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1、合规稳定币在现代商业中的应用、价值与香港机遇Applications,Value,and Hong Kong s Opportunity for Compliant Stablecoins in Modern Commerce数字经济的流动性枢纽THE LIQUIDITY HUB OF THEDIGITAL ECONOMYThe withdrawal of correspondent banks has dealt an almost devastating blow to low-income coun-tries and small economies.Due to the lack of

2、 alternative channels,many cross-border payment corridors fall into the predicament of so-called Orphaned Corridors,where cross-border funds not only need to flow through multiple layers but also come with extremely high monopolistic premiums.According to the World Banks Remittance Prices Worldwide

3、database,the global average combined cost of sending$200 is about 6.5%,and about 8%in sub-Saharan Africa,ranking first among all regions worldwide for a long time;Looking at channel types,banking channels are the most expensive,with a global average of about 13.4%;In some Pacific island countries,th

4、e combined cost of certain corridors even exceeds 10%14.This situation not only deviates far from the United Nations Sustainable Development Goal(SDG 10.c.1)goal of reducing remittance costs to below 3%by 2030 and eliminating corridors above 5%,but also highlights that emerging markets face an insti

5、tutional,structural financial exclusion rather than a mere technical efficiency issue(see Figure 1-1).目录CATALOGUE前言01第一章 导论：数字化全球贸易的价值连接031.1 从“资产”到“商业工具”：稳定币定位的演进03第一阶段（20142019）：加密交易所的内部结算媒介03第三阶段（2023至今）：全球商贸的合规支付基础设施06三阶段演化的结构性解读：不是线性成长，而是范式跃迁081.2 全球视角：新兴市场的迫切需求与应用潜力091.2.1 传统金融的覆盖缺口：亚洲、非洲与拉美的结

6、构性挑战091.2.2 厘清认识误区：稳定币“实时”与“低成本”的真实边界111.2.3 合规稳定币的真实优势：新范式而非旧轨道的微调131.2.4 本节小结14第二章 市场格局302.1 市场规模与增长轨迹：从零到3,230亿美元302.2 市场结构：高度集中的双寡头格局312.2.1 USDT：全球流动性最深的稳定币322.3 稳定币分类体系与风险特征：合规化为何胜出322.4 应用场景演化：三阶段跃迁与底层商业逻辑342.5 底层商业逻辑：稳定币为何成为金融基础设施352.6 本章小结36第三章 应用场景一：跨境贸易支付（B2B/B2B2C）453.1 重塑跨境支付模式453.1.1 传