{"id":3820,"date":"2025-08-17T09:04:47","date_gmt":"2025-08-17T01:04:47","guid":{"rendered":"https:\/\/theexchain.com\/global-progress-of-stablecoin-regulations-challenges-faced-by-tether-circle-and-others\/"},"modified":"2025-08-17T09:04:47","modified_gmt":"2025-08-17T01:04:47","slug":"%ed%85%8c%eb%8d%94-%ec%84%9c%ed%81%b4-%eb%93%b1%ec%9d%b4-%ec%a7%81%eb%a9%b4%ed%95%9c-%ec%8a%a4%ed%85%8c%ec%9d%b4%eb%b8%94%ec%bd%94%ec%9d%b8-%ea%b7%9c%ec%a0%9c%ec%9d%98-%ea%b8%80%eb%a1%9c%eb%b2%8c","status":"publish","type":"post","link":"https:\/\/theexchain.com\/ko\/%ed%85%8c%eb%8d%94-%ec%84%9c%ed%81%b4-%eb%93%b1%ec%9d%b4-%ec%a7%81%eb%a9%b4%ed%95%9c-%ec%8a%a4%ed%85%8c%ec%9d%b4%eb%b8%94%ec%bd%94%ec%9d%b8-%ea%b7%9c%ec%a0%9c%ec%9d%98-%ea%b8%80%eb%a1%9c%eb%b2%8c\/","title":{"rendered":"\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c\uc758 \uae00\ub85c\ubc8c \uc9c4\ud589 \uc0c1\ud669: \uc9c1\uba74\ud55c \ub3c4\uc804 \uacfc\uc81c\n  \ud14c\ub354, \uc11c\ud074 \ubc0f \uae30\ud0c0"},"content":{"rendered":"<h1 id=\"stablecoins-at-the-crossroads-tether-and-circle-face-regulatory-storm-as-25-trillion-market-hangs-in-balance\">\uae30\ub85c\uc5d0 \uc120 \uc2a4\ud14c\uc774\ube14\ucf54\uc778: \ud14c\ub354\uc640 \uc11c\ud074, 1\uc870 4\ucc9c\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc2dc\uc7a5\uc774 \uade0\ud615\uc744 \uc774\ub8e8\uba74\uc11c \uaddc\uc81c \ud3ed\ud48d\uc5d0 \uc9c1\uba74\ud558\ub2e4<\/h1>\n<p>\uc804 \uc138\uacc4 \uacb0\uc81c \ud658\uacbd\uc740 \ubbf8\uad6d \ub2ec\ub7ec\uc640 \uac19\uc740 \uc804\ud1b5 \uc790\uc0b0\uc5d0 \uace0\uc815\ub41c \ub514\uc9c0\ud138 \ud1b5\ud654\uc778 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc758 \ud3ed\ubc1c\uc801\uc778 \uc131\uc7a5\uc5d0 \ud798\uc785\uc5b4 \uc9c0\uac01\ubcc0\ub3d9\uc744 \uacaa\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uac70\ub798\ub7c9\uc774 \uc5f0\uac04 1\uc870 4,700\uc5b5 \ub2ec\ub7ec\ub85c \ub450 \ubc30\ub85c \uc99d\uac00\ud558\uace0 \ucd1d \ubc1c\ud589\ub7c9\uc774 1\uc870 4,500\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uba74\uc11c \uc774\ub7ec\ud55c \ube14\ub85d\uccb4\uc778 \uae30\ubc18 \uc0c1\ud488\uc774 \uae30\uc874 \uacb0\uc81c \uc2dc\uc2a4\ud15c\uc5d0 \ub3c4\uc804\uc7a5\uc744 \ub0b4\ubc00\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ud14c\ub354\uc640 \uc11c\ud074\uc774 \uc774 \uc2e0\ud765 \uc2dc\uc7a5\uc744 \uc7a5\uc545\ud558\uba74\uc11c \uc804\ub840 \uc5c6\ub294 \uaddc\uc81c \uc870\uc0ac\uc640 \uae08\uc735 \uc0dd\ud0dc\uacc4\ub97c \uc7ac\ud3b8\ud560 \uc218 \uc788\ub294 \uadfc\ubcf8\uc801\uc778 \ub3c4\uc804\uc5d0 \uc9c1\uba74\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<h2 id=\"the-stablecoin-surge-from-niche-to-mainstream\">\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uae09\ub4f1: \ud2c8\uc0c8\uc5d0\uc11c \uc8fc\ub958\ub85c: \uc2a4\ud14c\uc774\ube14\ucf54\uc778<\/h2>\n<p>\uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc740 \uc554\ud638\ud654\ud3d0 \uac70\ub798 \ub3c4\uad6c\uc5d0\uc11c \uc9c4\uc815\ud55c \uacb0\uc81c \ub300\uc548\uc73c\ub85c \uc9c4\ud654\ud558\uc5ec \ub9e4\uc77c 1\uc870 4\ucc9c\uc5b5~2\uc870 3\ucc9c\uc5b5 \ub2ec\ub7ec\ub97c \ucc98\ub9ac\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc804 \uc138\uacc4 \uc790\uae08 \ud750\ub984\uc758 11\uc870 3,000\uc5b5 \ub2ec\ub7ec\uc5d0 \ubbf8\uce58\uc9c0 \ubabb\ud558\uc9c0\ub9cc, \uadf8 \uc131\uc7a5\uc138\ub294 \ub180\ub78d\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li>\ubc1c\ud589 \ucd1d\uc561\uc774 18\uac1c\uc6d4 \ub9cc\uc5d0 1\uc870 4,200\uc5b5 \ub2ec\ub7ec\uc5d0\uc11c 1\uc870 4,500\uc5b5 \ub2ec\ub7ec\ub85c 2\ubc30 \uc99d\uac00<\/li>\n<li>2025\ub144 \ub9d0\uc5d0\ub294 1\uc870 4,000\uc5b5 \ub2ec\ub7ec, 2028\ub144\uc5d0\ub294 1\uc870 4,000\uc5b5 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4.<\/li>\n<li>3\ub144 \ub0b4 \uc77c\uc77c \uac70\ub798\uc561\uc774 \uc8fc\uc694 \uce74\ub4dc \ub124\ud2b8\uc6cc\ud06c\ub97c \ub2a5\uac00\ud558\ub294 1\uc870 4,500\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p>\uc138 \uac00\uc9c0 \uc8fc\uc694 \ubaa8\ub378\uc774 \ub4f1\uc7a5\ud588\uc2b5\ub2c8\ub2e4:<\/p>\n<ol>\n<li><strong>\uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138 \ud654\ud3d0(CBDC)<\/strong>: \uad6d\uac00 \ud1b5\ud654\uc758 \uacf5\uc2dd \ub514\uc9c0\ud138 \ubc84\uc804(\uc608: \uc911\uad6d\uc758 e-CNY)<\/li>\n<li><strong>\ud504\ub77c\uc774\ube57 \uc2a4\ud14c\uc774\ube14\ucf54\uc778<\/strong>: \ud37c\ube14\ub9ad \ube14\ub85d\uccb4\uc778\uc5d0\uc11c \ubbfc\uac04 \uc8fc\uccb4\uac00 \ubc1c\ud589\ud55c \ud1a0\ud070\ud654\ub41c \ud604\uae08(\ud14c\ub354\uc758 USDT, \uc11c\ud074\uc758 USDC)<\/li>\n<li><strong>\uc740\ud589 \ubc1c\ud589 \ud1a0\ud070\ud654\ub41c \uc608\uae08<\/strong>: \uae30\uc874 \uc608\uae08\uc758 \ub514\uc9c0\ud138 \ud45c\ud604(JP\ubaa8\uac74\uc758 JPM \ucf54\uc778)<\/li>\n<\/ol>\n<p>\uc774\ub7ec\ud55c \ud615\uc2dd\uc740 \uc2a4\ub9c8\ud2b8 \uacc4\uc57d\uc744 \ud1b5\ud574 \uaddc\uc815 \uc900\uc218 \ud655\uc778 \uae30\ub2a5\uc774 \ub0b4\uc7a5\ub41c \uac70\uc758 \uc989\uac01\uc801\uc778 \uc815\uc0b0\uc774\ub77c\ub294 \ud601\uc2e0\uc801\uc778 \uae30\ub2a5\uc744 \uacf5\uc720\ud558\ub294\ub370, \uc774\ub294 \uc601\uc5c5\uc77c \uae30\uc900 1~5\uc77c\uc774 \uac78\ub9ac\ub294 SWIFT\uc640 \uac19\uc740 \uae30\uc874 \uacb0\uc81c \ub808\uc77c\uacfc\ub294 \uc644\uc804\ud788 \ub300\uc870\uc801\uc785\ub2c8\ub2e4.<\/p>\n<h2 id=\"regulatory-thunderclouds-gather\">\uaddc\uc81c \uba39\uad6c\ub984\uc774 \ubaa8\uc5ec\ub4e4\ub2e4<\/h2>\n<p>\uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc774 \uc8fc\ubaa9\ubc1b\uc73c\uba74\uc11c \uc804 \uc138\uacc4 \uaddc\uc81c \ub2f9\uad6d\uc774 \uc55e\ub2e4\ud248 \ubcf4\ud638 \uc7a5\uce58\ub97c \ub9c8\ub828\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uaddc\uc81c \ud658\uacbd\uc774 \uadf9\uc801\uc73c\ub85c \ubcc0\ud654\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>EU\uc758 MiCA \uaddc\uc815<\/strong>: \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubc1c\ud589\uc790\ub294 1:1 \uc9c0\uc6d0\uc73c\ub85c \uc804\uccb4 \uc720\ub3d9\uc131 \ubcf4\uc720\ub7c9\uc744 \uc720\uc9c0\ud558\uace0 \uc815\uae30\uc801\uc778 \uac10\uc0ac\ub97c \ubc1b\uc544\uc57c \ud569\ub2c8\ub2e4.<\/li>\n<li><strong>\ubbf8\uad6d \uc9c0\ub2c8\uc5b4\uc2a4 \ubc95<\/strong>: 2025\ub144 6\uc6d4 \uc0c1\uc6d0 \ud1b5\uacfc, \uc900\ube44\uae08 \uc694\uac74 \ubc0f \uac10\ub3c5 \ud504\ub808\uc784\uc6cc\ud06c \ud655\ub9bd<\/li>\n<li><strong>\uae00\ub85c\ubc8c \ub77c\uc774\uc120\uc2a4 \uccb4\uc81c<\/strong>: \uc601\uad6d, \ud64d\ucf69, \uc77c\ubcf8, \uc2f1\uac00\ud3ec\ub974\uc758 \uc0c8\ub85c\uc6b4 \ud504\ub808\uc784\uc6cc\ud06c<\/li>\n<\/ul>\n<p>\uc774\ub7ec\ud55c \uaddc\uc81c\uc758 \ubb3c\uacb0\uc740 \uc9c0\ubc30\uc801\uc778 \ud50c\ub808\uc774\uc5b4\ub97c \uc9c1\uc811\uc801\uc73c\ub85c \uaca8\ub0e5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. $1550\uc5b5 USDT\ub97c \ubc1c\ud589\ud55c \ud14c\ub354\ub294 \uc900\ube44\uae08 \uad6c\uc131\uacfc \uc81c\uc7ac \ud68c\ud53c \ud610\uc758\uc5d0 \ub300\ud574 \uc9d1\uc911\uc801\uc778 \uc870\uc0ac\ub97c \ubc1b\uace0 \uc788\uc2b5\ub2c8\ub2e4. $600\uc5b5 USDC\uc758 \ubc30\ud6c4\uc5d0 \uc788\ub294 Circle\uc740 \ucd5c\uadfc \uae30\uc5c5\uacf5\uac1c \uc774\ud6c4 \uc740\ud589 \ub77c\uc774\uc120\uc2a4\ub97c \uc2e0\uccad\ud558\uba70 \uc804\ud1b5\uc801\uc778 \uae08\uc735 \uc218\uc6a9\uc744 \uc704\ud55c \uc804\ub7b5\uc801 \uc804\ud658\uc744 \uc608\uace0\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<h2 id=\"the-yield-bearing-revolution-threatens-incumbents\">\uae30\uc874 \uc0ac\uc5c5\uc790\ub97c \uc704\ud611\ud558\ub294 \uc218\uc775\ub960 \ud601\uba85<\/h2>\n<p>\uc774\uc790 \uc218\uc775\ud615 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc774\ub77c\ub294 \ud30c\uad34\uc801\uc778 \uc0c8\ub85c\uc6b4 \ud50c\ub808\uc774\uc5b4\uac00 \ub4f1\uc7a5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc2a4\ud30c\ud06c \ud504\ub85c\ud1a0\ucf5c\uacfc \ud53c\uaddc\uc5b4 \ub9c8\ucf13\uacfc \uac19\uc740 \ubc1c\ud589\uc790\ub294 \uc774\uc790 \uc218\uc775\uc744 \ubcf4\uc720\uc790\uc640 \uacf5\uc720\ud558\uc5ec \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc744 \uacb0\uc81c \ub3c4\uad6c\uc5d0\uc11c \uc800\ucd95 \uc218\ub2e8\uc73c\ub85c \uc804\ud658\ud560 \uac83\uc744 \uc57d\uc18d\ud569\ub2c8\ub2e4:<\/p>\n<ul>\n<li>\uc2dc\uc7a5 \uc810\uc720\uc728\uc774 2001\ub144 \ub9d0 \uc774\ud6c4 1\uc8703\ucc9c\uc5b5\uc5d0\uc11c 1\uc8704\ucc9c\uc5b5\uc73c\ub85c \uae09\uc99d\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<li>\ud604\uc7ac 61\uc870 4\ucc9c 2\ubc31 3\uc2ed\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc2dc\uc7a5 \uc911 61\uc870 3\ucc9c\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc744 \ucc28\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<li>\ud604\uc7ac \uc131\uc7a5\uc138\uac00 \uc9c0\uc18d\ub420 \uacbd\uc6b0 50% \uc2dc\uc7a5 \uc810\uc720\uc728 \ud655\ubcf4 \uac00\ub2a5<\/li>\n<\/ul>\n<p>\uc774\ub7ec\ud55c \ud601\uc2e0\uc740 \ud14c\ub354\uc640 \uc11c\ud074\uc758 \uc9c0\ubc30\ub825\uc744 \uc704\ud611\ud558\ub294 \ub3d9\uc2dc\uc5d0 \uc740\ud589 \ubaa8\ub378\uc5d0 \ub300\ud55c \uadfc\ubcf8\uc801\uc778 \uc758\ubb38\uc744 \uc81c\uae30\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ube14\ub799\ub85d, \ud504\ub7ad\ud074\ub9b0 \ud15c\ud50c\ud134, \uc628\ub3c4\ub294 \ud1a0\ud070\ud654\ub41c \uad6d\ucc44 \uc0c1\ud488(\uac01\uac01 $2.9\uc5b5, $0.8\uc5b5, $0.7\uc5b5)\uc744 \ucd9c\uc2dc\ud558\uba74\uc11c \uc2e4\uc2dc\uac04 \uc218\uc775\uc744 \uc5bb\ub294 \ub2ec\ub7ec \ud45c\uc2dc \uacb0\uc81c \uc218\ub2e8\uc744 \ub9cc\ub4e4\uace0 \uc788\ub294\ub370, \uc774\ub294 \uc720\ub7fd\uc5d0\uc11c MiCA\uac00 \uba85\uc2dc\uc801\uc73c\ub85c \uae08\uc9c0\ud558\uace0 \uc788\ub294 \ud589\uc704\uc785\ub2c8\ub2e4.<\/p>\n<h2 id=\"five-existential-challenges-for-stablecoin-giants\">\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uac70\uc778\ub4e4\uc758 5\uac00\uc9c0 \uc2e4\uc874\uc801 \uacfc\uc81c<\/h2>\n<h3 id=\"1-the-banking-system-conundrum\">1. \uc740\ud589 \uc2dc\uc2a4\ud15c \uc218\uc218\uaed8\ub07c<\/h3>\n<p>\uae08\uc735 \uae30\uad00\uc740 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc744 \ubc1c\ud589\ud558\uc9c0 \uc54a\uc73c\uba74 \uc608\uce58\uae08\uc744 \uc783\uac8c \ub418\uace0, \ubc1c\ud589\ud558\uba74 \uaddc\uc81c\ub85c \uc778\ud574 \ud604\uae08 \ub4f1\uac00 \uc900\ube44\uae08\uc744 100%\ub85c \uc694\uad6c\ud558\uc5ec \ubd80\ubd84 \uc900\ube44\uae08 \ub300\ucd9c\uc744 \uc57d\ud654\uc2dc\ud0a4\ub294 \ubaa8\uc21c\uc5d0 \uc9c1\uba74\ud558\uac8c \ub429\ub2c8\ub2e4. \uc7a0\uc7ac\uc801\uc778 \ud574\uacb0\ucc45\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li>\ubd84\ub9ac\ub41c \uc900\ube44\uae08\uc774 \uc788\ub294 \ucee8\uc18c\uc2dc\uc5c4 \ubaa8\ub378<\/li>\n<li>\uae00\ub85c\ubc8c \ubc1c\ud589\uc0ac\uc640\uc758 \ud30c\ud2b8\ub108\uc2ed<\/li>\n<li>\ubc1c\ud589 \uc740\ud589\uacfc\uc758 \ubcf4\uc99d\uae08 \ud658\uae09 \uc57d\uc815<\/li>\n<\/ul>\n<p>\ub9e4\uc77c 1\uc870 4\ucc9c\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc758 \uae30\uad00 \uacb0\uc81c\ub97c \ucc98\ub9ac\ud558\ub294 JP\ubaa8\uac74\uc758 JPM \ucf54\uc778 \uc811\uadfc \ubc29\uc2dd\uc740 \ud558\ub098\uc758 \uc2e4\ud589 \uac00\ub2a5\ud55c \uacbd\ub85c\ub97c \ubcf4\uc5ec\uc8fc\uba70, \uce94\ud1a4 \ub124\ud2b8\uc6cc\ud06c(\uc528\ud2f0\uc740\ud589, \uace8\ub4dc\ub9cc\uc0ad\uc2a4, UBS)\ub294 \ud1a0\ud070\ud654\ub41c \uc608\uae08\uc744 \ud0d0\uc0c9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<h3 id=\"2-the-de-pegging-sword-of-damocles\">2. \ub2e4\ubaa8\ud074\ub808\uc2a4\uc758 \uace0\ucc29 \ud574\uc81c \uac80<\/h3>\n<p>\uaddc\uc81c\uc758 \ubc1c\uc804\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc548\uc815\uc131 \ubb38\uc81c\ub294 \uc9c0\uc18d\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li>2023\ub144 \uc2e4\ub9ac\ucf58\ubc38\ub9ac \uc740\ud589 \uc704\uae30 \ub2f9\uc2dc \uc11c\ud074\uc758 USDC\uac00 \uc7a0\uc2dc \ud398\uae45 \ud574\uc81c\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/li>\n<li>2022\ub144 \ud14c\ub77cUSD\uc758 1\uc870 4\ucc9c\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc7ac\uc559\uc801 \ubd95\uad34\ub294 \uc5ec\uc804\ud788 \uacbd\uace0\uc758 \uba54\uc2dc\uc9c0\ub85c \ub0a8\uc544 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<li>Tether\ub294 \uc608\uc57d \ud488\uc9c8\uc5d0 \ub300\ud55c \uc9c0\uc18d\uc801\uc778 \uc9c8\ubb38\uc5d0 \uc9c1\uba74\ud574 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p>\uae30\uc874 \ud654\ud3d0\uc640 \ub2ec\ub9ac \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc740 \ubc95\uc815\ud654\ud3d0\uac00 \uc544\ub2d9\ub2c8\ub2e4. \ubcf4\uc720\uc790\ub294 \uae30\ucd08 \uc790\uc0b0\uc5d0 \ub300\ud55c \ubc95\uc801 \uccad\uad6c\uad8c\uc774 \uc5c6\uc73c\uba70, \ud30c\uc0b0 \uc2dc\ub098\ub9ac\uc624\uc5d0\uc11c\ub294 \ubb34\ub2f4\ubcf4 \ucc44\uad8c\uc790\ub85c \ucde8\uae09\ub420 \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4. \uc560\uc290\ub9ac \ub780\ud034\uc2a4\ud2b8\ub294 \uc774\ub807\uac8c \ub9d0\ud569\ub2c8\ub2e4: \"1\ub2ec\ub7ec\ub294 1\ub2ec\ub7ec\uc785\ub2c8\ub2e4. \uc740\ud589 \uac10\ub3c5\uacfc \uc608\uae08 \ubcf4\ud5d8\uc774 \uc788\uae30 \ub54c\ubb38\uc5d0 \ub300\uae08\uc744 \ubc1b\uae30 \uc804\uc5d0 \ubc1c\ud589\uc790\uc758 \uc548\uc804\uc131\uc744 \uc758\uc2ec\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.\"\ub77c\uace0 \ub9d0\ud569\ub2c8\ub2e4.<\/p>\n<h3 id=\"3-the-interest-rate-trap\">3. \uc774\uc790\uc728 \ud568\uc815<\/h3>\n<p>\ud575\uc2ec \uc218\uc775 \ubaa8\ub378\uc740 \uad6c\uc870\uc801 \ucde8\uc57d\uc131\uc5d0 \uc9c1\uba74\ud574 \uc788\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li>\uc11c\ud074\uc740 \uc801\ub9bd\uae08 \uc218\uc775\ub960\ub85c 2024\ub144 \uc218\uc775\uc758 99%\ub97c \ucc3d\ucd9c\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<li>\ud14c\ub354\ub294 \ud604\uae08\uc131 \uc790\uc0b0 \ub300\uc2e0 \uace0\uc218\uc775 \ud68c\uc0ac\ucc44\ub97c \ubcf4\uc720\ud558\uace0 \uc788\ub2e4\ub294 \uc758\ud639\uc5d0 \uc9c1\uba74\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<li>\uc774\uc790\uc728 \ud558\ub77d\uc740 \uc774 \uc218\uc775\uc6d0\uc744 \uc555\ubc15\ud560 \uac83\uc785\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p>\uc774\ub294 \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc774 \uc5c6\uc560\uace0\uc790 \ud558\uc9c0\ub9cc \uc218\uc775\uc131\uc744 \uc800\ud574\ud560 \uc218 \uc788\ub294 \uc801\ub9bd\uae08 \uad00\ub9ac\uc5d0 \ub300\ud55c \uc65c\uace1\ub41c \uc778\uc13c\ud2f0\ube0c\ub97c \ub9cc\ub4e4\uc5b4\ub0c5\ub2c8\ub2e4.<\/p>\n<h3 id=\"4-institutional-adoption-barriers\">4. \uc81c\ub3c4\uc801 \ucc44\ud0dd \uc7a5\ubcbd<\/h3>\n<p>\uc2e4\ud5d8\uc744 \ud1b5\ud574 \uc911\uc694\ud55c \uc131\uacf5 \uc694\uc778\uc744 \ubc1d\ud600\ub0c8\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\uc785\uc99d \uac00\ub2a5\ud55c \uc900\ube44\uae08<\/strong>: \uc11c\ud074\uc758 85% \ub2e8\uae30 \uad6d\ucc44 \uc9c0\uc6d0<\/li>\n<li><strong>\ub9c8\ucc30 \uc5c6\ub294 \uc778\ud130\ud398\uc774\uc2a4<\/strong>: \uc6d0\ud074\ub9ad \uc804\ud658\uc744 \uc81c\uacf5\ud558\ub294 \uc554\ud638\ud654\ud3d0 \uac70\ub798\uc18c<\/li>\n<li><strong>\uc2e4\uc81c \ud65c\uc6a9\ub3c4<\/strong>: B2B \uacb0\uc81c \ubc0f \uc1a1\uae08 \ubb38\uc81c \ud574\uacb0<\/li>\n<li><strong>\uacbd\uc81c\uc801 \uc778\uc13c\ud2f0\ube0c<\/strong>: \ucf54\uc778\ubca0\uc774\uc2a4, USDC\ub85c 4.1% \uc218\uc775\ub960 \uc81c\uacf5<\/li>\n<\/ul>\n<p>\ud2b9\ud788, \uc720\ub7fd\uc5d0\uc11c \uc608\uae08\uc790\uc5d0\uac8c \uc218\uc775\ub960\uc744 \uc804\uac00\ud558\ub294 \uac83\uc744 \uae08\uc9c0\ud558\ub294 MiCA\ub85c \uc778\ud574 \uac00\uc7a5 \ud070 \uc720\ub85c \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc758 \uc720\ud1b5\ub7c9\uc774 2\uc5b5 \uc720\ub85c\uc5d0 \ubd88\uacfc\ud55c \ubc18\uba74, \ub2ec\ub7ec\ub85c \ud658\uc0b0\ud558\uba74 1\uc870 4,500\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud574 \ucc44\ud0dd\uc774 \ub354\ub518 \ud3b8\uc785\ub2c8\ub2e4.<\/p>\n<h3 id=\"5-the-fragmentation-problem\">5. \uc870\uac01\ud654 \ubb38\uc81c<\/h3>\n<p>\uae30\uc220\uc801, \ud604\uc2e4\uc801 \uc7a5\uc560\ubb3c\uc740 \uc5ec\uc804\ud788 \uc874\uc7ac\ud569\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\ub124\ud2b8\uc6cc\ud06c \uc218\uc218\ub8cc<\/strong>: \ube14\ub85d\uccb4\uc778 \ud2b8\ub79c\uc7ad\uc158\uc758 \uac00\ubcc0 '\uac00\uc2a4' \ube44\uc6a9<\/li>\n<li><strong>\uc9c0\uac11 \ube44\ud638\ud658\uc131<\/strong>: \uc790\uae08\uc5d0 \uc561\uc138\uc2a4\ud560 \uc218 \uc5c6\uac8c \ub420 \uc704\ud5d8<\/li>\n<li><strong>\uc790\uae08 \uc138\ubd84\ud654<\/strong>: \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc794\uc561\uc744 \uae30\uc874 \ud1b5\ud654\uc640 \uacb0\ud569\ud560 \uc218 \uc5c6\uc74c<\/li>\n<li><strong>\uc740\ud589 \uc911\uac1c<\/strong>: \uc5ec\uc804\ud788 \ubc95\uc815 \ud654\ud3d0 \uc804\ud658\uc5d0 \ud544\uc694\ud558\uba70, \ud3ec\uc6a9\uc131 \uc7a5\ubcbd\uc744 \ub9cc\ub4ed\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p>\ud55c \ub300\uc11c\uc591\uc704\uc6d0\ud68c\uc758 \ubd84\uc11d\uc5d0 \ub530\ub974\uba74 \"\uc740\ud589 \uacc4\uc88c\uac00 \uc5c6\ub294 \uc0ac\ub78c\ub4e4\uc774 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc73c\ub85c \uc740\ud589 \uac70\ub798\ub97c \ud558\ub294 \uac83\uc740 \uc21c\ud658\uc801\uc778 \uacbd\uc6b0\uac00 \ub9ce\uc73c\uba70, \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc5d0\uc11c \ubc95\uc815\ud654\ud3d0\ub85c \uc774\ub3d9\ud558\ub824\uba74 \uc740\ud589 \uacc4\uc88c\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.\"<\/p>\n<h2 id=\"global-experiments-point-to-the-future\">\ubbf8\ub798\ub97c \ub0b4\ub2e4\ubcf4\ub294 \uae00\ub85c\ubc8c \uc2e4\ud5d8<\/h2>\n<p>\uc911\uc559 \uc740\ud589\uacfc \uae08\uc735 \uae30\uad00\uc740 \ud68d\uae30\uc801\uc778 \ud30c\uc77c\ub7ff \ud504\ub85c\uadf8\ub7a8\uc744 \uc6b4\uc601\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\ud504\ub85c\uc81d\ud2b8 mBridge<\/strong>: \uad6d\uac00 \uac04 \uacb0\uc81c\ub97c \uc704\ud55c \ud1a0\ud070\ud654\ub41c \uc911\uc559\uc740\ud589 \ud654\ud3d0(\uc911\uad6d, \ud64d\ucf69, \ud0dc\uad6d, UAE)<\/li>\n<li><strong>\ud504\ub85c\uc81d\ud2b8 \ud5ec\ubca0\ud2f0\uc544<\/strong>: \uc911\uc559\uc740\ud589 \uc790\uae08\uc73c\ub85c \ud1a0\ud070\ud654\ub41c \uc790\uc0b0 \uacb0\uc81c(\uc2a4\uc704\uc2a4 \uc911\uc559\uc740\ud589, BIS)<\/li>\n<li><strong>\ud504\ub85c\uc81d\ud2b8 \uac00\ub514\uc5b8<\/strong>: \uad6d\uacbd \uac04 \uc678\ud658 \ubc0f \uc99d\uad8c \uacb0\uc81c(\uc2f1\uac00\ud3ec\ub974, DBS, HSBC, \uc2a4\ud0e0\ub2e4\ub4dc\ucc28\ud0c0\ub4dc)<\/li>\n<\/ul>\n<p>\uc774\ub7ec\ud55c \uc774\ub2c8\uc154\ud2f0\ube0c\ub294 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc758 \ud601\uc2e0 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\ud574\uc678 \uacb0\uc81c<\/strong>: \ud604\uc7ac 31\uc870 \uc2dc\uc7a5 \uc911 $200\uc870 \uc911 3%<\/li>\n<li><strong>\uc790\ubcf8 \uc2dc\uc7a5<\/strong>: \uae00\ub85c\ubc8c \uac70\ub798\ub7c9 11\uc8703\ucc9c\uc5b5 \uac74\uc5d0 \uc721\ubc15<\/li>\n<li><strong>\uc790\uae08 \uad00\ub9ac<\/strong>: \uc2e4\uc2dc\uac04 \uc720\ub3d9\uc131 \ud3ec\uc9c0\uc154\ub2dd<\/li>\n<\/ul>\n<h2 id=\"the-fraud-and-sanctions-minefield\">\uc0ac\uae30 \ubc0f \uc81c\uc7ac\uc758 \uc9c0\ub8b0\ubc2d<\/h2>\n<p>\ucc44\ud0dd\uc774 \uc99d\uac00\ud568\uc5d0 \ub530\ub77c \uc704\ud5d8\ub3c4 \uc99d\uac00\ud569\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\uc0ac\uae30 \ucde8\uc57d\uc131<\/strong>: 2024\ub144 \uc554\ud638\ud654\ud3d0 \uc0ac\uae30 \ud53c\ud574\uc561 1\uc870 4\ucc9c\uc5b5 \ub2ec\ub7ec (Chainalysis)<\/li>\n<li><strong>\ucde8\uc18c\ud560 \uc218 \uc5c6\ub294 \uac70\ub798<\/strong>: \uc624\ub958 \ub610\ub294 \ub3c4\ub09c\uc5d0 \ub300\ud55c \uc81c\ud55c\uc801 \uad6c\uc81c \uc218\ub2e8<\/li>\n<li><strong>\uc81c\uc7ac \ud68c\ud53c<\/strong>: \ud14c\ub354\uac00 \uc218\uc2ed\uc5b5 \uac74\uc758 \uae08\uc9c0\ub41c \uac70\ub798\ub97c \uac00\ub2a5\ud558\uac8c \ud588\ub2e4\ub294 \uc8fc\uc7a5<\/li>\n<li><strong>\ub2ec\ub7ec\ud654 \uc704\ud5d8<\/strong>: \uc2e0\ud765 \uc2dc\uc7a5\uc758 \ud1b5\ud654 \uc8fc\uad8c \uc704\ud611<\/li>\n<\/ul>\n<p>\ud604\uc7ac \uaddc\uc815\uc740 \ucd5c\uc18c\ud55c\uc758 \uc18c\ube44\uc790 \ubcf4\ud638\ub9cc \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc9c0\ub2c8\uc5b4\uc2a4\ubc95\uc5d0\ub294 \uac15\ub825\ud55c \uc0ac\uae30 \ubc29\uc9c0 \uc7a5\uce58\uac00 \ubd80\uc871\ud55c \ubc18\uba74, MiCA\ub294 EU \ub2f9\uad6d\uc774 \uae08\uc735 \uc548\uc815\uc131\uc744 \uc704\ud611\ud558\ub294 \ube44\uc720\ub85c \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\ub3c4\ub85d \ud569\ub2c8\ub2e4.<\/p>\n<h2 id=\"the-2025-inflection-point\">2025\ub144 \ubcc0\uace1\uc810<\/h2>\n<p>6\uac00\uc9c0 \ub9c8\ucee4\uac00 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc758 \uada4\uc801\uc744 \uc815\uc758\ud569\ub2c8\ub2e4:<\/p>\n<ol>\n<li><strong>\uc18c\ube44\uc790 \uae30\ub300\uce58<\/strong>: \uae00\ub85c\ubc8c \uc989\uc2dc \uacb0\uc81c\uc5d0 \ub300\ud55c \uc218\uc694<\/li>\n<li><strong>\uaddc\uc815 \uba85\ud655\uc131<\/strong>: \uc9c0\ub2c8\uc5b4\uc2a4 \ubc95\uc548 \ubc0f \uc774\uc5d0 \uc0c1\uc751\ud558\ub294 \ud504\ub808\uc784\uc6cc\ud06c \ud1b5\uacfc<\/li>\n<li><strong>\uae30\uc5c5 \uc774\ub3d9<\/strong>: IPO(\uc11c\ud074), \uc778\uc218(\uc2a4\ud2b8\ub77c\uc774\ud504 \ubc14\uc774\ube0c\ub9bf\uc9c0), \uc740\ud589 \ub77c\uc774\uc120\uc2a4<\/li>\n<li><strong>\uae30\uc874 \uc751\ub2f5<\/strong>: \ubbf8\uad6d \uc740\ud589, \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uacf5\ub3d9 \ubc1c\ud589\uc744 \ubaa8\uc0c9\ud558\ub2e4<\/li>\n<li><strong>\uc778\ud504\ub77c \uc131\uc219\ub3c4<\/strong>: \uc9c0\uac11, \ubcf4\uad00 \uc194\ub8e8\uc158, \uc628\/\uc624\ud504 \ub7a8\ud504<\/li>\n<li><strong>\uac70\ub798\ub7c9<\/strong>: \uc554\ud638\ud654\ud3d0 \uac70\ub798\uc5d0\uc11c \uc8fc\ub958 \uc0c1\uac70\ub798\ub85c\uc758 \uc804\ud658<\/li>\n<\/ol>\n<p>\uae08\uc735 \uae30\uad00\uc740 \uae34\uae09\ud55c \uacfc\uc81c\uc5d0 \uc9c1\uba74\ud574 \uc788\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li>\uc2ec\uac01\ud55c \uc778\ub825 \ubd80\uc871 \uc18d\uc5d0\uc11c \ube14\ub85d\uccb4\uc778 \uc778\uc7ac \ud655\ubcf4\ud558\uae30<\/li>\n<li>\ud30c\ud2b8\ub108\uc2ed\uc744 \ud1b5\ud55c \uae30\uc220 \uc5ed\ub7c9 \uad6c\ucd95<\/li>\n<li>\uc9c4\ud654\ud558\ub294 \ud658\uacbd\uc5d0 \ub300\ud55c \ub9ac\ub354\uc2ed \uad50\uc721<\/li>\n<li>\uaddc\uc81c \uae30\uad00\uc5d0 \uc120\uc81c\uc801\uc73c\ub85c \ucc38\uc5ec<\/li>\n<li>\ub9e4\ub825\uc801\uc778 \uc2dc\uc7a5 \uccad\uc0ac\uc9c4 \uac1c\ubc1c<\/li>\n<\/ul>\n<h2 id=\"the-unstable-future\">\ubd88\uc548\uc815\ud55c \ubbf8\ub798<\/h2>\n<p>\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ud601\uba85\uc740 \ud604\uc2e4 \uc138\uacc4\uc758 \uacb0\uc81c \ube44\ud6a8\uc728\uc131\uc744 \ud574\uacb0\ud558\ub294 \ub3d9\uc2dc\uc5d0 \uc0c8\ub85c\uc6b4 \uc704\ud5d8\uacfc \ubd88\ud655\uc2e4\uc131\uc744 \uc57c\uae30\ud55c\ub2e4\ub294 \uc5ed\uc124\uc744 \uc81c\uc2dc\ud569\ub2c8\ub2e4. \ub9e5\ud0a8\uc9c0\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \uacbd\uace0\ud569\ub2c8\ub2e4: \"\uae30\uc874 \uae08\uc735 \uae30\uad00\uc774 \uc5b4\ub5bb\uac8c \ub300\uc751\ud558\uace0 \ud601\uc2e0\ud558\ub294\uc9c0\uc5d0 \ub530\ub77c \uc989\uac01\uc801\uc778 \uac00\uce58 \uad50\ud658\uc758 \uc138\uacc4\ud654\uc5d0\uc11c \uae08\uc735 \uae30\uad00\uc758 \uad00\ub828\uc131\uc774 \uacb0\uc815\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\"<\/p>\n<p>\ud14c\ub354\uc640 \uc11c\ud074\uc774 \uc55e\uc73c\ub85c \ub098\uc544\uac00\ub294 \uae38\uc740 \ub3c4\uc804\uc73c\ub85c \uac00\ub4dd \ucc28 \uc788\uc2b5\ub2c8\ub2e4:<\/p>\n<ul>\n<li>\uc218\uc775\ub960\uc5d0 \ubbfc\uac10\ud55c \ub3c4\uc804\uc790\ub4e4\uc744 \uc0c1\ub300\ub85c \uc6b0\uc704\ub97c \uc720\uc9c0\ud560 \uc218 \uc788\uc744\uae4c\uc694?<\/li>\n<li>\uc740\ud589 \ub77c\uc774\uc120\uc2a4\uac00 \uba74\uc8c4\ubd80\ub97c \uc81c\uacf5\ud558\uac70\ub098 \uac10\uc2dc\ub97c \uac15\ud654\ud560\uae4c\uc694?<\/li>\n<li>\uc900\ube44\uae08 \uc694\uac74\uc774 \uc218\uc775\uc131\uc5d0 \uc5b4\ub5a4 \uc601\ud5a5\uc744 \ubbf8\uce58\ub098\uc694?<\/li>\n<li>\uae30\uc220\uc801 \ud30c\ud3b8\ud654\uc640 \uc0ac\uc6a9\uc790 \ub9c8\ucc30\uc744 \uadf9\ubcf5\ud560 \uc218 \uc788\uc744\uae4c\uc694?<\/li>\n<\/ul>\n<p>2028\ub144\uae4c\uc9c0 1\uc870 4,000\uc5b5 \ub2ec\ub7ec\uc758 \uac00\uce58\uac00 \uc608\uc0c1\ub418\ub294 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc774 \uae30\uc874 \uae08\uc735\uc744 \ub300\uccb4\ud558\uc9c0\ub294 \ubabb\ud558\uc9c0\ub9cc, \ub3cc\uc774\ud0ac \uc218 \uc5c6\ub294 \ubcc0\ud654\ub97c \uac00\uc838\uc62c \uac83\uc774\ub77c\ub294 \ud55c \uac00\uc9c0 \uc9c4\uc2e4\uc774 \ub4dc\ub7ec\ub098\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud601\uc2e0\uacfc \uc2e0\uc911\ud568, \uacbd\uc7c1\uacfc \ud611\ub825\uc758 \uade0\ud615\uc744 \uc720\uc9c0\ud558\uba70 \uc774 \uc804\ud658\uae30\ub97c \ud5e4\uccd0\ub098\uac00\ub294 \uae30\uad00\uc774 \ucc28\uc138\ub300 \uae00\ub85c\ubc8c \uacb0\uc81c \uc2dc\uc7a5\uc744 \ud615\uc131\ud560 \uac83\uc785\ub2c8\ub2e4. \uc554\ud638\ud654\ud3d0\ub97c \ub2e8\uc21c\ud55c \ud638\uae30\uc2ec\uc73c\ub85c \uce58\ubd80\ud558\ub294 \uae30\uad00\uc740 \ud1a0\ud070\ud654 \uc774\uc804 \uacfc\uac70\uc758 \uc720\ubb3c\uc774 \ub420 \uc704\ud5d8\uc774 \uc788\uc2b5\ub2c8\ub2e4.<\/p>","protected":false},"excerpt":{"rendered":"<p>Stablecoins 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 [&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\/ko\/wp-json\/wp\/v2\/posts\/3820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/comments?post=3820"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/posts\/3820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/media\/3819"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/media?parent=3820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/categories?post=3820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/tags?post=3820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}