加拿大国际治理创新中心CIGI：稳定币将如何融入金融系统？（英文版）

Stablecoins are transforming from niche crypto instruments to critical programmable infrastructure, with profound implications for global finance and business strategy. By enabling instantaneous, low-cost settlement, they bridge disparate domestic payment systems, dismantle inefficiencies in entrenched card networks and legacy rails, and unlock decentralized finance (DeFi) applications. This analysis delineates the core stablecoin archetypes — fully reserved variants, deposit tokens, tokenize