Stablecoins can transform the Global South by reimagining digital finance, trade, and development
Stablecoins are rapidly evolving from crypto tools to experimentation of financial infrastructure with a supply that has grown from $6.8 billion in 2020 to $273 billion in 2026 and transaction volumes that have reached $10.9 trillion annually.
稳定币正在从加密工具迅速发展为金融基础设施的实验，其供应量已从 2020 年的 68 亿美元增长到 2026 年的 2730 亿美元，每年的交易量达到 10.9 万亿美元。
Stablecoins have the potential to address structural gaps in emerging markets, from currency instability and weak banking access to expensive cross-border payments, making them an attractive facet of the financial ecosystems of the future.
稳定币有潜力解决新兴市场的结构性差距，从货币不稳定和银行服务薄弱到昂贵的跨境支付，使其成为未来金融生态系统的一个有吸引力的方面。
Yet despite their potential to help address some of the challenges emerging markets face, they also bring about additional complexities, especially related to the need for regulation to properly seize these opportunities.
然而，尽管它们有可能帮助解决新兴市场面临的一些挑战，但它们也带来了额外的复杂性，特别是与需要监管以正确抓住这些机会有关。
Emerging markets are the key holders and users of stablecoins, with individuals in emerging markets holding 66% of the global stablecoin supply across various use cases.
新兴市场是稳定币的主要持有者和用户，在各种用例中，新兴市场的个人持有全球稳定币供应量的 66%。
According to the 2025 Global Crypto Adoption Index , Asia has the highest volume of stablecoin activity, with Indonesia, Vietnam and the Philippines leading in adoption.
根据 2025 年全球加密货币采用指数，亚洲的稳定币活动量最高，其中印度尼西亚、越南和菲律宾的采用率领先。
North America follows, fueled by the United States and its development of regulatory and institutional frameworks.
在美国及其监管和制度框架发展的推动下，北美紧随其后。
The United States is in the number two position in stablecoin activity, and the most popular stablecoins are pegged to the U.S. dollar to avoid volatility as the dollar serves as the world’s primary reserve currency.
美国在稳定币活动中处于第二位，最受欢迎的稳定币与美元挂钩以避免波动，因为美元是世界主要储备货币。
Meanwhile, Africa, the Middle East, and Latin America lead in terms of stablecoin volume relative to GDP .
与此同时，非洲、中东和拉丁美洲的稳定币数量相对于 GDP 而言处于领先地位。
The Global Crypto Adoption Index shows that overall crypto adoption grew 63% in the past year in Latin America, as it is increasingly used in retail and institutional settings, and 52% in sub-Saharan Africa, where it is used for remittances and daily transactions.
全球加密货币采用指数显示，过去一年，拉丁美洲的加密货币总体采用率增长了 63%，因为它越来越多地用于零售和机构环境，而撒哈拉以南非洲地区则增长了 52%，在那里加密货币用于汇款和日常交易。
Eastern Europe leads in crypto adoption when adjusted for population size.
根据人口规模进行调整后，东欧在加密货币采用方面处于领先地位。
In countries like Ukraine, Moldova, and Georgia , crypto is seen as a flexible and reliable alternative to conventional financial institutions.
在乌克兰、摩尔多瓦和格鲁吉亚等国家，加密货币被视为传统金融机构灵活可靠的替代方案。
There are a variety of reasons why stablecoins matter in developing countries, especially in economies that have struggled to maintain resilience around payment systems and remittances.
稳定币在发展中国家很重要，特别是在那些难以维持支付系统和汇款弹性的经济体中，有多种原因。
Additional ways stablecoins can be leveraged by the Global South are discussed below.
下面讨论南半球国家利用稳定币的其他方式。
Stablecoin technology offers near-instant transfers across borders, addressing a key constraint of traditional payment channels in regard to fees and time.
稳定币技术提供近乎即时的跨境转账，解决了传统支付渠道在费用和时间方面的关键限制。
While traditional cross-border payments can take 3-5 days to process with transaction costs of 2%-7%, stablecoins have the potential to have a near-instant settlement and often cost less than $1 per transaction.
虽然传统的跨境支付可能需要 3-5 天的时间来处理，交易成本为 2%-7%，但稳定币有可能实现近乎即时的结算，并且每笔交易的成本通常低于 1 美元。
According to a survey by EY-Parthenon , 41% of organizations using stablecoins have reported savings of greater than 10%.
根据 EY-Parthenon 的一项调查，41% 使用稳定币的组织报告节省了超过 10%。
In Latin America, 71% of firms already using stablecoins cite international payments as their top use case, meanwhile a Mastercard survey found that more than one-third of consumers have used them for everyday transactions.
在拉丁美洲，71% 已经使用稳定币的公司将国际支付作为其首要用例，同时万事达卡的一项调查发现，超过三分之一的消费者在日常交易中使用稳定币。
Their speed and cost-effectiveness for international transactions make stablecoins particularly promising for the 40% of freelance workers who reside in low-to-middle-income countries, creating opportunities for more clients and contracts around the world.
国际交易的速度和成本效益使得稳定币对于居住在中低收入国家的 40% 的自由职业者来说特别有前途，为世界各地的更多客户和合同创造了机会。
Compared to other instant payment networks, such as Pix in Brazil that enables quick payments within the country, stablecoins have a unified and open rail that works the same across the world, which overcomes the need to connect separate national infrastructure.
与其他即时支付网络（例如巴西的 Pix 可以在国内进行快速支付）相比，稳定币拥有统一且开放的轨道，在全球范围内都可以使用相同的方式，从而克服了连接单独国家基础设施的需要。
Yet overall, the extent to which stablecoin technology delivers these potential benefits related to payment systems relies on the factors that underlie their use, such as on- and off-ramps, liquidity, regulatory certainty, merchant acceptance, and user behavior.
但总体而言，稳定币技术在多大程度上提供与支付系统相关的潜在好处取决于其使用的因素，例如入口和出口、流动性、监管确定性、商家接受度和用户行为。
Stablecoins can also increase benefits related to tax , although many of these outcomes depend on their design, governance structure, and integration within regulatory and financial systems.
稳定币还可以增加与税收相关的收益，尽管其中许多结果取决于其设计、治理结构以及监管和金融系统的整合。
Transactions via compliant and regulated stablecoins may be more transparent, fast, reliable, and simplified.
通过合规和受监管的稳定币进行的交易可能会更加透明、快速、可靠和简化。
Smart contracts could be embedded in stablecoins where software can be programmed to automatically calculate and trigger tax withholding or tax remittances, which could help both the public sector in countries developing new flexible or targeted tax policies, and the public sector, as companies could enable real-time tax planning which can increase companies’ efficiency and improve overall tax transparency.
智能合约可以嵌入稳定币中，其中软件可以编程自动计算和触发预扣税或税款汇出，这可以帮助制定新的灵活或有针对性的税收政策的国家的公共部门，也可以帮助公共部门，因为公司可以实现实时税务规划，从而提高公司效率并提高整体税收透明度。
Smart contracts can also have the potential to better monitor and lower the usage of stablecoins for money laundering and improve lending operations by embedding on-chain lending protocols that lower costs and improve access to credit.
智能合约还可以更好地监控和减少稳定币用于洗钱的使用，并通过嵌入降低成本和改善信贷获取的链上借贷协议来改善借贷业务。
In facilitating frictionless payments, stablecoins naturally offer benefits for remittances.
在促进无摩擦支付方面，稳定币自然会为汇款带来好处。
Mexico’s remittance market (the fourth largest globally) has driven the Banco de Mexico to launch a comprehensive stablecoin framework in 2025, with USDC (USD Coin, a stable coin pegged to the U.S. dollar issued by Circle) transaction volume growing 450% and stablecoins now capturing about 8% of its remittance flow .
墨西哥（全球第四大）汇款市场推动墨西哥银行在 2025 年推出全面的稳定币框架，USDC（USD Coin，Circle 发行的与美元挂钩的稳定币）交易量增长 450%，稳定币目前占据其汇款流量的约 8%。
Eight of the top 10 remittance destinations are in emerging markets, indicating that stablecoins could serve as an important technology and infrastructure for these economies, especially as global remittances more than doubled between 2010-2024.
十大汇款目的地中有八个位于新兴市场，这表明稳定币可以成为这些经济体的重要技术和基础设施，特别是在 2010 年至 2024 年全球汇款量增加一倍以上的情况下。
Stablecoins’ blockchain technology in particular has the benefit of simplifying the challenges that international payments face, such as overcoming the multiple data formats, operating hour mismatches, and long process chains, while also providing the security that comes with fiat-backed stablecoins in terms of value storage.
稳定币的区块链技术尤其有利于简化国际支付面临的挑战，例如克服多种数据格式、运行时间不匹配和长流程链，同时还提供法币支持的稳定币在价值存储方面的安全性。
Stablecoins also act as a store of value, which can be especially important in economies with high inflation.
稳定币还可以充当价值储存手段，这在高通胀经济体中尤其重要。
For example, Argentina, with consumer price inflation over 30% , had $34 billion in stablecoin transactions in 2024 and the highest crypto adoption rate in the Western Hemisphere.
例如，阿根廷的消费价格通胀率超过 30%，2024 年稳定币交易额为 340 亿美元，是西半球加密货币采用率最高的国家。
In contrast to volatile cryptocurrencies like Bitcoin, which lower welfare, stablecoins can improve welfare by smoothing household consumption during shocks.
与比特币等会降低福利的波动性加密货币相比，稳定币可以通过在冲击期间平滑家庭消费来改善福利。
Digital dollarization is thus a promising hedge against macroeconomic risk that can enhance monetary stability for households, as long as risks related to monetary policy sovereignty are addressed, as discussed in the challenges section.
因此，数字美元化是对抗宏观经济风险的一种有前途的对冲手段，只要解决与货币政策主权相关的风险，就可以增强家庭的货币稳定性，正如挑战部分所讨论的那样。
Already, 73% of intra-Asian business-to-business (B2B) payments use dollars as an intermediary currency, with dollar-pegged stablecoins used as a “ stable-value transfer rail ” that does not require a traditional U.S. bank relationship.
目前，73％的亚洲内部企业对企业（B2B）支付使用美元作为中介货币，与美元挂钩的稳定币被用作“稳定价值转移轨道”，不需要传统的美国银行关系。
Stablecoins can also address a structural gap in emerging markets related to unbanked populations.
稳定币还可以解决新兴市场中与无银行账户人口相关的结构性缺口。
Fifty-one percent of adults in sub-Saharan Africa do not own a bank account, reflecting in part the fact that most employment is in the informal economy .
撒哈拉以南非洲地区 51% 的成年人没有银行账户，这在一定程度上反映了大多数就业都在非正规经济中的事实。
The expansion of mobile money has been found to positively influence financial inclusion , with mobile-first economies growing rapidly.
人们发现，移动货币的扩张对金融包容性产生了积极影响，移动优先经济体迅速增长。
In sub-Saharan Africa, 40% of adults have mobile money accounts as of 2024, and receiving wages through mobile phones is more common than through traditional bank accounts.
在撒哈拉以南非洲地区，截至 2024 年，40% 的成年人拥有移动货币账户，通过手机领取工资比通过传统银行账户更常见。
Stablecoins can build on this momentum toward financial inclusion as they enable access to USD (or whichever currency the stablecoin is pegged to) without a bank account and to a wider range of services like lending or insurance.
稳定币可以在这种普惠金融的势头基础上发展，因为它们可以在没有银行账户的情况下获得美元（或与稳定币挂钩的任何货币），并提供贷款或保险等更广泛的服务。
One projection estimates that stablecoins used for savings will increase from $173 billion today to $1.22 trillion by the end of 2028 in emerging markets.
一项预测估计，到 2028 年底，新兴市场用于储蓄的稳定币将从目前的 1730 亿美元增加到 1.22 万亿美元。
While stablecoins overcome the barrier of needing a bank account, whether or not stablecoins can meaningfully contribute to greater financial inclusion overall will certainly depend on a system-wide approach including universal internet access.
虽然稳定币克服了需要银行账户的障碍，但稳定币是否能够对整体金融包容性做出有意义的贡献肯定取决于包括普遍互联网接入在内的全系统方法。
Small and medium enterprises (SMEs) face foreign exchange volatility, payment delays, and high transaction costs, making them a prime and interesting target for stablecoins to improve cash flow via quicker settlement and reduce foreign exchange exposure.
中小型企业（SME）面临外汇波动、付款延迟和高交易成本的问题，这使它们成为稳定币通过更快的结算来改善现金流并减少外汇敞口的主要且有趣的目标。
With faster payments comes more efficient capital.
更快的支付带来更高效的资本。
In India’s B2B IT sector, for example, 67% of executives reported faster cash flow in stablecoin transactions when receiving money from U.S. clients, while 77% of all executives surveyed see supplier payments as the top use for stablecoins.
例如，在印度的 B2B IT 行业，67% 的高管表示，在从美国客户接收资金时，稳定币交易中的现金流更快，而 77% 的受访高管认为供应商付款是稳定币的首要用途。
Their ease of use could help unlock intra-regional trade and reduce working capital constraints.
它们的易用性有助于释放区域内贸易并减少营运资金限制。
Nigeria is a leader in stablecoin use for cross-border payments and protection against currency devaluation.
尼日利亚在使用稳定币进行跨境支付和防止货币贬值方面处于领先地位。
Companies like Yellow Card have partnered with Nigeria’s largest food producer to pay suppliers quicker and with lower costs.
Yellow Card 等公司已与尼日利亚最大的食品生产商合作，以更快、更低的成本向供应商付款。
About two-thirds of stablecoins, representing 98% of the market’s value, are pegged to the U.S. dollar.
约三分之二的稳定币（占市场价值的 98%）与美元挂钩。
While digital dollarization provides promising opportunities, stablecoins also present significant risks when it comes to their impact on accelerating currency substitution and external monetary influence.
虽然数字美元化提供了充满希望的机会，但稳定币在加速货币替代和外部货币影响方面也带来了重大风险。
Central banks could lose the power of their monetary tools if stablecoins backed by foreign assets, rather than local currency, become the norm, while stablecoins could worsen the dollarization problem that reduces monetary sovereignty and increases dependency on U.S. regulatory decisions.
如果由外国资产而不是本币支持的稳定币成为常态，央行可能会失去其货币工具的权力，而稳定币可能会加剧美元化问题，从而降低货币主权并增加对美国监管决策的依赖。
Stablecoins bring risks of financial instability if deposit flight occurs at scale when people diversify away from banks.
如果当人们远离银行时大规模发生存款外逃，稳定币就会带来金融不稳定的风险。
Yet a recent study found that approximately $1 trillion is expected to exit emerging market banks in the next three years.
然而最近的一项研究发现，未来三年预计将有大约 1 万亿美元退出新兴市场银行。
This represents around 2% of aggregate deposits in the study’s 16 economies that scored the most vulnerable to deposit outflows.
这约占该研究中最容易受到存款外流影响的 16 个经济体总存款的 2%。
Many stablecoins also lack deposit insurance or full protections which would make deposit flight an even greater risk for users.
许多稳定币还缺乏存款保险或全面保护，这将使存款外逃给用户带来更大的风险。
In addition, stablecoin issuer concentration, where the majority of the market supply is controlled by a few entities, adds significant risks related to deposit flight and to the outsized ramifications of any operational or legal failure at one of those entities.
此外，稳定币发行人的集中度（大部分市场供应由少数实体控制）增加了与存款外逃以及这些实体之一的任何运营或法律失败造成的巨大后果相关的重大风险。
Since they serve as entry and exit ramps to other crypto markets, stablecoins run the risk of being used for money laundering, terrorist financing, and other illicit activities .
由于稳定币是其他加密货币市场的进入和退出坡道，因此存在被用于洗钱、恐怖主义融资和其他非法活动的风险。
One investigation found that stablecoins were used for $25 billion in illicit transactions in 2024.
一项调查发现，2024 年稳定币用于非法交易的金额达 250 亿美元。
Cybersecurity is critical, as hackers targeting stablecoin issuer systems pose significant risks both for stealing reserves and for issuing unauthorized stablecoins, while third-party custodians of reserve assets introduce separate risks related to operational failures.
网络安全至关重要，因为针对稳定币发行系统的黑客在窃取储备和发行未经授权的稳定币方面都构成了重大风险，而储备资产的第三方托管人则带来了与运营故障相关的单独风险。
While the 24/7 instant payment system is beneficial, it can also introduce new risks when it comes to scams, as consumers might not have much recourse to reverse a payment once it is made.
虽然 24/7 即时支付系统是有益的，但它也可能带来新的诈骗风险，因为一旦付款，消费者可能没有太多追索权来撤销付款。
The regulatory environments among emerging markets are fragmented, from more progressive approaches to more restrictive ones.
新兴市场的监管环境是分散的，从更进步的方法到更严格的方法。
For example, the United Arab Emirates and Singapore have the most advanced and innovation-oriented regulatory frameworks, with the UAE Central Bank requiring 100% asset backing and payment token licenses.
例如，阿联酋和新加坡拥有最先进、以创新为导向的监管框架，阿联酋中央银行要求100%的资产支持和支付代币许可证。
In India, there are restrictions on private stablecoins as it undergoes its digital rupee Central Bank Digital Currency (CBDC) pilot, yet it ranks first globally in crypto adoption .
在印度，由于正在进行数字卢比中央银行数字货币（CBDC）试点，私人稳定币受到限制，但其加密货币采用率在全球排名第一。
Others, including Indonesia, have launched regulatory sandboxes .
包括印度尼西亚在内的其他国家已经推出了监管沙箱。
The fragmented regulatory landscapes make it difficult to navigate markets and reduces the interoperability across jurisdictions, leading to an increase in operational complexity and challenges to scaling cross-border transactions.
分散的监管环境使得市场难以驾驭，并降低了跨司法管辖区的互操作性，导致运营复杂性增加以及扩大跨境交易的挑战。
Developing consistent and clear regulation will be critical to maximize the impact of stablecoins and reduce risks such as deposit flight and illicit uses.
制定一致且明确的监管对于最大限度地发挥稳定币的影响并减少存款外逃和非法使用等风险至关重要。
Common themes to address in clear regulation for stablecoins include listing requirements for offshore stablecoins, facilitating technical assistance, addressing data gaps, and deploying regulatory sandboxes.
稳定币明确监管要解决的共同主题包括离岸稳定币的上市要求、促进技术援助、解决数据差距和部署监管沙箱。
The Bank for International Settlements identifies three requirements for stabilizing stablecoin architecture: 1) a defined redemption commitment in fiat money; 2) an exchange-traded fund-like arrangement to trade tokens; and 3) an asset-backing arrangement that is liquid.
国际清算银行确定了稳定稳定币架构的三个要求：1）明确的法定货币赎回承诺； 2) 类似交易所交易基金的代币交易安排； 3) 具有流动性的资产支持安排。
If institutions are strong, stablecoins can actually increase transparency due to its traceability, programmability, and auditability if the proper structures are in place.
如果机构强大，如果结构到位，稳定币实际上可以提高透明度，因为它具有可追溯性、可编程性和可审计性。
Singapore’s monetary policy framework is a clear regulatory pathway for institutional stablecoin use that has attracted major stablecoin issuers.
新加坡的货币政策框架是机构稳定币使用的明确监管途径，吸引了主要稳定币发行人。
It requires “100% reserve backing in high-quality liquid assets, monthly attestations, segregated reserve accounts, and Tier 1 capital ratios of at least 8%” that remove regulatory ambiguity.
它要求“高质量流动资产提供 100% 的准备金支持、每月证明、独立准备金账户以及至少 8% 的一级资本比率”，从而消除监管模糊性。
Similarly, the Central Bank of Georgia recently passed a set of regulations allowing registered and licensed companies to issue stablecoins that are pegged to the national currency and backed by reserve assets, outlining strict capital requirements, accountability mechanisms (quarterly audits required when reserve assets meet a specific amount), and time requirements for redemption requests to be met.
同样，格鲁吉亚中央银行最近通过了一系列法规，允许注册和获得许可的公司发行与本国货币挂钩并由储备资产支持的稳定币，概述了严格的资本要求、问责机制（当储备资产达到特定金额时需要进行季度审计）以及满足赎回请求的时间要求。
If reserve backing can be held in central bank reserves or domestic government securities, rather than foreign currencies, stablecoins could actually boost domestic savings and demand for sovereign debt , but it will require a robust set of emerging market licensing banks, fintech firms, or financial market infrastructures that can issue local currency stablecoins, robust transparency and disclosure requirements, and strong, integrated regulatory systems.
如果储备支持可以以央行储备或国内政府证券而非外币形式持有，那么稳定币实际上可以促进国内储蓄和主权债务需求，但这需要一套强大的新兴市场许可银行、金融科技公司或可以发行本币稳定币的金融市场基础设施、严格的透明度和披露要求以及强大的综合监管体系。
To reap the benefits of stablecoins, countries must have the capacity for policy responses that cannot be executed with weak institutions, high inflation, macroeconomic instability, or limited financial access.
为了获得稳定币的好处，各国必须具备在机构薄弱、通货膨胀高、宏观经济不稳定或金融准入有限的情况下无法执行的政策应对能力。
Emerging market governments must work to develop macroeconomic frameworks and strong regulatory capacity, while building their own research capacity and agility.
新兴市场政府必须努力制定宏观经济框架和强大的监管能力，同时建设自己的研究能力和敏捷性。
Having the policy and research capacity and foresight to examine the different functionalities of central bank digital currencies and stablecoins and how they might best work together to serve the needs of a country will be critical to avoid fragmentation and improve monetary stability.
拥有政策和研究能力以及远见来研究央行数字货币和稳定币的不同功能以及它们如何最好地协同工作来满足一个国家的需求对于避免碎片化和提高货币稳定性至关重要。
Banks, fintech companies, and governments must work together to integrate stablecoins with payment systems and drive innovation, interoperability, and financial inclusion.
银行、金融科技公司和政府必须共同努力，将稳定币与支付系统集成，并推动创新、互操作性和金融包容性。
They will also help streamline regulatory compliance, which was exemplified in Kenya’s M-Pesa’s private-sector partnership with the government .
它们还将帮助简化监管合规性，肯尼亚 M-Pesa 与政府的私营部门合作就是例证。
Harmonizing standards, interoperability, and cross-border regulation will be critical for powering regional corridors in Africa, Southeast Asia, and Latin America.
协调标准、互操作性和跨境监管对于推动非洲、东南亚和拉丁美洲的区域走廊至关重要。
Cooperating with other authorities will help facilitate knowledge sharing and ensure proper coordination, adapting best practices to local contexts .
与其他当局合作将有助于促进知识共享并确保适当协调，使最佳实践适应当地情况。
Regional bodies could also strengthen the voice of emerging markets as international coordination on stablecoin regulations builds.
随着稳定币监管方面国际协调的建立，区域机构还可以加强新兴市场的发言权。
A recent Boston Consulting Group analysis found that in 2025, larger, more regulated entities started to experience incremental growth.
波士顿咨询集团最近的一项分析发现，到 2025 年，规模更大、监管更严格的实体开始经历增量增长。
This pattern indicates that stablecoin users are not only seeking cheap transactions but also systems that are reliable, interoperable, and compliant with relevant laws.
这种模式表明，稳定币用户不仅寻求廉价的交易，而且寻求可靠、可互操作且符合相关法律的系统。
Integrating stablecoins within existing financial systems—alongside other enabling conditions such as sound regulatory design and user acceptance—could open up new opportunities for stablecoins beyond payment instruments.
将稳定币整合到现有的金融体系中，再加上健全的监管设计和用户接受度等其他有利条件，可能会为稳定币带来超越支付工具的新机会。
Linking stablecoins to domestic payment rails could complement local currency use and power government transfers, securities settlement, utility bill payments, or e-commerce transactions.
将稳定币与国内支付轨道联系起来可以补充当地货币的使用，并为政府转移、证券结算、公用事业账单支付或电子商务交易提供动力。
African central banks are already recognizing the need to navigate and balance these opportunities and risks.
非洲央行已经认识到需要驾驭和平衡这些机遇和风险。
This balancing act will only grow more important as stablecoins become more integrated into financial systems, since new opportunities and risks will continue to emerge, requiring constant monitoring and an agile approach to managing them.
随着稳定币更加融入金融系统，这种平衡行为只会变得更加重要，因为新的机会和风险将不断出现，需要持续监控和灵活的方法来管理它们。
Stablecoins could move from niche uses to systemic infrastructure, with emerging markets as the primary drivers.
稳定币可以从利基用途转向系统基础设施，新兴市场是主要驱动力。
Making sure that they enable financial sovereignty and strengthen resilience instead of reinforcing dependency will depend on whether countries can build the institutions, rules, and partnerships needed to adequately govern it and steer it toward its most productive uses.
确保它们能够实现金融主权并增强抵御能力，而不是增强依赖，将取决于各国是否能够建立充分治理金融并引导其最有生产力的用途所需的机构、规则和伙伴关系。
If successful, emerging markets could build an efficient system that deploys capital, increases financial inclusion, and creates new pathways for lending and payment across the public and private sectors.
如果成功，新兴市场可以建立一个有效的系统来部署资本，提高金融包容性，并为公共和私营部门的借贷和支付创造新的途径。
However, whether or not this success is realized will depend on strong agile leadership and the alignment of enabling factors like regulation, institutional capacity, and infrastructure, which will shape just how integrated stablecoins will become.
然而，这一成功能否实现将取决于强大的敏捷领导力以及监管、机构能力和基础设施等促成因素的协调，这将决定稳定币的一体化程度。