【摘要】 稳定币的名称将币值稳定作为不言自明的预设信息，但这一预设是否成立是一个需要仔细分析的问题，并且这一问题还构成了理解分析稳定币的运行规律及发展前景等问题的关键。本文围绕“稳定币是否稳定”这一核心议题，从“稳定”概念的辨析切入，系统探讨稳定币的制度设计、监管框架、运行状况、底层资产、经济影响及发展前景，旨在理解稳定币在金融新时代中的定位与角色，以期为政策制定者和市场参与者提供参考。更多还原

【Abstract】 The term “stablecoin” carries the presupposition that its value is inherently stable. However, whether this presupposition holds requires careful analysis and forms the cornerstone for understanding the operational mechanisms of stablecoins. Centering on the core question—Are stablecoins truly stable? this paper begins by clarifying the concept of “stability” and then systematically examines the institutional design, regulatory frameworks, operational performance, underlying assets, economic impact, and prospects of stablecoins. The study aims to elucidate the position and role of stablecoins in the new financial era, thereby offering insights for both policymakers and market participants. The author believes that the future of stablecoins hinges on their ability to successfully evolve into regulated, reserve-diversified digital payment instruments, thereby becoming a crucial bridge connecting traditional finance with the digital economy. If they fail to effectively mitigate systemic risks, they could trigger an "on-chain dollar crisis" due to regulatory tightening or technological substitution.更多还原