AMRO：2025年稳定币：对东盟3国区域的影响报告（英文版）

Since Bitcoin’s launch in 2009, the crypto industry has expanded rapidly through repeated boom-bust cycles driven by shifting risk appetite, technological breakthroughs, and evolving regulations. Within this space, stablecoins, a broad family of instruments with different backing and stabilization designs, have emerged as the dominant bridge between crypto markets and traditional finance. Conceptually, fiat-currency pegged stablecoins sit alongside existing forms of money rather than replacin