德勤：2025年美国支付稳定币之年：监管动态、风险框架与市场机遇报告

In our2023 publication, Engoging with Stablecoins, and our inauguralpiece in 2021, 5o You Want to be a Stablecoin issuer, we exploredthe dynamics of this innovative digital asset class, highlightingcomplexities,market disruptions, and the evolvingregulatorylandscape bothin the United States and globally. Fast forward to2025, and multiple forces appear to be encouraging "traditional”financial (non-crypto-native) companies to consider becomingstablecoin issuers, from the recent surge and m