毕马威：2025稳定币：传统金融与数字资产之间的桥梁 ：机遇与挑战研究报告（英文版）（19页）.pdf

1、Opportunities and challenges Stablecoins The bridge between traditional finance and digital assets 2025 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company

2、 limited by guarantee.All rights reserved.2Agenda1.Introduction32.Foundation for change:GENIUS Act43.Drivers of opportunity64.Use cases75.Trust and adoption126.Enablement15 2025 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member

3、firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.3IntroductionDigital assets have once again taken center stage,ignited by recent US executive orders,a shift in regulatory guidance from federal agencies,and the enactment of stablecoi

4、n legislation via the Guiding and Establishing National Innovation for US Stablecoins(GENIUS)Act,signed into law on July 18,2025.Banks,and financial institutions more broadly,now have the green light to offer digital asset products and services,including transactions involving stablecoins.Stablecoin

5、s have the potential to significantly disrupt traditional payment rails.They transact on public,permissionless blockchains like Ethereum,Solana,and Tron that operate 24x7x365 and offer near-real-time settlement across the globe with minimal transaction fees.Imagine being able to send an internationa

6、l payment for less than a penny that settles in a matter of seconds.Stablecoins are governed through smart contracts,which are stored on public blockchains,developed and controlled by the issuer.They do not have the traditional volatility of digital assets like Bitcoin as they are pegged 1-to-1 to s