{"id":264802,"date":"2026-07-22T12:16:13","date_gmt":"2026-07-22T04:16:13","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/stablecoins-from-issuance-race-to-network-battle\/"},"modified":"2026-07-22T15:49:06","modified_gmt":"2026-07-22T07:49:06","slug":"stablecoins-from-issuance-race-to-network-battle","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/stablecoins-from-issuance-race-to-network-battle\/","title":{"rendered":"\u7a33\u5b9a\u5e01\u5e02\u573a\u7ade\u4e89\u4ece\u53d1\u884c\u8f6c\u5411\u5efa\u7f51"},"content":{"rendered":"<p>\u968f\u7740\u5168\u7403\u8d27\u5e01\u6570\u5b57\u5316\u53d1\u5c55\u65e5\u8d8b\u6210\u719f\uff0c\u7a33\u5b9a\u5e01\u5e02\u573a\u6b63\u915d\u917f\u4e00\u9879\u610f\u4e49\u91cd\u5927\u7684\u65b0\u52a8\u5411\u3002\u636e\u62a5\u9053\uff0cVisa\u3001Stripe\u7b49\u903e\u767e\u5bb6\u91d1\u878d\u4e0e\u79d1\u6280\u673a\u6784\u8054\u624b\u7ec4\u6210 <strong>Open Standard<\/strong> \u8054\u76df\uff0c\u9884\u8ba1\u4e8e\u5e74\u5185\u63a8\u51fa\u7f8e\u5143\u7a33\u5b9a\u5e01 <strong>Open USD<\/strong>\u3002Open 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Payments 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USD\u771f\u6b63\u89e6\u52a8\u5e02\u573a\u795e\u7ecf\u4e4b\u5904\uff0c\u6b63\u662f\u7a33\u5b9a\u5e01\u5546\u4e1a\u6a21\u5f0f\u4e2d\u6700\u6838\u5fc3\u7684\u95ee\u9898\uff1a<strong>\u50a8\u5907\u6536\u76ca\u7531\u8c01\u53d6\u5f97\u3001\u5982\u4f55\u5206\u914d\u3001\u53c8\u7528\u6765\u6fc0\u52b1\u54ea\u4e9b\u7f51\u7edc\u53c2\u4e0e\u8005<\/strong>\u3002\u4f20\u7edf\u6a21\u5f0f\u4e2d\uff0c\u53d1\u884c\u5546\u627f\u8bfa\u4e00\u6bd4\u4e00\u5151\u4ed8\u7f8e\u5143\uff0c\u5e76\u5c06\u6536\u5230\u7684\u6cd5\u5e01\u6295\u5165\u7f8e\u56fd\u56fd\u503a\u7b49\u50a8\u5907\u8d44\u4ea7\u3002\u7531\u4e8e\u7a33\u5b9a\u5e01\u901a\u5e38\u4e0d\u5411\u6301\u6709\u4eba\u4ed8\u606f\uff0c\u50a8\u5907\u8d44\u4ea7\u6536\u76ca\u4fbf\u6210\u4e3a\u53d1\u884c\u5546\u6700\u91cd\u8981\u7684\u6536\u5165\u6765\u6e90\u3002\u4e8b\u5b9e\u4e0a\uff0c\u53d1\u884c\u5546\u5e76\u4e0d\u80fd\u72ec\u4eab\u6536\u76ca\uff0c\u4f8b\u5982Circle\u957f\u671f\u4e0e\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240Coinbase\u7b49\u5206\u53d1\u6e20\u9053\u5206\u4eab\u6536\u76ca\uff0c\u8bf4\u660e\u65e2\u6709\u6a21\u5f0f\u672c\u8eab\u5df2\u5305\u542b\u53d1\u884c\u5546\u4e0e\u6838\u5fc3\u6e20\u9053\u4e4b\u95f4\u7684\u5229\u76ca\u5206\u914d\uff1b\u4f46\u5173\u952e\u5728\u4e8e\uff0c\u8fd9\u79cd\u5206\u914d\u591a\u4ee5\u53cc\u8fb9\u5408\u4f5c\u5c55\u5f00\uff0c\u4e14\u7a33\u5b9a\u5e01\u53d1\u884c\u65b9\u4f9d\u7136\u626e\u6f14\u4e3b\u5bfc\u89d2\u8272\u3002<\/p>\n<p>Open USD\u7684\u521b\u65b0\u5728\u4e8e\u8bd5\u56fe\u6539\u5199\u4e0a\u8ff0\u6536\u76ca\u4e0e\u5206\u53d1\u7ed3\u6784\u3002\u4e00\u65b9\u9762\uff0c\u5b83\u4e0d\u662f\u4f9d\u8d56\u5355\u4e00\u53d1\u884c\u5546\uff0c\u800c\u662f\u4ee5\u673a\u6784\u8054\u76df\u65b9\u5f0f\u7ec4\u7ec7\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\u4e0e\u6d41\u901a\u7f51\u7edc\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u5b83\u4e3b\u6253\u96f6\u94f8\u9020\u8d39\u3001\u96f6\u8d4e\u56de\u8d39\uff0c\u5e76\u5c06\u50a8\u5907\u8d44\u4ea7\u6536\u76ca\u4e0e\u8054\u76df\u5185\u53c2\u4e0e\u8005\u5171\u4eab\u3002\u6362\u8a00\u4e4b\uff0cOpen 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\u663e\u800c\u6613\u89c1\uff0c\u7a33\u5b9a\u5e01\u7ade\u4e89\u5df2\u4e0d\u518d\u662f\u53d1\u884c\u5546\u4e4b\u95f4\u7684\u5355\u7ebf\u89d2\u529b\uff0c\u800c\u662f\u4e24\u7c7b\u5546\u5bb6\u7684\u8fb9\u754c\u91cd\u5212\u3002Circle\u7b49\u4e3b\u6d41\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u6b63\u4ece\u201c\u53d1\u5e01\u201d\u8d70\u5411\u201c\u5efa\u7f51\u201d\uff0cVisa\u3001\u4e07\u4e8b\u8fbe\u5361\u3001Stripe\u7b49\u652f\u4ed8\u516c\u53f8\u5219\u4ece\u652f\u4ed8\u7f51\u7edc\u5207\u5165\u94fe\u4e0a\u7ed3\u7b97\u3002\u524d\u8005\u7684\u4f18\u52bf\u5728\u4e8e\u7a33\u5b9a\u5e01\u6d41\u52a8\u6027\u3001\u53d1\u884c\u7ecf\u9a8c\u548c\u52a0\u5bc6\u751f\u6001\u5206\u53d1\uff1b\u540e\u8005\u7684\u5f3a\u9879\u5728\u4e8e\u5546\u6237\u7f51\u7edc\u3001\u94f6\u884c\u5173\u7cfb\u3001\u5408\u89c4\u80fd\u529b\u548c\u652f\u4ed8\u573a\u666f\u3002\u7a33\u5b9a\u5e01\u652f\u4ed8\u5e02\u573a\u7684\u80dc\u8d1f\uff0c\u65e2\u6709\u8d56\u4e8e\u7a33\u5b9a\u5e01\u7684\u53ef\u4fe1\u5ea6\uff0c\u4e5f\u53d6\u51b3\u4e8e\u516c\u53f8\u80fd\u5426\u7387\u5148\u5c06\u94fe\u4e0a\u7ed3\u7b97\u5d4c\u5165\u73b0\u5b9e\u652f\u4ed8\u6d41\u7a0b\u3002 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Open USD\u7684\u521b\u65b0\u5728\u4e8e\u8bd5\u56fe\u6539\u5199\u4e0a\u8ff0\u6536\u76ca\u4e0e\u5206\u53d1\u7ed3\u6784\u3002\u4e00\u65b9\u9762\uff0c\u5b83\u4e0d\u662f\u4f9d\u8d56\u5355\u4e00\u53d1\u884c\u5546\uff0c\u800c\u662f\u4ee5\u673a\u6784\u8054\u76df\u65b9\u5f0f\u7ec4\u7ec7\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\u4e0e\u6d41\u901a\u7f51\u7edc\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u5b83\u4e3b\u6253\u96f6\u94f8\u9020\u8d39\u3001\u96f6\u8d4e\u56de\u8d39\uff0c\u5e76\u5c06\u50a8\u5907\u8d44\u4ea7\u6536\u76ca\u4e0e\u8054\u76df\u5185\u53c2\u4e0e\u8005\u5171\u4eab\u3002\u6362\u8a00\u4e4b\uff0cOpen USD\u5e76\u975e\u53ea\u662f\u63a8\u51fa\u53e6\u4e00\u79cd\u7f8e\u5143\u7a33\u5b9a\u5e01\uff0c\u800c\u662f\u8ba1\u5212\u628a\u50a8\u5907\u6536\u76ca\u4ece\u53d1\u884c\u5546\u4e3b\u5bfc\u7684\u53cc\u8fb9\u5206\u6da6\uff0c\u8f6c\u53d8\u4e3a\u8986\u76d6\u6574\u4e2a\u5206\u53d1\u7f51\u7edc\u7684\u6fc0\u52b1\u673a\u5236\u3002 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Global Reach, Local Depth: Stablecoin Choice Across Chains. 2026 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u516d\u5e74\u4e03\u6708\u4e8c\u5341\u4e8c\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\/stablecoins-from-issuance-race-to-network-battle\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-22T04:16:13+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-22T07:49:06+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" 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\\u6ce8\\uff1aFang, Huber and Zhou. 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Global Reach, Local Depth: Stablecoin Choice Across Chains. 2026 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u516d\u5e74\u4e03\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09","og:url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/stablecoins-from-issuance-race-to-network-battle\/","article:published_time":"2026-07-22T04:16:13+00:00","article:modified_time":"2026-07-22T07:49:06+00:00","twitter:card":"summary_large_image","twitter:title":"\u7a33\u5b9a\u5e01\u5e02\u573a\u7ade\u4e89\u4ece\u53d1\u884c\u8f6c\u5411\u5efa\u7f51 - HKU Business 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