{"paragraph": "Amid the digital asset revolution, stablecoins have emerged as one of the most notable innovations, pegered to fiat currencies like the USD to provide stability in the volatile crypto market.然而，國際清算銀行（BIS）在 2025 年 5 月的經濟報告中發出嚴厲警告，聲稱穩定幣並非真正的貨幣，會對金融系統構成系統性風險。"}, {"paragraph": "The BIS report introduces the 'Triple Gate' theory, which outlines three critical criteria for reliable monetary systems：單一性、彈性和完整性。由於穩定幣在設計與運作上的內在缺陷，穩定幣很難達到這些標準。"}, {"section_title": "Singleness Challenge: The Illusion of Stability", "paragraph": "Stablecoins' peg mechanisms rely on private issuers' credibility and reserve transparency, making them vulnerable to depegging events, as seen in the collapse of algorithmic stablecoin TerraUSD (UST)."}, {"section_title": "Elasticity Dilemma: The 'Narrow Bank' Model", "paragraph": "Most stablecoins operate on a 100% reserve model, limiting their ability to support credit creation and economic growth, unlike traditional banking systems that facilitate liquidity expansion."}, {"section_title": "Integrity Gap: Anonymity vs. Regulation", "paragraph": "Public blockchain-based stablecoins face significant challenges in compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations due to their pseudonymous nature."}, {"paragraph": "The report also highlights technical vulnerabilities, including reliance on internet infrastructure and potential threats from quantum computing.此外，穩定幣對美國國債與日俱增的需求，可能使銀行體系的儲備吃緊，自然限制了穩定幣的擴張。"}, {"paragraph": "BIS 提出了「統一總帳」解決方案，在受監管的框架內整合代幣化的中央銀行儲備和政府債券。穩定幣的未來可能會分化為合規、透明的模式和利基、離岸的變體。」}, {"paragraph": "This analysis underscores the need to balance innovation with financial stability as the world navigigate toward a digitized monetary future.｝