韩国央行：2026年稳定币与外汇挂钩：来自菲亚特的证据-稳定币对在全球交易所上市报告（英文版）

As the issuance and use of USD stablecoins have expanded, policy interest in the linkages between

USD stablecoin markets and conventional foreign exchange markets has increased. In particular,

trading USD stablecoins against non-U.S. fiat currencies is similar in nature to trading dollar-

denominated assets with those currencies and, depending on market structure, may translate into

actual foreign exchange transactions and exchange rate movements. Existing studies typi