{"id":22194,"date":"2026-09-06T08:42:09","date_gmt":"2026-09-06T08:42:09","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/nghien-cuu-cua-fed-ve-kha-nang-phan-loai-stablecoin-vao-m1-hoac-m2\/"},"modified":"2026-09-06T08:42:09","modified_gmt":"2026-09-06T08:42:09","slug":"nghien-cuu-cua-fed-ve-kha-nang-phan-loai-stablecoin-vao-m1-hoac-m2","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/nghien-cuu-cua-fed-ve-kha-nang-phan-loai-stablecoin-vao-m1-hoac-m2\/","title":{"rendered":"Nghi\u00ean c\u1ee9u c\u1ee7a Fed v\u1ec1 kh\u1ea3 n\u0103ng ph\u00e2n lo\u1ea1i stablecoin v\u00e0o M1 ho\u1eb7c M2"},"content":{"rendered":"

Khung Ph\u00e2n Lo\u1ea1i Stablecoin v\u00e0 T\u00edch H\u1ee3p v\u00e0o Ch\u1ec9 S\u1ed1 Cung Ti\u1ec1n<\/h2>\n

C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed)<\/strong> \u0111\u00e3 \u0111\u1ec1 xu\u1ea5t m\u1ed9t khung ph\u00e2n lo\u1ea1i v\u00e0o ng\u00e0y 4 th\u00e1ng 9 nh\u1eb1m x\u00e1c \u0111\u1ecbnh c\u00e1ch m\u00e0 stablecoin<\/strong> v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh d\u1ef1a tr\u00ean blockchain kh\u00e1c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 cung ti\u1ec1n c\u1ee7a M\u1ef9. Hi\u1ec7n t\u1ea1i, stablecoin thanh to\u00e1n kh\u00f4ng \u0111\u01b0\u1ee3c t\u00ednh v\u00e0o M1<\/strong> ho\u1eb7c M2<\/strong>, nh\u01b0ng vi\u1ec7c ph\u00e2n lo\u1ea1i ch\u00fang trong t\u01b0\u01a1ng lai c\u00f3 th\u1ec3 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1ch m\u00e0 c\u00e1c h\u1ed9 gia \u0111\u00ecnh v\u00e0 doanh nghi\u1ec7p s\u1eed d\u1ee5ng ch\u00fang.<\/p>\n

Ch\u1ee9c N\u0103ng Kinh T\u1ebf c\u1ee7a Stablecoin<\/h2>\n

C\u00e1c t\u00e1c gi\u1ea3 c\u1ee7a nghi\u00ean c\u1ee9u, Kristen Payne<\/strong> v\u00e0 Mary-Frances Styczynski<\/strong>, \u0111\u00e3 xem x\u00e9t stablecoin thanh to\u00e1n, ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u00e0 qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. H\u1ecd \u0111\u00e3 ph\u00e2n t\u00edch c\u1ea3 ch\u1ee9c n\u0103ng kinh t\u1ebf c\u1ee7a t\u1eebng lo\u1ea1i t\u00e0i s\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng thu th\u1eadp d\u1eef li\u1ec7u \u0111\u00e1ng tin c\u1eady m\u00e0 kh\u00f4ng b\u1ecb t\u00ednh hai l\u1ea7n. C\u00e1c t\u00e1c gi\u1ea3 nh\u1ea5n m\u1ea1nh r\u1eb1ng t\u00e0i li\u1ec7u n\u00e0y ph\u1ea3n \u00e1nh quan \u0111i\u1ec3m c\u00e1 nh\u00e2n c\u1ee7a h\u1ecd v\u00e0 kh\u00f4ng \u0111\u1ea1i di\u1ec7n cho quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang hay m\u1ed9t cu\u1ed9c th\u1ea3o lu\u1eadn \u0111ang di\u1ec5n ra v\u1ec1 vi\u1ec7c thay \u0111\u1ed5i c\u00e1c ch\u1ec9 s\u1ed1 cung ti\u1ec1n.<\/p>\n

Stablecoin thanh to\u00e1n c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng thanh to\u00e1n h\u00e0ng ng\u00e0y c\u1ee7a c\u00e1c h\u1ed9 gia \u0111\u00ecnh v\u00e0 doanh nghi\u1ec7p. C\u00e1c giao d\u1ecbch tr\u00ean blockchain \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft ngay l\u1eadp t\u1ee9c, v\u00ec v\u1eady stablecoin thanh to\u00e1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 c\u00f3 t\u00ednh thanh kho\u1ea3n cao h\u01a1n so v\u1edbi ti\u1ec1n g\u1eedi y\u00eau c\u1ea7u. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00f4ng b\u1ed1 ba ch\u1ec9 s\u1ed1 cung ti\u1ec1n: c\u01a1 s\u1edf ti\u1ec1n t\u1ec7 bao g\u1ed3m ti\u1ec1n m\u1eb7t v\u1eadt l\u00fd v\u00e0 d\u1ef1 tr\u1eef ng\u00e2n h\u00e0ng; M1<\/strong> bao g\u1ed3m ti\u1ec1n m\u1eb7t c\u00f3 t\u00ednh thanh kho\u1ea3n cao c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chi ti\u00eau ngay; v\u00e0 M2<\/strong> bao g\u1ed3m M1 c\u1ed9ng v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m ti\u1ebft ki\u1ec7m \u00edt thanh kho\u1ea3n h\u01a1n, nh\u01b0 ti\u1ec1n g\u1eedi th\u1eddi gian nh\u1ecf v\u00e0 qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 b\u00e1n l\u1ebb.<\/p>\n

Theo khung c\u1ee7a c\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u, m\u1ed9t t\u00e0i s\u1ea3n ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n trao \u0111\u1ed5i s\u1ebd th\u01b0\u1eddng thu\u1ed9c v\u1ec1 M1<\/strong>, trong khi m\u1ed9t t\u00e0i s\u1ea3n ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho ti\u1ebft ki\u1ec7m ng\u1eafn h\u1ea1n s\u1ebd ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi ph\u1ea7n kh\u00f4ng ph\u1ea3i M1 c\u1ee7a M2<\/strong>. Stablecoin thanh to\u00e1n c\u00f3 th\u1ec3 r\u01a1i v\u00e0o c\u1ea3 hai lo\u1ea1i. C\u00e1c token \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho vi\u1ec7c mua s\u1eafm h\u1ed9 gia \u0111\u00ecnh, thanh to\u00e1n doanh nghi\u1ec7p ho\u1eb7c chuy\u1ec3n kho\u1ea3n t\u1ee9c th\u00ec s\u1ebd c\u00f3 c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m giao d\u1ecbch c\u1ee7a M1<\/strong>, trong khi stablecoin \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ch\u1ee7 y\u1ebfu \u0111\u1ec3 giao d\u1ecbch ti\u1ec1n \u0111i\u1ec7n t\u1eed ho\u1eb7c l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb t\u1ea1m th\u1eddi s\u1ebd t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c t\u00e0i s\u1ea3n trong M2<\/strong>.<\/p>\n

V\u00ed D\u1ee5 v\u00e0 Kh\u00f3 Kh\u0103n Trong Ph\u00e2n Lo\u1ea1i<\/h2>\n

C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u \u0111\u00e3 s\u1eed d\u1ee5ng USDC<\/strong> nh\u01b0 m\u1ed9t v\u00ed d\u1ee5 g\u1ea7n nh\u1ea5t hi\u1ec7n c\u00f3, \u0111\u1ed3ng th\u1eddi l\u01b0u \u00fd r\u1eb1ng \u00edt stablecoin thanh to\u00e1n n\u00e0o hi\u1ec7n \u0111ang ho\u1ea1t \u0111\u1ed9ng theo khung c\u1ee7a \u0110\u1ea1o lu\u1eadt GENIUS<\/strong>. USDC \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n thanh to\u00e1n tr\u00ean chu\u1ed7i, nh\u01b0ng ng\u01b0\u1eddi d\u00f9ng c\u0169ng c\u00f3 th\u1ec3 gi\u1eef n\u00f3 gi\u1eefa c\u00e1c giao d\u1ecbch ho\u1eb7c \u0111\u1eb7t v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m cung c\u1ea5p ph\u1ea7n th\u01b0\u1edfng gi\u00e1n ti\u1ebfp. S\u1ef1 ph\u00e2n bi\u1ec7t n\u00e0y kh\u00f4ng th\u1ec3 ch\u1ec9 \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft b\u1eb1ng c\u00f4ng ngh\u1ec7. M\u1ed9t token \u0111\u00f4 la c\u00f3 th\u1ec3 di chuy\u1ec3n ngay l\u1eadp t\u1ee9c trong khi v\u1eabn ho\u1ea1t \u0111\u1ed9ng ch\u1ee7 y\u1ebfu nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 ti\u1ebft ki\u1ec7m ho\u1eb7c giao d\u1ecbch.<\/p>\n

\n

Do \u0111\u00f3, c\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u \u0111\u00e3 \u0111\u1ec1 xu\u1ea5t quan s\u00e1t c\u00e1ch s\u1eed d\u1ee5ng ch\u00ednh c\u1ee7a n\u00f3 tr\u01b0\u1edbc khi ph\u00e2n lo\u1ea1i.<\/p>\n<\/blockquote>\n

C\u00e1ch ti\u1ebfp c\u1eadn ch\u1ee9c n\u0103ng n\u00e0y c\u0169ng gi\u1ea3i th\u00edch l\u00fd do t\u1ea1i sao C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang tr\u01b0\u1edbc \u0111\u00e2y \u0111\u00e3 thay \u0111\u1ed5i c\u00e1c \u0111\u1ecbnh ngh\u0129a c\u1ee7a m\u00ecnh. V\u00e0o n\u0103m 2020, ti\u1ec1n g\u1eedi ti\u1ebft ki\u1ec7m \u0111\u00e3 \u0111\u01b0\u1ee3c chuy\u1ec3n v\u00e0o M1<\/strong> sau khi c\u00e1c thay \u0111\u1ed5i quy \u0111\u1ecbnh khi\u1ebfn ch\u00fang d\u1ec5 d\u00e0ng chuy\u1ec3n nh\u01b0\u1ee3ng h\u01a1n.<\/p>\n

Th\u00e1ch Th\u1ee9c Trong Vi\u1ec7c T\u00ednh To\u00e1n Stablecoin<\/h2>\n

B\u1ea3n ph\u00e1t h\u00e0nh H.6 m\u1edbi nh\u1ea5t ti\u1ebfp t\u1ee5c \u0111o l\u01b0\u1eddng M1<\/strong> v\u00e0 M2<\/strong> theo t\u00ednh thanh kho\u1ea3n v\u00e0 c\u00e1ch s\u1eed d\u1ee5ng kinh t\u1ebf. Vi\u1ec7c th\u00eam stablecoin v\u00e0o M1<\/strong> ho\u1eb7c M2<\/strong> s\u1ebd kh\u00f4ng \u0111\u01a1n gi\u1ea3n nh\u01b0 vi\u1ec7c \u0111\u1ebfm t\u1eebng token \u0111ang l\u01b0u h\u00e0nh. C\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh gi\u1eef c\u00e1c t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef h\u1ed7 tr\u1ee3 cho nh\u1eefng token \u0111\u00f3, v\u00e0 m\u1ed9t s\u1ed1 t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u0111\u00e3 xu\u1ea5t hi\u1ec7n \u1edf n\u01a1i kh\u00e1c trong c\u00e1c ch\u1ec9 s\u1ed1 cung ti\u1ec1n.<\/p>\n

M\u1ed9t d\u1ef1 tr\u1eef stablecoin c\u00f3 th\u1ec3 ch\u1ee9a ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng, tr\u00e1i phi\u1ebfu Kho b\u1ea1c v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 thanh kho\u1ea3n kh\u00e1c \u0111\u01b0\u1ee3c ph\u00e9p. Ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng \u0111\u00e3 xu\u1ea5t hi\u1ec7n trong M1<\/strong> ho\u1eb7c M2<\/strong>, v\u00e0 c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 ch\u00ednh ph\u1ee7 b\u00e1n l\u1ebb c\u0169ng c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a M2<\/strong>. Vi\u1ec7c t\u00ednh to\u00e1n stablecoin c\u00f9ng v\u1edbi c\u00e1c t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef \u0111\u00f3 c\u00f3 th\u1ec3 l\u00e0m ph\u1ed3ng s\u1ed1 l\u01b0\u1ee3ng ti\u1ec1n \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng, tr\u1eeb khi c\u00e1c nh\u00e0 th\u1ed1ng k\u00ea th\u1ef1c hi\u1ec7n m\u1ed9t \u0111i\u1ec1u ch\u1ec9nh.<\/p>\n

Tr\u00e1i phi\u1ebfu Kho b\u1ea1c kh\u00f4ng thu\u1ed9c ph\u1ea7n M1<\/strong> ho\u1eb7c M2<\/strong>, do \u0111\u00f3, k\u00edch th\u01b0\u1edbc c\u1ee7a \u0111i\u1ec1u ch\u1ec9nh s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o th\u00e0nh ph\u1ea7n d\u1ef1 tr\u1eef c\u1ee7a t\u1eebng nh\u00e0 ph\u00e1t h\u00e0nh, kh\u00f4ng ch\u1ec9 d\u1ef1a v\u00e0o t\u1ed5ng l\u01b0u h\u00e0nh c\u1ee7a stablecoin.<\/p>\n

Y\u00eau C\u1ea7u C\u00f4ng B\u1ed1 v\u00e0 Quy \u0110\u1ecbnh<\/h2>\n

C\u00e1c y\u00eau c\u1ea7u c\u00f4ng b\u1ed1 c\u1ee7a \u0110\u1ea1o lu\u1eadt GENIUS<\/strong> c\u00f3 th\u1ec3 cung c\u1ea5p m\u1ed9t ph\u1ea7n d\u1eef li\u1ec7u c\u1ea7n thi\u1ebft, y\u00eau c\u1ea7u c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh c\u00f4ng b\u1ed1 th\u00f4ng tin v\u1ec1 c\u00e1c t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef c\u1ee7a h\u1ecd. Tuy nhi\u00ean, c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd v\u1eabn c\u1ea7n c\u00e1c ti\u00eau chu\u1ea9n b\u00e1o c\u00e1o chung x\u00e1c \u0111\u1ecbnh ngu\u1ed3n cung l\u01b0u h\u00e0nh, th\u00e0nh ph\u1ea7n d\u1ef1 tr\u1eef v\u00e0 c\u00e1c token c\u00f3 th\u1ec3 kh\u00f4ng truy c\u1eadp ho\u1eb7c b\u1ecb \u0111\u00f3ng b\u0103ng. Vi\u1ec7c th\u1ef1c hi\u1ec7n v\u1eabn ch\u01b0a ho\u00e0n th\u00e0nh.<\/p>\n

C\u00e1c quy \u0111\u1ecbnh \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t c\u1ee7a OCC<\/strong> gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 v\u1ec1 d\u1ef1 tr\u1eef, \u0111\u1ed5i ti\u1ec1n, qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 gi\u00e1m s\u00e1t nh\u00e0 ph\u00e1t h\u00e0nh. C\u01a1 quan n\u00e0y ch\u01b0a ho\u00e0n th\u00e0nh quy t\u1eafc cu\u1ed1i c\u00f9ng, nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp trong b\u00e1o c\u00e1o c\u1ee7a crypto.news<\/strong> v\u1ec1 quy tr\u00ecnh l\u1eadp quy \u0110\u1ea1o lu\u1eadt GENIUS<\/strong> b\u1ecb tr\u00ec ho\u00e3n.<\/p>\n

L\u01b0u H\u00e0nh Stablecoin v\u00e0 T\u00e1c \u0110\u1ed9ng Qu\u1ed1c T\u1ebf<\/h2>\n

L\u01b0u h\u00e0nh stablecoin c\u0169ng m\u1edf r\u1ed9ng ra ngo\u00e0i bi\u00ean gi\u1edbi c\u1ee7a M\u1ef9. M\u1ed9t token \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi m\u1ed9t c\u00f4ng ty M\u1ef9 c\u00f3 th\u1ec3 chuy\u1ec3n gi\u1eefa c\u00e1c v\u00ed \u1edf b\u1ea5t k\u1ef3 \u0111\u00e2u. C\u00e1c blockchain c\u00f4ng khai th\u01b0\u1eddng ti\u1ebft l\u1ed9 \u0111\u1ecba ch\u1ec9 v\u00e0 giao d\u1ecbch, nh\u01b0ng kh\u00f4ng ph\u1ea3i v\u1ecb tr\u00ed \u0111\u1ecba l\u00fd \u0111\u00e1ng tin c\u1eady c\u1ee7a ng\u01b0\u1eddi n\u1eafm gi\u1eef. C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u cho r\u1eb1ng vi\u1ec7c t\u00e1ch bi\u1ec7t l\u01b0u h\u00e0nh trong n\u01b0\u1edbc kh\u1ecfi s\u1eed d\u1ee5ng qu\u1ed1c t\u1ebf c\u00f3 th\u1ec3 y\u00eau c\u1ea7u b\u00e1o c\u00e1o b\u1ed5 sung.<\/p>\n

C\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a y\u00eau c\u1ea7u c\u00e1ch x\u1eed l\u00fd kh\u00e1c nhau v\u00ec ch\u00fang v\u1eabn l\u00e0 ngh\u0129a v\u1ee5 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd. Vi\u1ec7c m\u00e3 h\u00f3a thay \u0111\u1ed5i c\u00e1ch m\u00e0 ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0 chuy\u1ec3n nh\u01b0\u1ee3ng, nh\u01b0ng kh\u00f4ng t\u1ef1 \u0111\u1ed9ng thay \u0111\u1ed5i t\u00ednh ch\u1ea5t ph\u00e1p l\u00fd ho\u1eb7c kinh t\u1ebf c\u1ee7a n\u00f3. M\u1ed9t kho\u1ea3n ti\u1ec1n g\u1eedi ki\u1ec3m tra \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u1eabn c\u00f3 th\u1ec3 truy c\u1eadp ngay l\u1eadp t\u1ee9c v\u00e0 c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n trao \u0111\u1ed5i, do \u0111\u00f3, n\u00f3 \u0111\u01b0\u1ee3c bao g\u1ed3m trong M1<\/strong> c\u00f9ng v\u1edbi c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi ki\u1ec3m tra th\u00f4ng th\u01b0\u1eddng.<\/p>\n

M\u1ed9t kho\u1ea3n ti\u1ec1n g\u1eedi th\u1eddi gian nh\u1ecf \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a s\u1ebd v\u1eabn l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m ti\u1ebft ki\u1ec7m v\u00e0 v\u00e0o ph\u1ea7n kh\u00f4ng ph\u1ea3i M1<\/strong> c\u1ee7a M2<\/strong>. Tuy nhi\u00ean, c\u00e1c ng\u00e2n h\u00e0ng \u0111\u00e3 b\u00e1o c\u00e1o nh\u1eefng s\u1ed1 d\u01b0 n\u00e0y th\u00f4ng qua c\u00f9ng c\u00e1c m\u1eabu quy \u0111\u1ecbnh \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi truy\u1ec1n th\u1ed1ng. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang hi\u1ec7n kh\u00f4ng t\u00e1ch bi\u1ec7t c\u00e1c s\u1ed1 d\u01b0 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a kh\u1ecfi c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c duy tr\u00ec th\u00f4ng qua c\u00e1c h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng th\u00f4ng th\u01b0\u1eddng.<\/p>\n

K\u1ebft Lu\u1eadn v\u00e0 \u0110\u00e1nh Gi\u00e1 T\u01b0\u01a1ng Lai<\/h2>\n

C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u kh\u00f4ng t\u00ecm th\u1ea5y v\u1ea5n \u0111\u1ec1 \u0111\u1ebfm hai l\u1ea7n b\u1ed5 sung cho c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. C\u00e1c t\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng c\u01a1 b\u1ea3n c\u1ee7a ch\u00fang, bao g\u1ed3m c\u00e1c kho\u1ea3n vay v\u00e0 ch\u1ee9ng kho\u00e1n, th\u01b0\u1eddng n\u1eb1m ngo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 cung ti\u1ec1n. Ti\u1ec1n m\u1eb7t trong k\u00e9t \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang t\u00ednh to\u00e1n ti\u1ec1n t\u1ec7 do c\u00f4ng ch\u00fang n\u1eafm gi\u1eef. B\u00e1o c\u00e1o ri\u00eang v\u1eabn c\u00f3 th\u1ec3 tr\u1edf n\u00ean h\u1eefu \u00edch.<\/p>\n

Theo d\u00f5i c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a \u0111\u1ed9c l\u1eadp s\u1ebd cung c\u1ea5p cho c\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u c\u00e1i nh\u00ecn r\u00f5 h\u01a1n v\u1ec1 t\u1ed1c \u0111\u1ed9 m\u00e0 c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 kh\u00e1ch h\u00e0ng \u0111ang \u00e1p d\u1ee5ng thanh to\u00e1n tr\u00ean blockchain. M\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c hi\u1ec7n \u0111ang th\u1eed nghi\u1ec7m m\u00f4 h\u00ecnh n\u00e0y, bao g\u1ed3m c\u00e1c d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong cu\u1ed9c kh\u1ea3o s\u00e1t c\u1ee7a crypto.news<\/strong> v\u1ec1 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u00e0 stablecoin.<\/p>\n

C\u00e1c s\u00e1ng ki\u1ebfn ng\u00e2n h\u00e0ng g\u1ea7n \u0111\u00e2y c\u0169ng \u0111\u00e3 kh\u00e1m ph\u00e1 c\u00e1c m\u1ea1ng chia s\u1ebb cho c\u00e1c kho\u1ea3n ti\u1ec1n g\u1eedi l\u1eadp tr\u00ecnh v\u00e0 thanh to\u00e1n doanh nghi\u1ec7p. Kh\u00e1c v\u1edbi stablecoin, c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y \u0111\u1ea1i di\u1ec7n cho c\u00e1c y\u00eau c\u1ea7u tr\u1ef1c ti\u1ebfp \u0111\u1ed1i v\u1edbi m\u1ed9t ng\u00e2n h\u00e0ng ph\u00e1t h\u00e0nh, nh\u01b0 \u0111\u00e3 gi\u1ea3i th\u00edch trong c\u00e1c b\u00e0i vi\u1ebft li\u00ean quan \u0111\u1ebfn c\u00e1c ng\u00e2n h\u00e0ng M\u1ef9 ph\u00e1t tri\u1ec3n c\u00e1c token ti\u1ec1n g\u1eedi chia s\u1ebb.<\/p>\n

C\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a \u0111\u1ea1i di\u1ec7n cho c\u1ed5 ph\u1ea7n trong c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd thay v\u00ec ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng ho\u1eb7c stablecoin thanh to\u00e1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef m\u1ed9t ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n v\u00e0 nh\u1eadn thu nh\u1eadp do danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ea1o ra. C\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 b\u00e1n l\u1ebb \u0111\u00e3 l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a M2<\/strong>, v\u00e0 vi\u1ec7c m\u00e3 h\u00f3a c\u1ed5 ph\u1ea7n c\u1ee7a ch\u00fang kh\u00f4ng lo\u1ea1i b\u1ecf ch\u00fang kh\u1ecfi danh m\u1ee5c \u0111\u00f3.<\/p>\n

C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u \u0111\u00e3 ph\u00e2n lo\u1ea1i c\u00e1c qu\u1ef9 n\u00e0y ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c kho l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb. M\u1eb7c d\u00f9 c\u00e1c chuy\u1ec3n nh\u01b0\u1ee3ng blockchain c\u00f3 th\u1ec3 x\u1ea3y ra nhanh ch\u00f3ng, vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i c\u1ed5 ph\u1ea7n qu\u1ef9 th\u00e0nh ti\u1ec1n m\u1eb7t v\u1eabn y\u00eau c\u1ea7u \u0111\u1ed5i ti\u1ec1n, quy tr\u00ecnh n\u00e0y th\u01b0\u1eddng m\u1ea5t m\u1ed9t ho\u1eb7c hai ng\u00e0y l\u00e0m vi\u1ec7c.<\/p>\n

C\u00e1c qu\u1ef9 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, trong c\u00e1c giao d\u1ecbch xuy\u00ean bi\u00ean gi\u1edbi v\u00e0 cho cho vay tr\u00ean chu\u1ed7i. N\u1ebfu vi\u1ec7c s\u1eed d\u1ee5ng thanh to\u00e1n tr\u1ef1c ti\u1ebfp cu\u1ed1i c\u00f9ng tr\u1edf th\u00e0nh ch\u1ee9c n\u0103ng ch\u00ednh c\u1ee7a ch\u00fang, c\u00e1c t\u00e1c gi\u1ea3 cho bi\u1ebft ph\u00e2n lo\u1ea1i c\u1ee7a ch\u00fang c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem x\u00e9t l\u1ea1i. \u0110\u00f3 l\u00e0 m\u1ed9t \u0111\u00e1nh gi\u00e1 c\u00f3 \u0111i\u1ec1u ki\u1ec7n, kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t thay \u0111\u1ed5i \u0111\u00e3 \u0111\u01b0\u1ee3c l\u00ean k\u1ebf ho\u1ea1ch.<\/p>\n

C\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y c\u0169ng kh\u00e1c v\u1edbi stablecoin \u1edf ch\u1ed7 ai nh\u1eadn \u0111\u01b0\u1ee3c l\u1ee3i t\u1ee9c. C\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a th\u01b0\u1eddng chuy\u1ec3n thu nh\u1eadp danh m\u1ee5c cho c\u00e1c c\u1ed5 \u0111\u00f4ng, trong khi c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh stablecoin thanh to\u00e1n gi\u1eef l\u1ea1i thu nh\u1eadp d\u1ef1 tr\u1eef theo m\u00f4 h\u00ecnh m\u00e0 c\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u \u0111\u00e3 xem x\u00e9t.<\/p>\n

Crypto.news<\/strong> \u0111\u00e3 gi\u1ea3i th\u00edch th\u00eam v\u1ec1 c\u1ea5u tr\u00fac ph\u00e1p l\u00fd v\u00e0 kinh t\u1ebf c\u1ee7a c\u00e1c qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. Nghi\u00ean c\u1ee9u kh\u00f4ng t\u1ea1o ra m\u1ed9t th\u1eddi gian bi\u1ec3u cho vi\u1ec7c th\u00eam stablecoin v\u00e0o M1<\/strong> ho\u1eb7c M2<\/strong>. Thay v\u00e0o \u0111\u00f3, n\u00f3 x\u00e1c \u0111\u1ecbnh c\u00e1c b\u00e0i ki\u1ec3m tra c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng tr\u01b0\u1edbc khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00f3 th\u1ec3 c\u00f4ng b\u1ed1 c\u00e1c s\u1ed1 li\u1ec7u \u0111\u00e1ng tin c\u1eady.<\/p>\n

C\u00e1c quan ch\u1ee9c s\u1ebd c\u1ea7n d\u1eef li\u1ec7u l\u01b0u h\u00e0nh ti\u00eau chu\u1ea9n h\u00f3a, m\u1ed9t k\u00eanh b\u00e1o c\u00e1o nh\u1ea5t qu\u00e1n v\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 tr\u1eeb \u0111i c\u00e1c t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef \u0111\u00e3 \u0111\u01b0\u1ee3c ghi nh\u1eadn \u1edf n\u01a1i kh\u00e1c. H\u1ecd c\u0169ng s\u1ebd c\u1ea7n quy\u1ebft \u0111\u1ecbnh xem c\u00e1c s\u1ed1 li\u1ec7u c\u00f3 n\u00ean bao g\u1ed3m c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef to\u00e0n c\u1ea7u c\u1ee7a c\u00e1c token do M\u1ef9 ph\u00e1t h\u00e0nh hay ch\u1ec9 c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef li\u00ean quan \u0111\u1ebfn ng\u01b0\u1eddi d\u00f9ng trong n\u01b0\u1edbc.<\/p>\n

Vi\u1ec7c s\u1eed d\u1ee5ng stablecoin sau \u0111\u00f3 s\u1ebd c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 theo th\u1eddi gian. Vi\u1ec7c s\u1eed d\u1ee5ng ch\u1ee7 y\u1ebfu cho giao d\u1ecbch s\u1ebd h\u1ed7 tr\u1ee3 M1<\/strong>, trong khi h\u00e0nh vi giao d\u1ecbch v\u00e0 ti\u1ebft ki\u1ec7m s\u1ebd h\u1ed7 tr\u1ee3 M2<\/strong>. M\u1ed9t m\u00f4 h\u00ecnh h\u1ed7n h\u1ee3p c\u00f3 th\u1ec3 y\u00eau c\u1ea7u m\u1ed9t c\u00e1ch x\u1eed l\u00fd th\u1ed1ng k\u00ea chi ti\u1ebft h\u01a1n. Cho \u0111\u1ebfn khi nh\u1eefng c\u00e2u h\u1ecfi \u0111\u00f3 \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft v\u00e0 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang ch\u00ednh th\u1ee9c thay \u0111\u1ed5i ph\u01b0\u01a1ng ph\u00e1p c\u1ee7a m\u00ecnh, stablecoin thanh to\u00e1n v\u1eabn n\u1eb1m ngo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 cung ti\u1ec1n c\u1ee7a M\u1ef9 \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1. T\u00e0i li\u1ec7u ng\u00e0y 4 th\u00e1ng 9 cung c\u1ea5p m\u1ed9t con \u0111\u01b0\u1eddng ph\u00e2n t\u00edch, nh\u01b0ng kh\u00f4ng thi\u1ebft l\u1eadp ch\u00ednh s\u00e1ch m\u1edbi.<\/p>\n","protected":false},"excerpt":{"rendered":"

Khung Ph\u00e2n Lo\u1ea1i Stablecoin v\u00e0 T\u00edch H\u1ee3p v\u00e0o Ch\u1ec9 S\u1ed1 Cung Ti\u1ec1n C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) \u0111\u00e3 \u0111\u1ec1 xu\u1ea5t m\u1ed9t khung ph\u00e2n lo\u1ea1i v\u00e0o ng\u00e0y 4 th\u00e1ng 9 nh\u1eb1m x\u00e1c \u0111\u1ecbnh c\u00e1ch m\u00e0 stablecoin v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00edn…<\/p>\n","protected":false},"author":3,"featured_media":22193,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,48],"tags":[4225,4790,4332,4217,10003,5093,4204,4756],"class_list":["post-22194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-legal","tag-bitcoin","tag-federal-reserve","tag-genius-act","tag-legal","tag-m2","tag-occ","tag-usa","tag-usdc"],"yoast_head":"\nNghi\u00ean c\u1ee9u c\u1ee7a Fed v\u1ec1 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