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Templeton\u3001Ondo\u304c\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u5546\u54c1\uff08\u305d\u308c\u305e\u308c$2.9B\u3001$0.8B\u3001$0.7B\uff09\u3092\u30ed\u30fc\u30f3\u30c1\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u5f7c\u3089\u306f\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306e\u5229\u56de\u308a\u3092\u5f97\u308b\u30c9\u30eb\u5efa\u3066\u6c7a\u6e08\u624b\u6bb5\u3092\u4f5c\u308a\u51fa\u3057\u3066\u3044\u308b\u3002<\/p>\n<h2 id=\"five-existential-challenges-for-stablecoin-giants\">\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u30fb\u30b8\u30e3\u30a4\u30a2\u30f3\u30c8\u306e5\u3064\u306e\u5b58\u7d9a\u8ab2\u984c<\/h2>\n<h3 id=\"1-the-banking-system-conundrum\">1.\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306e\u96e3\u554f<\/h3>\n<p>\u91d1\u878d\u6a5f\u95a2\u306f\u30d1\u30e9\u30c9\u30c3\u30af\u30b9\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u3002\u3064\u307e\u308a\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3092\u767a\u884c\u3057\u306a\u3051\u308c\u3070\u3001\u767a\u884c\u3059\u308b\u91d1\u878d\u6a5f\u95a2\u306b\u9810\u91d1\u3092\u596a\u308f\u308c\u308b\u3002\u4e00\u65b9\u3001\u767a\u884c\u3059\u308c\u3070\u3001\u898f\u5236\u306b\u3088\u3063\u3066100%\u306e\u73fe\u91d1\u7b49\u4fa1\u6e96\u5099\u91d1\u304c\u5fc5\u8981\u3068\u306a\u308a\u3001\u5206\u6570\u6e96\u5099\u8cb8\u4ed8\u304c\u5f31\u4f53\u5316\u3059\u308b\u3002\u89e3\u6c7a\u7b56\u3068\u3057\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u3082\u306e\u304c\u8003\u3048\u3089\u308c\u308b\uff1a<\/p>\n<ul>\n<li>\u5206\u96e2\u7a4d\u7acb\u91d1\u4ed8\u304d\u30b3\u30f3\u30bd\u30fc\u30b7\u30a2\u30e0\u30fb\u30e2\u30c7\u30eb<\/li>\n<li>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u767a\u884c\u4f53\u3068\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7<\/li>\n<li>\u767a\u884c\u9280\u884c\u3068\u306e\u30c7\u30dd\u30b8\u30c3\u30c8\u30fb\u30d0\u30c3\u30af\u30fb\u30a2\u30ec\u30f3\u30b8\u30e1\u30f3\u30c8<\/li>\n<\/ul>\n<p>JP\u30e2\u30eb\u30ac\u30f3\u306eJPM\u30b3\u30a4\u30f3\u306b\u3088\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u6bce\u65e5$1\u5104\u30c9\u30eb\u4ee5\u4e0a\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5411\u3051\u6c7a\u6e08\u3092\u51e6\u7406\u3057\u3066\u304a\u308a\u3001\u4e00\u3064\u306e\u5b9f\u884c\u53ef\u80fd\u306a\u9053\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u4e00\u65b9\u3001\u30ab\u30f3\u30c8\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\uff08\u30b7\u30c6\u30a3\u30d0\u30f3\u30af\u3001\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u3001UBS\uff09\u306f\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u9810\u91d1\u3092\u6a21\u7d22\u3057\u3066\u3044\u308b\u3002<\/p>\n<h3 id=\"2-the-de-pegging-sword-of-damocles\">2.\u30c0\u30e2\u30af\u30ec\u30b9\u306e\u5263<\/h3>\n<p>\u898f\u5236\u306e\u9032\u5c55\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5b89\u5b9a\u6027\u3078\u306e\u61f8\u5ff5\u306f\u6839\u5f37\u3044\uff1a<\/p>\n<ul>\n<li>\u30b5\u30fc\u30af\u30eb\u306eUSDC\u306f\u30012023\u5e74\u306e\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u5371\u6a5f\u306e\u969b\u306b\u4e00\u6642\u7684\u306b\u30c7\u30da\u30c3\u30b0\u3055\u308c\u305f\u3002<\/li>\n<li>\u30c6\u30e9USD\u30012022\u5e74\u306b$180\u5104\u5186\u306e\u7834\u6ec5\u7684\u306a\u7834\u7dbb\u306f\u6559\u8a13\u306e\u307e\u307e<\/li>\n<li>\u30c6\u30b6\u30fc\u793e\u3001\u30ea\u30b6\u30fc\u30d6\u306e\u8cea\u306b\u95a2\u3059\u308b\u7d99\u7d9a\u7684\u306a\u7591\u554f\u306b\u76f4\u9762<\/li>\n<\/ul>\n<p>\u5f93\u6765\u306e\u901a\u8ca8\u3068\u306f\u7570\u306a\u308a\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306f\u6cd5\u5b9a\u901a\u8ca8\u3067\u306f\u306a\u3044\u3002\u4fdd\u6709\u8005\u306f\u539f\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u6cd5\u7684\u8acb\u6c42\u6a29\u3092\u6301\u305f\u306a\u3044\u305f\u3081\u3001\u7834\u7523\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u7121\u62c5\u4fdd\u50b5\u6a29\u8005\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u30a2\u30b7\u30e5\u30ec\u30fc\u30fb\u30e9\u30f3\u30ad\u30b9\u30c8\u306f\u3053\u3046\u6307\u6458\u3059\u308b\uff1a\u300c\u30c9\u30eb\u306f\u30c9\u30eb\u3067\u3059\u3002\u9280\u884c\u306e\u76e3\u7763\u3068\u9810\u91d1\u4fdd\u967a\u304c\u3042\u308c\u3070\u3001\u652f\u6255\u3044\u3092\u53d7\u3051\u308b\u524d\u306b\u767a\u884c\u8005\u306e\u5b89\u5168\u6027\u3092\u7591\u3046\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u300d\u3002<\/p>\n<h3 id=\"3-the-interest-rate-trap\">3.\u91d1\u5229\u306e\u7f60<\/h3>\n<p>\u4e2d\u6838\u7684\u306a\u53ce\u76ca\u30e2\u30c7\u30eb\u306f\u69cb\u9020\u7684\u306a\u8106\u5f31\u6027\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\uff1a<\/p>\n<ul>\n<li>\u30b5\u30fc\u30af\u30eb\u306f2024\u5e74\u306e\u53ce\u76ca\u306e99%\u3092\u57cb\u8535\u91d1\u306e\u5229\u56de\u308a\u304b\u3089\u5f97\u305f\u3002<\/li>\n<li>\u30c6\u30b6\u30fc\u793e\u306f\u3001\u73fe\u91d1\u540c\u7b49\u7269\u306e\u4ee3\u308f\u308a\u306b\u9ad8\u5229\u56de\u308a\u306e\u793e\u50b5\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u3068\u306e\u7591\u60d1\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u3002<\/li>\n<li>\u91d1\u5229\u304c\u4f4e\u4e0b\u3059\u308c\u3070\u3001\u3053\u306e\u53ce\u5165\u6e90\u306f\u5727\u8feb\u3055\u308c\u308b<\/li>\n<\/ul>\n<p>\u3053\u308c\u306f\u3001\u65b0\u305f\u306a\u898f\u5236\u304c\u6392\u9664\u3092\u76ee\u6307\u3059\u30ea\u30b6\u30fc\u30d6\u7ba1\u7406\u306e\u9006\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3092\u751f\u3080\u304c\u3001\u53ce\u76ca\u6027\u3092\u640d\u306a\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n<h3 id=\"4-institutional-adoption-barriers\">4.\u5236\u5ea6\u5c0e\u5165\u306e\u969c\u58c1<\/h3>\n<p>\u5b9f\u9a13\u304c\u660e\u3089\u304b\u306b\u3057\u305f\u91cd\u8981\u306a\u6210\u529f\u8981\u56e0<\/p>\n<ul>\n<li><strong>\u5f15\u5f53\u53ef\u80fd\u6e96\u5099\u91d1<\/strong>:\u5186\u306e85%\u77ed\u671f\u56fd\u50b5\u306e\u88cf\u4ed8\u3051<\/li>\n<li><strong>\u6469\u64e6\u306e\u306a\u3044\u30a4\u30f3\u30bf\u30fc\u30d5\u30a7\u30fc\u30b9<\/strong>:\u30ef\u30f3\u30af\u30ea\u30c3\u30af\u5909\u63db\u3092\u63d0\u4f9b\u3059\u308b\u6697\u53f7\u53d6\u5f15\u6240<\/li>\n<li><strong>\u5b9f\u4e16\u754c\u3067\u306e\u5b9f\u7528\u6027<\/strong>:B2B\u6c7a\u6e08\u3068\u9001\u91d1\u306e\u30da\u30a4\u30f3\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u6c7a<\/li>\n<li><strong>\u7d4c\u6e08\u7684\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6<\/strong>:Coinbase\u304cUSDC\u30674.1%\u306e\u5229\u56de\u308a\u3092\u63d0\u4f9b<\/li>\n<\/ul>\n<p>\u6700\u5927\u306e\u30e6\u30fc\u30ed\u5b89\u5b9a\u30b3\u30a4\u30f3\u306e\u6d41\u901a\u984d\u304c\u308f\u305a\u304b2\u5104\u30e6\u30fc\u30ed\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u30c9\u30eb\u7b49\u4fa1\u30b3\u30a4\u30f3\u306e\u6d41\u901a\u984d\u306f$2,500\u5104\u30e6\u30fc\u30ed\u3067\u3042\u308b\u3002<\/p>\n<h3 id=\"5-the-fragmentation-problem\">5.\u65ad\u7247\u5316\u554f\u984c<\/h3>\n<p>\u6280\u8853\u7684\u3001\u5b9f\u969b\u7684\u306a\u30cf\u30fc\u30c9\u30eb\u306f\u4f9d\u7136\u3068\u3057\u3066\u3042\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u4f7f\u7528\u6599<\/strong>:\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u53d6\u5f15\u306e\u53ef\u5909\u300c\u30ac\u30b9\u300d\u30b3\u30b9\u30c8<\/li>\n<li><strong>\u8ca1\u5e03\u306e\u975e\u4e92\u63db\u6027<\/strong>:\u8cc7\u91d1\u304c\u5229\u7528\u3067\u304d\u306a\u304f\u306a\u308b\u30ea\u30b9\u30af<\/li>\n<li><strong>\u304a\u91d1\u306e\u65ad\u7247\u5316<\/strong>:\u5b89\u5b9a\u3057\u305f\u30b3\u30a4\u30f3\u306e\u6b8b\u9ad8\u3092\u5f93\u6765\u306e\u901a\u8ca8\u3068\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044<\/li>\n<li><strong>\u9280\u884c\u4ef2\u4ecb<\/strong>:\u4e0d\u63db\u7d19\u5e63\u306e\u63db\u91d1\u306b\u307e\u3060\u5fc5\u8981\u3001\u30a4\u30f3\u30af\u30eb\u30fc\u30b8\u30e7\u30f3\u306e\u969c\u58c1\u3092\u751f\u3080<\/li>\n<\/ul>\n<p>\u30a2\u30c8\u30e9\u30f3\u30c6\u30a3\u30c3\u30af\u30fb\u30ab\u30a6\u30f3\u30b7\u30eb\u306e\u5206\u6790\u306b\u3088\u308c\u3070\u3001\u6b21\u306e\u3088\u3046\u306b\u306a\u308b\uff1a\u300c\u9280\u884c\u53e3\u5ea7\u3092\u6301\u305f\u306a\u3044\u4eba\u3005\u3092\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3067\u9280\u884c\u53d6\u5f15\u3059\u308b\u3053\u3068\u306f\u3001\u3057\u3070\u3057\u3070\u5faa\u74b0\u7684\u3067\u3042\u308b\u3002<\/p>\n<h2 id=\"global-experiments-point-to-the-future\">\u672a\u6765\u3092\u6307\u3057\u793a\u3059\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u5b9f\u9a13<\/h2>\n<p>\u4e2d\u592e\u9280\u884c\u3084\u91d1\u878d\u6a5f\u95a2\u306f\u753b\u671f\u7684\u306a\u8a66\u9a13\u904b\u7528\u3092\u884c\u3063\u3066\u3044\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8m\u30d6\u30ea\u30c3\u30b8<\/strong>:\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u6c7a\u6e08\u306e\u305f\u3081\u306e\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u4e2d\u592e\u9280\u884c\u30de\u30cd\u30fc\uff08\u4e2d\u56fd\u3001\u9999\u6e2f\u3001\u30bf\u30a4\u3001UAE\uff09<\/li>\n<li><strong>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30fb\u30d8\u30eb\u30f4\u30a7\u30c6\u30a3\u30a2<\/strong>:\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u8cc7\u7523\u3092\u4e2d\u592e\u9280\u884c\u306e\u8cc7\u91d1\u3067\u6c7a\u6e08\u3059\u308b\uff08\u30b9\u30a4\u30b9\u56fd\u7acb\u9280\u884c\u3001BIS\uff09<\/li>\n<li><strong>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30fb\u30ac\u30fc\u30c7\u30a3\u30a2\u30f3<\/strong>:\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fcFX\u304a\u3088\u3073\u8a3c\u5238\u6c7a\u6e08\uff08\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3067DBS\u3001HSBC\u3001\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u3068\u53d6\u5f15\uff09<\/li>\n<\/ul>\n<p>\u3053\u308c\u3089\u306e\u53d6\u308a\u7d44\u307f\u306f\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u304c\u9769\u547d\u3092\u8d77\u3053\u3059\u53ef\u80fd\u6027\u3092\u793a\u3057\u3066\u3044\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u6c7a\u6e08<\/strong>:\u73fe\u5728$200\u5146\u5e02\u5834\u306e\u3046\u30613%<\/li>\n<li><strong>\u8cc7\u672c\u5e02\u5834<\/strong>:1%\u306b\u8feb\u308b\u30b0\u30ed\u30fc\u30d0\u30eb\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3<\/li>\n<li><strong>\u8ca1\u52d9\u7ba1\u7406<\/strong>:\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u6d41\u52d5\u6027\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0<\/li>\n<\/ul>\n<h2 id=\"the-fraud-and-sanctions-minefield\">\u8a50\u6b3a\u3068\u5236\u88c1\u306e\u5730\u96f7\u539f<\/h2>\n<p>\u63a1\u7528\u304c\u5897\u3048\u308c\u3070\u30ea\u30b9\u30af\u3082\u5897\u3048\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u8a50\u6b3a\u306e\u8106\u5f31\u6027<\/strong>:2024\u5e74\u4e2d\u306b$124\u5104\u5186\u306e\u6697\u53f7\u8a50\u6b3a\u304c\u767a\u751f\uff08Chainalysis\uff09<\/li>\n<li><strong>\u53d6\u6d88\u4e0d\u80fd\u53d6\u5f15<\/strong>:\u30a8\u30e9\u30fc\u3084\u76d7\u96e3\u306b\u5bfe\u3059\u308b\u9650\u5b9a\u7684\u306a\u6551\u6e08\u63aa\u7f6e<\/li>\n<li><strong>\u5236\u88c1\u9003\u308c<\/strong>:\u30c6\u30b6\u30fc\u793e\u3001\u6570\u5341\u5104\u306e\u7981\u6b62\u53d6\u5f15\u3092\u53ef\u80fd\u306b\u3057\u305f\u7591\u3044<\/li>\n<li><strong>\u30c9\u30eb\u5316\u306e\u30ea\u30b9\u30af<\/strong>:\u65b0\u8208\u5e02\u5834\u306b\u304a\u3051\u308b\u901a\u8ca8\u4e3b\u6a29\u306e\u8105\u5a01<\/li>\n<\/ul>\n<p>\u73fe\u5728\u306e\u898f\u5236\u3067\u306f\u3001\u6d88\u8cbb\u8005\u4fdd\u8b77\u306f\u6700\u5c0f\u9650\u3067\u3042\u308b\u3002GENIUS\u6cd5\u306f\u5f37\u56fa\u306a\u8a50\u6b3a\u9632\u6b62\u7b56\u3092\u6b20\u3044\u3066\u304a\u308a\u3001MiCA\u306fEU\u5f53\u5c40\u304c\u91d1\u878d\u306e\u5b89\u5b9a\u3092\u8105\u304b\u3059\u975e\u30e6\u30fc\u30ed\u5b89\u5b9a\u30b3\u30a4\u30f3\u3092\u5236\u9650\u3059\u308b\u3053\u3068\u3092\u53ef\u80fd\u306b\u3057\u3066\u3044\u308b\u3002<\/p>\n<h2 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at the Crossroads: Tether and Circle Face Regulatory Storm as $2.5 Trillion Market Hangs in Balance The global payments landscape is undergoing a seismic shift, driven by the explosive growth of stablecoins\u2014digital currencies pegged to traditional assets like the US dollar. With transaction volumes doubling to $27 trillion annually and total issuance hitting $250 billion, these blockchain-based instruments are challenging legacy payment systems. Yet as Tether and Circle dominate this emerging market, they face unprecedented regulatory scrutiny and fundamental challenges that could reshape the financial ecosystem. The Stablecoin Surge: From Niche to Mainstream Stablecoins have evolved from crypto trading tools to genuine payment alternatives, processing $20-30 billion daily. While [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts\/3820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/comments?post=3820"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts\/3820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/media\/3819"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/media?parent=3820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/categories?post=3820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/tags?post=3820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}