AMRO：稳定币监管：从储备基金的本质到市场基础设施的进展（英文版）

This report argues that reserve-centric oversight is not sufficient for recipient jurisdictions. Most local users do not exit through direct issuer redemption. They exit through secondary market trading and banking or payment channels, where retail convertibility is shaped in practice. The report shows how retail convertibility can weaken when stress impairs par transmission or fiat cash-out, even if reserves appear sound and the primary market anchor remains intact. It develops a two-stage f