki\u1ec3m so\u00e1t m\u1ea1ng l\u01b0\u1edbi v\u00e0 l\u1ee3i \u00edch c\u1ee7a ai cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c ph\u1ee5c v\u1ee5.<\/p>\n

\u0110\u00e1nh Gi\u00e1 M\u00f4 H\u00ecnh Li\u00ean Minh<\/h2>\n

\u0110\u1ec3 \u0111\u1eb7t m\u00f4 h\u00ecnh li\u00ean minh v\u00e0o \u0111\u00fang v\u1ecb tr\u00ed, c\u00f3 \u00edch khi nh\u00ecn th\u1ea5y b\u1ea3n \u0111\u1ed3 r\u1ed9ng h\u01a1n c\u1ee7a c\u00e1c thi\u1ebft k\u1ebf stablecoin, v\u00ec c\u00e1ch ti\u1ebfp c\u1eadn li\u00ean minh l\u00e0 m\u1ed9t bi\u1ebfn th\u1ec3 tr\u00ean m\u1ed9t nh\u00e1nh c\u1ee7a b\u1ea3n \u0111\u1ed3 \u0111\u00f3 thay v\u00ec m\u1ed9t lo\u00e0i ho\u00e0n to\u00e0n t\u00e1ch bi\u1ec7t.<\/p>\n

Lo\u1ea1i ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi fiat, n\u01a1i m\u1ed7i token \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c qu\u1ef9 ti\u1ec1n m\u1eb7t v\u00e0 t\u00e0i s\u1ea3n an to\u00e0n nh\u01b0 tr\u00e1i phi\u1ebfu Kho b\u1ea1c do m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh n\u1eafm gi\u1eef. Trong danh m\u1ee5c \u0111\u00f3 c\u00f3 c\u00e1c \u0111\u1ed3ng ti\u1ec1n do m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t ph\u00e1t h\u00e0nh nh\u01b0 USDT<\/strong> c\u1ee7a Tether v\u00e0 USDC<\/strong> c\u1ee7a Circle, n\u01a1i m\u1ed9t c\u00f4ng ty gi\u1eef c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef v\u00e0 gi\u1eef l\u1ea1i thu nh\u1eadp.<\/p>\n

Nh\u00ecn th\u1ea5y trong b\u1ed1i c\u1ea3nh \u0111\u00f3, m\u00f4 h\u00ecnh li\u00ean minh \u0111\u01b0\u1ee3c hi\u1ec3u t\u1ed1t nh\u1ea5t nh\u01b0 m\u1ed9t \u0111\u1ed5i m\u1edbi v\u1ec1 qu\u1ea3n tr\u1ecb v\u00e0 kinh t\u1ebf \u0111\u01b0\u1ee3c l\u1ed3ng gh\u00e9p v\u00e0o thi\u1ebft k\u1ebf \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi fiat. N\u00f3 kh\u00f4ng thay \u0111\u1ed5i l\u1eddi h\u1ee9a c\u01a1 b\u1ea3n, m\u1ed9t token c\u00f3 th\u1ec3 \u0111\u1ed5i \u0111\u01b0\u1ee3c cho m\u1ed9t \u0111\u00f4 la \u0111\u01b0\u1ee3c gi\u1eef trong qu\u1ef9 d\u1ef1 tr\u1eef, v\u00e0 n\u00f3 kh\u00f4ng gi\u1edbi thi\u1ec7u m\u1ed9t c\u01a1 ch\u1ebf \u1ed5n \u0111\u1ecbnh m\u1edbi.<\/p>\n

\u0110i\u1ec1u n\u00f3 thay \u0111\u1ed5i l\u00e0 quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a m\u1ea1ng l\u01b0\u1edbi: qu\u1ea3n tr\u1ecb t\u1eadp th\u1ec3 thay v\u00ec m\u1ed9t ng\u01b0\u1eddi ki\u1ec3m so\u00e1t duy nh\u1ea5t, v\u00e0 thu nh\u1eadp t\u1eeb qu\u1ef9 chia s\u1ebb thay v\u00ec m\u1ed9t ng\u01b0\u1eddi th\u1ee5 h\u01b0\u1edfng duy nh\u1ea5t.<\/p>\n

\u0110\u00e1nh Gi\u00e1 An To\u00e0n<\/h2>\n

S\u1ef1 ph\u00e2n lo\u1ea1i n\u00e0y quan tr\u1ecdng cho c\u00e1ch m\u00e0 ng\u01b0\u1eddi d\u00f9ng n\u00ean \u0111\u00e1nh gi\u00e1 m\u1ed9t stablecoin li\u00ean minh. B\u1edfi v\u00ec s\u1ef1 h\u1ed7 tr\u1ee3 l\u00e0 c\u00f9ng m\u1ed9t m\u00f4 h\u00ecnh qu\u1ef9 d\u1ef1 tr\u1eef fiat, c\u00e1c c\u00e2u h\u1ecfi v\u1ec1 an to\u00e0n l\u00e0 nh\u1eefng c\u00e2u h\u1ecfi gi\u1ed1ng nh\u01b0 \u00e1p d\u1ee5ng cho b\u1ea5t k\u1ef3 \u0111\u1ed3ng ti\u1ec1n \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi fiat n\u00e0o: ch\u00ednh x\u00e1c c\u00f3 g\u00ec trong c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef, ai gi\u1eef v\u00e0 ki\u1ec3m to\u00e1n ch\u00fang, v\u00e0 khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh n\u00e0o qu\u1ea3n l\u00fd ch\u00fang.<\/p>\n

C\u1ea5u tr\u00fac li\u00ean minh th\u00eam c\u00e1c c\u00e2n nh\u1eafc v\u1ec1 ph\u1ed1i h\u1ee3p v\u00e0 qu\u1ea3n tr\u1ecb, nh\u01b0ng n\u00f3 kh\u00f4ng lo\u1ea1i b\u1ecf nhu c\u1ea7u xem x\u00e9t c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef v\u00e0 s\u1ef1 tu\u00e2n th\u1ee7. M\u1ed9t \u0111\u1ed3ng ti\u1ec1n li\u00ean minh kh\u00f4ng an to\u00e0n h\u01a1n ho\u1eb7c r\u1ee7i ro h\u01a1n ch\u1ec9 v\u00ec qu\u1ea3n tr\u1ecb c\u1ee7a n\u00f3; n\u00f3 l\u00e0 m\u1ed9t stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi fiat c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt l\u00e0 quy\u1ec1n ki\u1ec3m so\u00e1t chung, v\u00e0 n\u00f3 n\u00ean \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n m\u00e0 m\u1ecdi stablecoin \u0111\u1ec1u chia s\u1ebb.<\/p>\n

K\u1ebft Lu\u1eadn Cu\u1ed1i C\u00f9ng<\/h2>\n

M\u1ed9t stablecoin li\u00ean minh l\u00e0 m\u1ed9t token \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi fiat \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 qu\u1ea3n l\u00fd b\u1edfi m\u1ed9t nh\u00f3m c\u00e1c c\u00f4ng ty thay v\u00ec m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t. Hai \u0111\u1eb7c \u0111i\u1ec3m x\u00e1c \u0111\u1ecbnh c\u1ee7a n\u00f3 l\u00e0 qu\u1ea3n tr\u1ecb chung<\/strong>, n\u01a1i m\u1ed9t h\u1ed9i \u0111\u1ed3ng \u0111\u01b0\u1ee3c r\u00fat ra t\u1eeb c\u00e1c \u0111\u1ed1i t\u00e1c \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u1eadp th\u1ec3, v\u00e0 kinh t\u1ebf chia s\u1ebb<\/strong>, n\u01a1i l\u00e3i su\u1ea5t ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i gi\u1eefa c\u00e1c \u0111\u1ed1i t\u00e1c sau m\u1ed9t kho\u1ea3n ph\u00ed qu\u1ea3n l\u00fd, thay v\u00ec gi\u1eef l\u1ea1i b\u1edfi m\u1ed9t c\u00f4ng ty duy nh\u1ea5t.<\/p>\n

USDT v\u00e0 USDC l\u00e0 c\u00e1c stablecoin do m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh duy nh\u1ea5t ph\u00e1t h\u00e0nh: m\u1ed9t c\u00f4ng ty, Tether ho\u1eb7c Circle, ki\u1ec3m so\u00e1t m\u1ea1ng l\u01b0\u1edbi, gi\u1eef c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef, v\u00e0 gi\u1eef l\u1ea1i l\u00e3i su\u1ea5t m\u00e0 c\u00e1c qu\u1ef9 \u0111\u00f3 ki\u1ebfm \u0111\u01b0\u1ee3c. M\u1ed9t stablecoin li\u00ean minh ph\u00e2n b\u1ed5 c\u1ea3 quy\u1ec1n ki\u1ec3m so\u00e1t v\u00e0 thu nh\u1eadp t\u1eeb qu\u1ef9 gi\u1eefa nhi\u1ec1u c\u00f4ng ty \u0111\u1ed1i t\u00e1c.<\/p>\n

V\u00ed d\u1ee5 n\u1ed5i b\u1eadt nh\u1ea5t l\u00e0 Open USD, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi h\u01a1n 140 c\u00f4ng ty bao g\u1ed3m Visa<\/strong>, Mastercard<\/strong>, Stripe<\/strong>, BlackRock<\/strong>, v\u00e0 Coinbase<\/strong>, v\u00e0 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi m\u1ed9t c\u01a1 quan \u0111\u1ed9c l\u1eadp c\u00f3 t\u00ean Open Standard<\/strong>.<\/p>\n

Ba l\u1ef1c l\u01b0\u1ee3ng \u0111ang th\u00fac \u0111\u1ea9y ch\u00fang: quy \u0111\u1ecbnh r\u00f5 r\u00e0ng h\u01a1n, ch\u1eb3ng h\u1ea1n nh\u01b0 \u0110\u1ea1o lu\u1eadt GENIUS n\u0103m 2025, \u0111\u00e3 \u0111\u01b0a c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh v\u00e0o th\u1ecb tr\u01b0\u1eddng; s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh stablecoin v\u01b0\u1ee3t qu\u00e1 300 t\u1ef7 \u0111\u00f4 la, \u0111\u00e3 n\u00e2ng cao l\u1ee3i \u00edch; v\u00e0 m\u1ed9t mong mu\u1ed1n ng\u00e0y c\u00e0ng t\u0103ng trong c\u00e1c \u0111\u1ed1i t\u00e1c \u0111\u1ec3 chia s\u1ebb thu nh\u1eadp t\u1eeb qu\u1ef9 m\u00e0 c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01a1n l\u1ebb \u0111\u00e3 gi\u1eef l\u1ea1i.<\/p>\n

H\u1ecd chia s\u1ebb l\u00e3i su\u1ea5t ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef. M\u1ed9t stablecoin gi\u1eef \u0111\u00f4 la trong c\u00e1c t\u00e0i s\u1ea3n an to\u00e0n nh\u01b0 tr\u00e1i phi\u1ebfu Kho b\u1ea1c ki\u1ebfm l\u00e3i, v\u00e0 trong m\u00f4 h\u00ecnh li\u00ean minh, thu nh\u1eadp \u0111\u00f3 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i gi\u1eefa c\u00e1c c\u00f4ng ty tham gia sau khi m\u1ed9t kho\u1ea3n ph\u00ed qu\u1ea3n l\u00fd trang tr\u1ea3i chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng.<\/p>\n

Trung t\u00e2m Li\u00ean minh l\u00e0 m\u1ed9t c\u01a1 quan qu\u1ea3n l\u00fd \u0111\u01b0\u1ee3c \u0111\u1ed3ng s\u00e1ng l\u1eadp b\u1edfi Circle v\u00e0 Coinbase v\u00e0o n\u0103m 2018 \u0111\u1ec3 gi\u00e1m s\u00e1t USDC nh\u01b0 m\u1ed9t ti\u00eau chu\u1ea9n trung l\u1eadp. N\u00f3 \u0111\u00e3 b\u1ecb gi\u1ea3i th\u1ec3 v\u00e0o n\u0103m 2023, khi Circle n\u1eafm quy\u1ec1n ki\u1ec3m so\u00e1t ho\u00e0n to\u00e0n vi\u1ec7c ph\u00e1t h\u00e0nh v\u00e0 qu\u1ea3n tr\u1ecb USDC v\u00e0 mua l\u1ea1i c\u1ed5 ph\u1ea7n c\u1ee7a Coinbase, thay th\u1ebf c\u1ea5u tr\u00fac chia s\u1ebb b\u1eb1ng m\u1ed9t th\u1ecfa thu\u1eadn chia s\u1ebb doanh thu.<\/p>\n

Kh\u00f4ng ph\u1ea3i t\u1ef1 \u0111\u1ed9ng. An to\u00e0n ph\u1ee5 thu\u1ed9c v\u00e0o ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef, khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh, v\u00e0 nh\u00e0 \u0111i\u1ec1u h\u00e0nh, kh\u00f4ng ph\u1ea3i v\u00e0o vi\u1ec7c qu\u1ea3n tr\u1ecb c\u00f3 \u0111\u01b0\u1ee3c chia s\u1ebb hay kh\u00f4ng.<\/p>\n

R\u1ee7i ro l\u1edbn nh\u1ea5t l\u00e0 s\u1ef1 ph\u1ed1i h\u1ee3p: \u0111\u1ed3ng b\u1ed9 h\u00f3a nhi\u1ec1u c\u00f4ng ty, m\u1ed9t s\u1ed1 trong s\u1ed1 \u0111\u00f3 l\u00e0 \u0111\u1ed1i th\u1ee7, l\u00e0 kh\u00f3 kh\u0103n, v\u00e0 qu\u1ea3n tr\u1ecb \u1ee7y ban c\u00f3 th\u1ec3 ch\u1eadm ho\u1eb7c d\u1ec5 b\u1ecb tranh ch\u1ea5p. C\u00e1c li\u00ean minh c\u0169ng \u0111\u00e3 g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c ph\u00e1t tri\u1ec3n v\u00e0 duy tr\u00ec s\u1ea3n ph\u1ea9m, v\u00ec v\u1eady m\u1ed9t danh s\u00e1ch \u0111\u1ed1i t\u00e1c m\u1ea1nh m\u1ebd c\u00f3 th\u1ec3 kh\u00f4ng chuy\u1ec3n th\u00e0nh vi\u1ec7c \u00e1p d\u1ee5ng.<\/p>\n

Ng\u00e0nh stablecoin \u0111ang ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng, v\u00e0 t\u00ecnh tr\u1ea1ng c\u1ee7a c\u00e1c d\u1ef1 \u00e1n c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 thay \u0111\u1ed5i. Kh\u00f4ng c\u00f3 g\u00ec \u1edf \u0111\u00e2y l\u00e0 m\u1ed9t khuy\u1ebfn ngh\u1ecb \u0111\u1ec3 mua, b\u00e1n, ho\u1eb7c s\u1eed d\u1ee5ng b\u1ea5t k\u1ef3 t\u00e0i s\u1ea3n ho\u1eb7c s\u1ea3n ph\u1ea9m n\u00e0o. Lu\u00f4n th\u1ef1c hi\u1ec7n nghi\u00ean c\u1ee9u c\u1ee7a ri\u00eang b\u1ea1n v\u00e0 tham kh\u1ea3o \u00fd ki\u1ebfn c\u1ee7a m\u1ed9t chuy\u00ean gia \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n tr\u01b0\u1edbc khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh.<\/p>\n

Th\u00f4ng tin ch\u00ednh x\u00e1c t\u00ednh \u0111\u1ebfn ng\u00e0y 2 th\u00e1ng 7 n\u0103m 2026, v\u00e0 c\u00f3 th\u1ec3 thay \u0111\u1ed5i.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether v\u00e0 Circle: M\u00f4 H\u00ecnh Stablecoin Truy\u1ec1n Th\u1ed1ng Tether v\u00e0 Circle \u0111\u00e3 x\u00e2y d\u1ef1ng doanh nghi\u1ec7p c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch gi\u1eef l\u00e3i su\u1ea5t tr\u00ean c\u00e1c \u0111\u1ed3ng \u0111\u00f4 la \u0111\u1ee9ng sau c\u00e1c \u0111\u1ed3ng ti\u1ec1n c\u1ee7a h\u1ecd. M\u1ed9t lo\u1ea1i stablecoin m\u1edbi, \u0111\u01b0\u1ee3c \u0111i\u1ec1u h\u00e0nh v\u00e0 s\u1edf h…<\/p>\n","protected":false},"author":3,"featured_media":20703,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[5079,4226,4217,4409,4314,4756],"class_list":["post-20704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-circle","tag-coinbase","tag-legal","tag-tether","tag-tether-usdt","tag-usdc"],"yoast_head":"\nStablecoin Li\u00ean Minh L\u00e0 G\u00ec? 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