国际货币基金组织：2025年了解稳定币报告（英文版）

The purpose of this IMF Departmental Paper is to explain and document the phenomenon of stablecoins, and present their potential benefits, while providing a holistic view of risks, policy frameworks, and emerging regulations. Stablecoins, a type of crypto asset, have experienced significant growth and received increasing attention in recent years. This work provides a comprehensive overview of stablecoins, focusing on those backed by financial assets denominated in currency (so called “fiat-b