稳定币的机遇与挑战.pdf

1、Copyright 2025 Holland&Knight LLP.All Rights Reserved.The GENIUS ActThe Promise and Peril of StablecoinAndrew Balthazor|Holland&Knight November 7,2025Disclaimer21.What is a Stablecoin?2.Overview of the GENIUS Act3.Opportunities for Community&Regional Banks4.Risk Factors&MitigationRegulatoryTechnical

2、5.Lessons from Prior Crypto Involvement6.International Comparisons7.Strategic Considerations:Anticipating Industry&Customer Actions8.Q&AAgendaBusinessLitigation3|A digital asset pegged*to stable value(e.g.,USD)Blockchain-dependent*Issuer-dependent*Types Fiat-backed AlgorithmicWhat is a Stablecoin?Us

3、es Trading crypto Payments Relevance Faster Payments*Programmable*4|Par value=stablecoin redemption value E.g.,1 token=1 USD“Peg”=market value of stablecoin Under stress,stablecoins can“lose their peg”E.g.,1 token=0.9 USD Stablecoin issuers depend on arbitragers to maintain their pegA Stablecoins“Pe

4、g”5|Stablecoins exist only on the blockchain on which they are issued Not all blockchains are created equal Validation mechanisms Transaction speeds Transaction costs Market access(e.g.,Binance does not accept USDC on Tron)Interchange between blockchains only possible via bridges Transaction frictio

5、n VulnerableStablecoin Blockchain Fragmentation6|Quality of reserve assets Existence and frequency of reserve attestations Redemption policy Freeze and burn policyStablecoins Vary Based on Issuer7|Faster,cheaper payments?Yes,but:Scalability issues Congestion issues Issuer and intermediary“technical

6、glitches”Programmable money via smart contracts?Yes,but:VulnerableImmutableStablecoins Utility Limited by Blockchains8|Overview Key Provisions Implications for BanksThe GENIUS Act9|GENIUS Act OverviewGENIUS Act Overview10 Federal framework for U.S.“payment stablecoins”Harmonizes state and federal ov