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USDT\u53ef\u4ee5\u5728\u5e01\u5b89\u4e0eOKX\u81ea\u7531\u4f7f\u7528\uff1b\u56e0\u6b64\u4ea4\u6613\u6240\u751f\u6001\u4e0e\u94f6\u884c\u65e0\u6cd5\u505a\u5408\u89c4\u51fa\u5165\u91d1\u4e3a\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u4e86\u201c\u521a\u9700\u201d\u573a\u666f\u3002\u968f\u8457\u521a\u9700\u573a\u666f\u7684\u666e\u53ca\uff0c\u7f8e\u5143\u7a33\u5b9a\u5e01\u9010\u6b65\u53d1\u5c55\u4e86\u7b2c\u4e8c\u9636\u6bb5\uff1a\u8de8\u5883\u652f\u4ed8\uff0c\u5de5\u8d44\u53d1\u653e\uff0c\u8d2d\u4e70\u5b9e\u7269\u4ea7\u54c1\u7b49\u529f\u80fd\u3002\u540c\u65f6\u7531\u4e8e\u533a\u5757\u94fe\u70b9\u5bf9\u70b9\u8f6c\u5e10\u7684\u7279\u70b9\uff0c\u5177\u5907\u89c4\u907f\u76d1\u7ba1\u4e0e\u66f4\u5f3a\u7684\u9690\u79c1\u4fdd\u62a4\uff0c\u56e0\u6b64\u5177\u6709\u4e86\u6bd4Q\u5e01\u66f4\u52a0\u5e7f\u6cdb\u7684\u56fd\u9645\u652f\u4ed8\u4e0e\u4ef7\u503c\u8f6c\u79fb\u7684\u5e94\u7528\u3002\u968f\u84578\u67081\u65e5\u5408\u89c4\u7a33\u5b9a\u5e01\u6761\u4f8b\u7684\u751f\u6548\uff0c\u5408\u89c4\u7a33\u5b9a\u5e01\u53d1\u884c\u4eba\u9700\u8981\u627e\u5230\u4e00\u4e2a\u76d1\u7ba1\u8bb8\u53ef\u7684\u5e77\u4e14\u6709\u5546\u4e1a\u7528\u9014\u521a\u9700\u7684\u573a\u666f\u6765\u8fd0\u8425\u81ea\u5df1\u7684\u7a33\u5b9a\u5e01\u9879\u76ee\uff1a\u9700\u8981\u517c\u5177\u5bf9\u6bd4\u666e\u901a\u652f\u4ed8\u6e20\u9053\u6709\u72ec\u7279\u4f18\u52bf\uff0c\u4e14\u540c\u65f6\u6ee1\u8db3\u76d1\u7ba1\u7684\u5408\u89c4\u8bc9\u6c42\u3002\u56e0\u6b64\u5408\u89c4\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u5fc5\u7136\u4f1a\u4f34\u968f\u8457\u5546\u4e1a\u573a\u666f\u7684\u843d\u5730\uff0c\u4e0e\u76d1\u7ba1\u7684\u5408\u89c4\u8981\u6c42\u4ea7\u751f\u52a8\u6001\u7684\u535a\u5f08\u4e0e\u4e0d\u65ad\u7684\u6c9f\u901a\u8c03\u6574\uff0c\u6700\u7ec8\u8fbe\u6210\u4e00\u79cd\u65b0\u7684\u6709\u9650\u5ea6\u7684\u201c\u76d1\u7ba1\u5bbd\u677e\u201d\u72b6\u6001\uff0c\u5408\u89c4\u7a33\u5b9a\u5e01\u53d1\u5c55\u4e4b\u8def\u5c1a\u9700\u65f6\u65e5\u3002 [1] \u6587\u5316\u90e8\u3001\u56fd\u5bb6\u5de5\u5546\u884c\u653f\u7ba1\u7406\u603b\u5c40\u3001\u516c\u5b89\u90e8\u3001\u4fe1\u606f\u4ea7\u4e1a\u90e8\u3001\u6559\u80b2\u90e8\u3001\u8d22\u653f\u90e8\u3001\u76d1\u5bdf\u90e8\u3001\u536b\u751f\u90e8\u3001\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u3001\u56fd\u52a1\u9662\u6cd5\u5236\u529e\u516c\u5ba4\u3001\u65b0\u95fb\u51fa\u7248\u603b\u7f72\u3001\u4e2d\u592e\u6587\u660e\u529e\u3001\u4e2d\u592e\u7efc\u6cbb\u529e\u3001\u5171\u9752\u56e2\u4e2d\u592e\u7b49 \u6e38\u6768\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u4e03\u6708\u4e09\u5341\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/exploring-the-essence-of-stablecoin-economics\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-07-30T02:38:06+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-07-30T02:40:23+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u7a33\u5b9a\u5e01\u7ecf\u6d4e\u5b66\u672c\u8d28\u7684\u601d\u8003 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" 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[1] \u6587\u5316\u90e8\u3001\u56fd\u5bb6\u5de5\u5546\u884c\u653f\u7ba1\u7406\u603b\u5c40\u3001\u516c\u5b89\u90e8\u3001\u4fe1\u606f\u4ea7\u4e1a\u90e8\u3001\u6559\u80b2\u90e8\u3001\u8d22\u653f\u90e8\u3001\u76d1\u5bdf\u90e8\u3001\u536b\u751f\u90e8\u3001\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u3001\u56fd\u52a1\u9662\u6cd5\u5236\u529e\u516c\u5ba4\u3001\u65b0\u95fb\u51fa\u7248\u603b\u7f72\u3001\u4e2d\u592e\u6587\u660e\u529e\u3001\u4e2d\u592e\u7efc\u6cbb\u529e\u3001\u5171\u9752\u56e2\u4e2d\u592e\u7b49 \u6e38\u6768\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 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[1] \u6587\u5316\u90e8\u3001\u56fd\u5bb6\u5de5\u5546\u884c\u653f\u7ba1\u7406\u603b\u5c40\u3001\u516c\u5b89\u90e8\u3001\u4fe1\u606f\u4ea7\u4e1a\u90e8\u3001\u6559\u80b2\u90e8\u3001\u8d22\u653f\u90e8\u3001\u76d1\u5bdf\u90e8\u3001\u536b\u751f\u90e8\u3001\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u3001\u56fd\u52a1\u9662\u6cd5\u5236\u529e\u516c\u5ba4\u3001\u65b0\u95fb\u51fa\u7248\u603b\u7f72\u3001\u4e2d\u592e\u6587\u660e\u529e\u3001\u4e2d\u592e\u7efc\u6cbb\u529e\u3001\u5171\u9752\u56e2\u4e2d\u592e\u7b49 \u6e38\u6768\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 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