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D&ograve;ng ti&#7873;n qua bi&ecirc;n gi&#7899;i c&#7911;a stablecoin &#273;&atilde; &#273;&#7841;t m&#7913;c cao m&#7899;i v&agrave;o n&#259;m 2025, l&#7847;n &#273;&#7847;u ti&ecirc;n v&#432;&#7907;t qua Bitcoin v&agrave; Ethereum. &#272;i&#7873;u n&agrave;y &#273;&atilde; khi&#7871;n Qu&#7929; Ti&#7873;n t&#7879; Qu&#7889;c t&#7871; (IMF) &#273;&#432;a ra c&#7843;nh b&aacute;o s&#7855;c b&eacute;n.
IMF cho r&#7857;ng s&#7921; gia t&#259;ng b&ugrave;ng n&#7893; c&#7911;a &#273;&#7891;ng ti&#7873;n s&#7889; c&oacute; th&#7875; t&#259;ng c&#432;&#7901;ng vi&#7879;c thay th&#7871; ti&#7873;n t&#7879;, l&agrave;m gi&aacute;n &#273;o&#7841;n d&ograve;ng v&#7889;n v&agrave; g&acirc;y &aacute;p l&#7921;c cho c&aacute;c h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh &#7903; th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-imf-sounds-alarm-as-stablecoin-flows-hit-record-highs-and-outrun-bitcoin-ether">IMF c&#7843;nh b&aacute;o khi d&ograve;ng ch&#7843;y stablecoin &#273;&#7841;t m&#7913;c k&#7927; l&#7909;c v&agrave; v&#432;&#7907;t qua Bitcoin, Ether</h2>

B&#7843;n b&aacute;o c&aacute;o m&#7899;i nh&#7845;t c&#7911;a IMF v&#7873; <a href="https://www.imf.org/en/-/media/files/publications/dp/2025/english/usea.pdf" target="_blank" rel="noopener">stablecoin</a> cho th&#7845;y th&#7883; tr&#432;&#7901;ng &#273;&atilde; ph&aacute;t tri&#7875;n nhanh ch&oacute;ng, v&#7899;i t&#7893;ng s&#7889; ph&aacute;t h&agrave;nh v&#432;&#7907;t m&#7913;c 300 t&#7927; USD v&agrave; chi&#7871;m kho&#7843;ng 7% t&#7893;ng t&agrave;i s&#7843;n crypto.
Tether (USDT) v&agrave; USD Coin (USDC) ki&#7875;m so&aacute;t h&#417;n 90% th&#7883; tr&#432;&#7901;ng n&agrave;y. Theo d&#7919; li&#7879;u blockchain hi&#7879;n t&#7841;i, USDT c&oacute; l&#432;u h&agrave;nh 185.5 t&#7927; USD, trong khi USDC c&oacute; l&#432;u h&agrave;nh 77.6 t&#7927; USD.
N&#259;m 2025 n&#7893;i b&#7853;t v&#7899;i s&#7921; gia t&#259;ng nhanh ch&oacute;ng v&agrave; b&#7843;n ch&#7845;t thay &#273;&#7893;i c&#7911;a c&aacute;c d&ograve;ng ti&#7873;n n&agrave;y. Trong khi <a href="https://vn.beincrypto.com/central-banks-gold-bitcoin-reserves-2025/" target="_blank" rel="noopener">Bitcoin</a> v&agrave; <a href="https://beincrypto.com/fusaka-officially-arrives-ethereum-eth/" target="_blank" rel="noopener">Ethereum</a> t&#7915;ng th&#7889;ng tr&#7883; c&aacute;c giao d&#7883;ch crypto qua bi&ecirc;n gi&#7899;i, th&igrave; gi&#7901; &#273;&acirc;y stablecoin &#273;&atilde; v&#432;&#7907;t l&ecirc;n tr&#432;&#7899;c.
IMF l&#432;u &yacute; r&#7857;ng d&ograve;ng ti&#7873;n c&#7911;a stablecoin &#273;ang m&#7903; r&#7897;ng nhanh h&#417;n so v&#7899;i t&agrave;i s&#7843;n crypto g&#7889;c, v&#7899;i kho&#7843;ng c&aacute;ch ng&agrave;y c&agrave;ng l&#7899;n trong n&#259;m nay. Kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch cho USDT v&agrave; USDC &#273;&atilde; &#273;&#7841;t 23 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2024, t&#259;ng 90% m&#7895;i n&#259;m.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/DI4B91X5H7R67gO3IzdkZ80e_NA=/smart/9f630455a3ec4cf189f9bf89eda6dfe7" alt="Bi&#7875;u &#273;&#7891; IMF cho th&#7845;y d&ograve;ng ti&#7873;n stablecoin v&#432;&#7907;t qua Bitcoin v&agrave; Ethereum" class="wp-image-779672">D&ograve;ng ti&#7873;n c&#7911;a stablecoin (USDT + USDC) &#273;&atilde; n&#7893;i b&#7853;t h&#417;n Bitcoin v&agrave; Ethereum v&agrave;o n&#259;m 2025, theo d&#7919; li&#7879;u t&#7915; IMF (IMF)

&#272;&aacute;nh gi&aacute; m&#7899;i nh&#7845;t c&#7911;a IMF ch&#7881; ra s&#7921; chuy&#7875;n &#273;&#7893;i c&#7845;u tr&uacute;c, khi stablecoin kh&ocirc;ng c&ograve;n l&agrave; m&#7897;t c&ocirc;ng c&#7909; thanh to&aacute;n c&aacute; bi&#7879;t m&agrave; tr&#7903; th&agrave;nh &#273;&#7897;ng l&#7921;c ch&iacute;nh cho ho&#7841;t &#273;&#7897;ng crypto to&agrave;n c&#7847;u.
Trong hai n&#259;m qua, l&#432;u th&ocirc;ng c&#7911;a hai &#273;&#7891;ng stablecoin l&#7899;n nh&#7845;t &#273;&atilde; h&#417;n ba l&#7847;n t&#259;ng l&ecirc;n kho&#7843;ng 260 t&#7927; USD. Ch&uacute;ng &#273;&atilde; h&#7895; tr&#7907; m&#7897;t kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#432;&#7899;c t&iacute;nh 23 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2024.
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&ldquo;B&#7843;n ch&#7845;t qua bi&ecirc;n gi&#7899;i c&#7911;a stablecoin c&oacute; th&#7875; &#273;&#417;n gi&#7843;n h&oacute;a vi&#7879;c chuy&#7875;n ti&#7873;n v&agrave; thanh to&aacute;n nh&#432;ng c&#361;ng c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; v&agrave; &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh &#7903; th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i. M&#7897;t b&aacute;o c&aacute;o m&#7899;i c&#7911;a IMF kh&aacute;m ph&aacute; c&aacute;c th&aacute;ch th&#7913;c v&agrave; c&#417; h&#7897;i,&rdquo; IMF <a href="https://x.com/IMFNews/status/1996595538888941939" target="_blank" rel="noreferrer noopener nofollow">n&ecirc;u r&otilde;</a>.
</blockquote>

&#272;i&#7873;u n&agrave;y nh&#7845;n m&#7841;nh c&#7843; ti&#7879;n &iacute;ch c&#7911;a ch&uacute;ng v&agrave; nh&#7919;ng th&aacute;ch th&#7913;c m&agrave; ch&uacute;ng &#273;&#7863;t ra cho c&aacute;c nh&agrave; qu&#7843;n l&yacute;. Trong khi M&#7929; v&agrave; Ch&acirc;u &Acirc;u v&#7851;n l&agrave; nh&#7919;ng trung t&acirc;m giao d&#7883;ch l&#7899;n, ch&acirc;u &Aacute; gi&#7901; &#273;&acirc;y d&#7851;n &#273;&#7847;u trong vi&#7879;c s&#7917; d&#7909;ng stablecoin, v&#7899;i <a href="https://vn.beincrypto.com/lisk-15-million-empower-fund/" target="_blank" rel="noreferrer noopener">ch&acirc;u Phi, M&#7929; La-tinh v&agrave; Trung &#272;&ocirc;ng</a> cho th&#7845;y t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng nhanh nh&#7845;t so v&#7899;i GDP c&#7911;a h&#7885;.
IMF ch&#7881; ra m&#7897;t m&ocirc; h&igrave;nh r&otilde; r&agrave;ng, r&#7857;ng ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng v&agrave; doanh nghi&#7879;p &#7903; c&aacute;c n&#7873;n kinh t&#7871; c&oacute; l&#7841;m ph&aacute;t cao ho&#7863;c ki&#7875;m so&aacute;t v&#7889;n ng&agrave;y c&agrave;ng &#432;u ti&ecirc;n &#273;&#7891;ng &#273;&ocirc; la s&#7889; h&#417;n so v&#7899;i c&aacute;c &#273;&#7891;ng ti&#7873;n &#273;&#7883;a ph&#432;&#417;ng.
C&aacute;c nh&agrave; nghi&ecirc;n c&#7913;u t&#7841;i EndGame Macro l&#7853;p lu&#7853;n r&#7857;ng xu h&#432;&#7899;ng n&agrave;y kh&ocirc;ng ph&#7843;i l&agrave; s&#7921; c&#432;&#7901;ng &#273;i&#7879;u h&oacute;a c&#7911;a crypto, m&agrave; l&agrave; m&#7897;t s&#7921; d&#7883;ch chuy&#7875;n c&#7845;u tr&uacute;c trong d&ograve;ng ti&#7873;n to&agrave;n c&#7847;u. Trong b&#7889;i c&#7843;nh n&agrave;y, h&#7885; m&ocirc; t&#7843; stablecoin l&agrave; &ldquo;l&#7907;i th&#7871; k&#7929; thu&#7853;t s&#7889; c&#7911;a h&#7879; th&#7889;ng &#273;&ocirc; la.&rdquo;
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-dollarized-future-but-with-new-risks">T&#432;&#417;ng lai s&#7917; d&#7909;ng USD, nh&#432;ng k&egrave;m theo r&#7911;i ro m&#7899;i</h2>

H&#7847;u h&#7871;t c&aacute;c stablecoin l&#7899;n &#273;&#7873;u <a href="https://vn.beincrypto.com/genius-act-stablecoins-treasury-purchases-2025/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i Tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; ng&#7855;n h&#7841;n</a>, &#273;em l&#7841;i cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh s&#7921; ph&#417;i nhi&#7877;m &#273;&aacute;ng k&#7875; &#273;&#7889;i v&#7899;i h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh M&#7929;. &#272;&#7891;ng th&#7901;i, ch&uacute;ng <a href="https://beincrypto.com/learn/yield-bearing-stablecoins/" target="_blank" rel="noreferrer noopener">cung c&#7845;p l&#7907;i su&#7845;t cao h&#417;n nhi&#7873;u so v&#7899;i t&agrave;i kho&#7843;n ng&acirc;n h&agrave;ng truy&#7873;n th&#7889;ng</a> &#7903; c&aacute;c th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i.
&#272;i&#7873;u n&agrave;y t&#7841;o ra m&#7897;t ngh&#7883;ch l&yacute;: stablecoin t&#259;ng c&#432;&#7901;ng &#7843;nh h&#432;&#7903;ng c&#7911;a &#273;&ocirc; la M&#7929; tr&ecirc;n to&agrave;n c&#7847;u trong khi l&agrave;m suy y&#7871;u s&#7921; t&#7921; ch&#7911; v&#7873; ti&#7873;n t&#7879; cho c&aacute;c qu&#7889;c gia &#273;ang g&#7863;p kh&oacute; kh&#259;n v&#7899;i l&#7841;m ph&aacute;t ho&#7863;c tho&aacute;t v&#7889;n.
Nh&agrave; kinh t&#7871; h&#7885;c c&#7911;a IMF, Eswar Prasad <a href="https://www.imf.org/en/publications/fandd/issues/2025/12/point-of-view-the-stablecoin-paradox-eswar-prasad" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> stablecoin t&#259;ng c&#432;&#7901;ng s&#7921; bao g&#7891;m t&agrave;i ch&iacute;nh nh&#432;ng c&#361;ng c&oacute; th&#7875; &ldquo;c&#7911;ng c&#7889; s&#7921; th&#7889;ng tr&#7883; c&#7911;a &#273;&ocirc; la&rdquo; v&agrave; t&#7853;p trung quy&#7873;n l&#7921;c kinh t&#7871; v&agrave;o c&aacute;c t&#7893; ch&#7913;c l&#7899;n v&agrave; c&ocirc;ng ty c&ocirc;ng ngh&#7879;.
B&aacute;o c&aacute;o c&#7843;nh b&aacute;o vi&#7879;c ch&#7845;p nh&#7853;n kh&ocirc;ng &#273;&#432;&#7907;c ki&#7875;m so&aacute;t nhanh ch&oacute;ng c&oacute; th&#7875; l&agrave;m t&#259;ng bi&#7871;n &#273;&#7897;ng d&ograve;ng v&#7889;n, &#273;&#7863;c bi&#7879;t l&agrave; trong nh&#7919;ng bi&#7871;n c&#7889; c&#259;ng th&#7859;ng th&#7883; tr&#432;&#7901;ng khi ng&#432;&#7901;i d&ugrave;ng &#273;&#7893; x&ocirc; v&agrave;o ho&#7863;c t&#7915; b&#7887; t&agrave;i s&#7843;n &#273;&#7843;m b&#7843;o b&#7857;ng &#273;&ocirc; la.
M&#7897;t m&#7889;i quan t&acirc;m ch&iacute;nh c&#7911;a IMF l&agrave; s&#7921; ph&acirc;n m&#7843;nh quy &#273;&#7883;nh. Stablecoin th&#432;&#7901;ng ho&#7841;t &#273;&#7897;ng qua bi&ecirc;n gi&#7899;i nhanh h&#417;n ch&iacute;nh s&aacute;ch qu&#7889;c gia c&oacute; th&#7875; &#273;i&#7873;u ch&#7881;nh. Theo qu&#7929; n&agrave;y, &#273;i&#7873;u n&agrave;y t&#7841;o ra <a href="https://vn.beincrypto.com/blackrock-ai-deal-bitcoin-miners-arbitrage-opportunity/" target="_blank" rel="noreferrer noopener">c&#417; h&#7897;i cho ho&#7841;t &#273;&#7897;ng ch&ecirc;nh l&#7879;ch gi&aacute;</a> v&agrave; t&iacute;ch l&#361;y thanh kho&#7843;n kh&ocirc;ng &#273;&#432;&#7907;c gi&aacute;m s&aacute;t.
C&aacute;c n&#7873;n kinh t&#7871; l&#7899;n, bao g&#7891;m M&#7929;, EU, v&agrave; Nh&#7853;t B&#7843;n, &#273;ang ph&aacute;t tri&#7875;n c&aacute;c khung ph&aacute;p l&yacute; r&otilde; r&agrave;ng h&#417;n. Tuy nhi&ecirc;n, nhi&#7873;u th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i v&#7851;n thi&#7871;u h&#432;&#7899;ng d&#7851;n v&#7873; ch&#7845;t l&#432;&#7907;ng d&#7921; tr&#7919;, quy&#7873;n &#273;&#7893;i tr&#7843;, ho&#7863;c gi&aacute;m s&aacute;t nh&agrave; ph&aacute;t h&agrave;nh.
S&#7921; kh&ocirc;ng kh&#7899;p n&agrave;y khi&#7871;n c&aacute;c n&#7873;n kinh t&#7871; y&#7871;u h&#417;n d&#7877; b&#7883; t&#7893;n th&#432;&#417;ng tr&#432;&#7899;c nh&#7919;ng bi&#7871;n &#273;&#7897;ng &#273;&#7897;t ng&#7897;t trong nhu c&#7847;u &#273;&#7889;i v&#7899;i &#273;&#7891;ng &#273;&ocirc; la s&#7889;, c&oacute; th&#7875; g&acirc;y m&#7845;t &#7893;n &#273;&#7883;nh h&#7879; th&#7889;ng ng&acirc;n h&agrave;ng v&#7889;n &#273;&atilde; c&#259;ng th&#7859;ng.
&#272;&acirc;y ph&ugrave; h&#7907;p v&#7899;i b&aacute;o c&aacute;o g&#7847;n &#273;&acirc;y c&#7911;a Standard Chartered, b&aacute;o c&aacute;o n&agrave;y cho th&#7845;y <a href="https://vn.beincrypto.com/stablecoin-summer-emerging-markets-winter-us-crypto-news/" target="_blank" rel="noreferrer noopener">ti&#7873;m n&#259;ng c&#7911;a stablecoin &#273;&#7875; r&uacute;t 1 ngh&igrave;n t&#7927; USD t&#7915; c&aacute;c ng&acirc;n h&agrave;ng th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i</a> khi ng&#432;&#7901;i g&#7917;i ti&#7871;t ki&#7879;m chuy&#7875;n ti&#7873;n g&#7917;i sang t&agrave;i s&#7843;n &#273;&#7891;ng &#273;&ocirc; la s&#7889;.
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&ldquo;Khi stablecoin ph&aacute;t tri&#7875;n, ch&uacute;ng t&ocirc;i ngh&#297; s&#7869; c&oacute; m&#7897;t s&#7889; k&#7871;t qu&#7843; kh&ocirc;ng mong &#273;&#7907;i, &#273;i&#7873;u &#273;&#7847;u ti&ecirc;n l&agrave; kh&#7843; n&#259;ng ti&#7873;n g&#7917;i s&#7869; r&#7901;i kh&#7887;i c&aacute;c ng&acirc;n h&agrave;ng th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i,&rdquo; ng&acirc;n h&agrave;ng n&agrave;y cho bi&#7871;t trong m&#7897;t email chia s&#7867; v&#7899;i BeInCrypto.
</blockquote>
 
G&#7847;n &#273;&acirc;y Nam Phi <a href="https://vn.beincrypto.com/south-africa-stablecoin-bank-risk/" target="_blank" rel="noreferrer noopener">&#273;&atilde; x&aacute;c nh&#7853;n r&#7911;i ro</a>, nh&#7845;n m&#7841;nh r&#7857;ng stablecoin &#273;ang g&acirc;y ra m&#7889;i &#273;e d&#7885;a &#273;&#7871;n s&#7921; &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh c&#7911;a c&aacute;c ng&acirc;n h&agrave;ng &#7903; th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-stablecoins-are-now-a-global-macro-force">Stablecoins gi&#7901; &#273;&acirc;y &#273;&atilde; tr&#7903; th&agrave;nh m&#7897;t l&#7921;c l&#432;&#7907;ng v&#297; m&ocirc; to&agrave;n c&#7847;u</h2>

C&#7843;nh b&aacute;o c&#7911;a IMF cho th&#7845;y s&#7921; th&#7915;a nh&#7853;n r&#7897;ng r&atilde;i h&#417;n: stablecoin kh&ocirc;ng c&ograve;n l&agrave; ph&#7909;, m&agrave; &#273;&atilde; tr&#7903; th&agrave;nh trung t&acirc;m c&#7911;a thanh kho&#7843;n to&agrave;n c&#7847;u, giao d&#7883;ch tr&ecirc;n chu&#7895;i, v&agrave; thanh to&aacute;n k&#7929; thu&#7853;t s&#7889;.
&#272;&#7897; ph&#7893; bi&#7871;n gia t&#259;ng c&#7911;a ch&uacute;ng c&#361;ng gi&#7843;i th&iacute;ch t&#7841;i sao <a href="https://vn.beincrypto.com/crypto-market-drops-while-stablecoin-reserves-rise/" target="_blank" rel="noreferrer noopener">v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a stablecoin th&#432;&#7901;ng d&#7851;n &#273;&#7847;u c&aacute;c chu k&#7923; th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a</a>, bao g&#7891;m c&#7843; Bitcoin v&agrave; Ethereum, c&#361;ng nh&#432; &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n c&#7911;a ch&uacute;ng.
D&#7921; ki&#7871;n IMF s&#7869; c&ocirc;ng b&#7889; l&#7897; tr&igrave;nh ch&iacute;nh s&aacute;ch chi ti&#7871;t v&agrave;o &#273;&#7847;u n&#259;m 2026, t&#7853;p trung v&agrave;o vi&#7879;c minh b&#7841;ch h&oacute;a d&#7921; tr&#7919;, gi&aacute;m s&aacute;t xuy&ecirc;n bi&ecirc;n gi&#7899;i v&agrave; ti&ecirc;u chu&#7849;n v&#7889;n t&#7889;i thi&#7875;u.
Khi d&ograve;ng ch&#7843;y stablecoin t&#259;ng t&#7889;c v&agrave; s&#7921; ch&#7845;p nh&#7853;n ng&agrave;y c&agrave;ng s&acirc;u r&#7897;ng t&#7841;i c&aacute;c th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i, c&aacute;c nh&agrave; qu&#7843;n l&yacute; &#273;&#7889;i m&#7863;t v&#7899;i kho&#7843;ng th&#7901;i gian ng&#7855;n &#273;&#7875; thi&#7871;t l&#7853;p c&aacute;c quy &#273;&#7883;nh to&agrave;n c&#7847;u tr&#432;&#7899;c khi &#273;&#7891;ng ti&#7873;n k&#7929; thu&#7853;t s&#7889; tr&#7903; th&agrave;nh ph&#432;&#417;ng ti&#7879;n chuy&#7875;n &#273;&#7893;i gi&aacute; tr&#7883; qu&#7889;c t&#7871; m&#7863;c &#273;&#7883;nh.

IMF cảnh báo stablecoins gây rủi ro cho ổn định tài chính khi dòng vốn xuyên quốc gia vượt qua Bitcoin và Ethereum

D&ograve;ng ti&#7873;n qua bi&ecirc;n gi&#7899;i c&#7911;a stablecoin &#273;&atilde; &#273;&#7841;t m&#7913;c cao m&#7899;i v&agrave;o n&#259;m 2025, l&#7847;n &#273;&#7847;u ti&ecirc;n v&#432;&#7907;t qua Bitcoin v&agrave; Ethereum. &#272;i&#7873;u n&agrave;y &#273;&atilde; khi&#7871;n Qu&#7929; Ti&#7873;n t&#7879; Qu&#7889;c t&#7871; (IMF) &#273;&#432;a ra c&#7843;nh b&aacute;o s&#7855;c b&eacute;n.
IMF cho r&#7857;ng s&#7921; gia t&#259;ng b&ugrave;ng n&#7893; c&#7911;a &#273;&#7891;ng ti&#7873;n s&#7889; c&oacute; th&#7875; t&#259;ng c&#432;&#7901;ng vi&#7879;c thay th&#7871; ti&#7873;n t&#7879;, l&agrave;m gi&aacute;n &#273;o&#7841;n d&ograve;ng v&#7889;n v&agrave; g&acirc;y &aacute;p l&#7921;c cho c&aacute;c h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh &#7903; th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-imf-sounds-alarm-as-stablecoin-flows-hit-record-highs-and-outrun-bitcoin-ether">IMF c&#7843;nh b&aacute;o khi d&ograve;ng ch&#7843;y stablecoin &#273;&#7841;t m&#7913;c k&#7927; l&#7909;c v&agrave; v&#432;&#7907;t qua Bitcoin, Ether</h2>

B&#7843;n b&aacute;o c&aacute;o m&#7899;i nh&#7845;t c&#7911;a IMF v&#7873; <a href="https://www.imf.org/en/-/media/files/publications/dp/2025/english/usea.pdf" target="_blank" rel="noopener">stablecoin</a> cho th&#7845;y th&#7883; tr&#432;&#7901;ng &#273;&atilde; ph&aacute;t tri&#7875;n nhanh ch&oacute;ng, v&#7899;i t&#7893;ng s&#7889; ph&aacute;t h&agrave;nh v&#432;&#7907;t m&#7913;c 300 t&#7927; USD v&agrave; chi&#7871;m kho&#7843;ng 7% t&#7893;ng t&agrave;i s&#7843;n crypto.
Tether (USDT) v&agrave; USD Coin (USDC) ki&#7875;m so&aacute;t h&#417;n 90% th&#7883; tr&#432;&#7901;ng n&agrave;y. Theo d&#7919; li&#7879;u blockchain hi&#7879;n t&#7841;i, USDT c&oacute; l&#432;u h&agrave;nh 185.5 t&#7927; USD, trong khi USDC c&oacute; l&#432;u h&agrave;nh 77.6 t&#7927; USD.
N&#259;m 2025 n&#7893;i b&#7853;t v&#7899;i s&#7921; gia t&#259;ng nhanh ch&oacute;ng v&agrave; b&#7843;n ch&#7845;t thay &#273;&#7893;i c&#7911;a c&aacute;c d&ograve;ng ti&#7873;n n&agrave;y. Trong khi <a href="https://vn.beincrypto.com/central-banks-gold-bitcoin-reserves-2025/" target="_blank" rel="noopener">Bitcoin</a> v&agrave; <a href="https://beincrypto.com/fusaka-officially-arrives-ethereum-eth/" target="_blank" rel="noopener">Ethereum</a> t&#7915;ng th&#7889;ng tr&#7883; c&aacute;c giao d&#7883;ch crypto qua bi&ecirc;n gi&#7899;i, th&igrave; gi&#7901; &#273;&acirc;y stablecoin &#273;&atilde; v&#432;&#7907;t l&ecirc;n tr&#432;&#7899;c.
IMF l&#432;u &yacute; r&#7857;ng d&ograve;ng ti&#7873;n c&#7911;a stablecoin &#273;ang m&#7903; r&#7897;ng nhanh h&#417;n so v&#7899;i t&agrave;i s&#7843;n crypto g&#7889;c, v&#7899;i kho&#7843;ng c&aacute;ch ng&agrave;y c&agrave;ng l&#7899;n trong n&#259;m nay. Kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch cho USDT v&agrave; USDC &#273;&atilde; &#273;&#7841;t 23 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2024, t&#259;ng 90% m&#7895;i n&#259;m.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/DI4B91X5H7R67gO3IzdkZ80e_NA=/smart/9f630455a3ec4cf189f9bf89eda6dfe7" alt="Bi&#7875;u &#273;&#7891; IMF cho th&#7845;y d&ograve;ng ti&#7873;n stablecoin v&#432;&#7907;t qua Bitcoin v&agrave; Ethereum" class="wp-image-779672">D&ograve;ng ti&#7873;n c&#7911;a stablecoin (USDT + USDC) &#273;&atilde; n&#7893;i b&#7853;t h&#417;n Bitcoin v&agrave; Ethereum v&agrave;o n&#259;m 2025, theo d&#7919; li&#7879;u t&#7915; IMF (IMF)

&#272;&aacute;nh gi&aacute; m&#7899;i nh&#7845;t c&#7911;a IMF ch&#7881; ra s&#7921; chuy&#7875;n &#273;&#7893;i c&#7845;u tr&uacute;c, khi stablecoin kh&ocirc;ng c&ograve;n l&agrave; m&#7897;t c&ocirc;ng c&#7909; thanh to&aacute;n c&aacute; bi&#7879;t m&agrave; tr&#7903; th&agrave;nh &#273;&#7897;ng l&#7921;c ch&iacute;nh cho ho&#7841;t &#273;&#7897;ng crypto to&agrave;n c&#7847;u.
Trong hai n&#259;m qua, l&#432;u th&ocirc;ng c&#7911;a hai &#273;&#7891;ng stablecoin l&#7899;n nh&#7845;t &#273;&atilde; h&#417;n ba l&#7847;n t&#259;ng l&ecirc;n kho&#7843;ng 260 t&#7927; USD. Ch&uacute;ng &#273;&atilde; h&#7895; tr&#7907; m&#7897;t kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#432;&#7899;c t&iacute;nh 23 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2024.
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&ldquo;B&#7843;n ch&#7845;t qua bi&ecirc;n gi&#7899;i c&#7911;a stablecoin c&oacute; th&#7875; &#273;&#417;n gi&#7843;n h&oacute;a vi&#7879;c chuy&#7875;n ti&#7873;n v&agrave; thanh to&aacute;n nh&#432;ng c&#361;ng c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; v&agrave; &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh &#7903; th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i. M&#7897;t b&aacute;o c&aacute;o m&#7899;i c&#7911;a IMF kh&aacute;m ph&aacute; c&aacute;c th&aacute;ch th&#7913;c v&agrave; c&#417; h&#7897;i,&rdquo; IMF <a href="https://x.com/IMFNews/status/1996595538888941939" target="_blank" rel="noreferrer noopener nofollow">n&ecirc;u r&otilde;</a>.
</blockquote>

&#272;i&#7873;u n&agrave;y nh&#7845;n m&#7841;nh c&#7843; ti&#7879;n &iacute;ch c&#7911;a ch&uacute;ng v&agrave; nh&#7919;ng th&aacute;ch th&#7913;c m&agrave; ch&uacute;ng &#273;&#7863;t ra cho c&aacute;c nh&agrave; qu&#7843;n l&yacute;. Trong khi M&#7929; v&agrave; Ch&acirc;u &Acirc;u v&#7851;n l&agrave; nh&#7919;ng trung t&acirc;m giao d&#7883;ch l&#7899;n, ch&acirc;u &Aacute; gi&#7901; &#273;&acirc;y d&#7851;n &#273;&#7847;u trong vi&#7879;c s&#7917; d&#7909;ng stablecoin, v&#7899;i <a href="https://vn.beincrypto.com/lisk-15-million-empower-fund/" target="_blank" rel="noreferrer noopener">ch&acirc;u Phi, M&#7929; La-tinh v&agrave; Trung &#272;&ocirc;ng</a> cho th&#7845;y t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng nhanh nh&#7845;t so v&#7899;i GDP c&#7911;a h&#7885;.
IMF ch&#7881; ra m&#7897;t m&ocirc; h&igrave;nh r&otilde; r&agrave;ng, r&#7857;ng ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng v&agrave; doanh nghi&#7879;p &#7903; c&aacute;c n&#7873;n kinh t&#7871; c&oacute; l&#7841;m ph&aacute;t cao ho&#7863;c ki&#7875;m so&aacute;t v&#7889;n ng&agrave;y c&agrave;ng &#432;u ti&ecirc;n &#273;&#7891;ng &#273;&ocirc; la s&#7889; h&#417;n so v&#7899;i c&aacute;c &#273;&#7891;ng ti&#7873;n &#273;&#7883;a ph&#432;&#417;ng.
C&aacute;c nh&agrave; nghi&ecirc;n c&#7913;u t&#7841;i EndGame Macro l&#7853;p lu&#7853;n r&#7857;ng xu h&#432;&#7899;ng n&agrave;y kh&ocirc;ng ph&#7843;i l&agrave; s&#7921; c&#432;&#7901;ng &#273;i&#7879;u h&oacute;a c&#7911;a crypto, m&agrave; l&agrave; m&#7897;t s&#7921; d&#7883;ch chuy&#7875;n c&#7845;u tr&uacute;c trong d&ograve;ng ti&#7873;n to&agrave;n c&#7847;u. Trong b&#7889;i c&#7843;nh n&agrave;y, h&#7885; m&ocirc; t&#7843; stablecoin l&agrave; &ldquo;l&#7907;i th&#7871; k&#7929; thu&#7853;t s&#7889; c&#7911;a h&#7879; th&#7889;ng &#273;&ocirc; la.&rdquo;
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-dollarized-future-but-with-new-risks">T&#432;&#417;ng lai s&#7917; d&#7909;ng USD, nh&#432;ng k&egrave;m theo r&#7911;i ro m&#7899;i</h2>

H&#7847;u h&#7871;t c&aacute;c stablecoin l&#7899;n &#273;&#7873;u <a href="https://vn.beincrypto.com/genius-act-stablecoins-treasury-purchases-2025/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i Tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; ng&#7855;n h&#7841;n</a>, &#273;em l&#7841;i cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh s&#7921; ph&#417;i nhi&#7877;m &#273;&aacute;ng k&#7875; &#273;&#7889;i v&#7899;i h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh M&#7929;. &#272;&#7891;ng th&#7901;i, ch&uacute;ng <a href="https://beincrypto.com/learn/yield-bearing-stablecoins/" target="_blank" rel="noreferrer noopener">cung c&#7845;p l&#7907;i su&#7845;t cao h&#417;n nhi&#7873;u so v&#7899;i t&agrave;i kho&#7843;n ng&acirc;n h&agrave;ng truy&#7873;n th&#7889;ng</a> &#7903; c&aacute;c th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i.
&#272;i&#7873;u n&agrave;y t&#7841;o ra m&#7897;t ngh&#7883;ch l&yacute;: stablecoin t&#259;ng c&#432;&#7901;ng &#7843;nh h&#432;&#7903;ng c&#7911;a &#273;&ocirc; la M&#7929; tr&ecirc;n to&agrave;n c&#7847;u trong khi l&agrave;m suy y&#7871;u s&#7921; t&#7921; ch&#7911; v&#7873; ti&#7873;n t&#7879; cho c&aacute;c qu&#7889;c gia &#273;ang g&#7863;p kh&oacute; kh&#259;n v&#7899;i l&#7841;m ph&aacute;t ho&#7863;c tho&aacute;t v&#7889;n.
Nh&agrave; kinh t&#7871; h&#7885;c c&#7911;a IMF, Eswar Prasad <a href="https://www.imf.org/en/publications/fandd/issues/2025/12/point-of-view-the-stablecoin-paradox-eswar-prasad" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> stablecoin t&#259;ng c&#432;&#7901;ng s&#7921; bao g&#7891;m t&agrave;i ch&iacute;nh nh&#432;ng c&#361;ng c&oacute; th&#7875; &ldquo;c&#7911;ng c&#7889; s&#7921; th&#7889;ng tr&#7883; c&#7911;a &#273;&ocirc; la&rdquo; v&agrave; t&#7853;p trung quy&#7873;n l&#7921;c kinh t&#7871; v&agrave;o c&aacute;c t&#7893; ch&#7913;c l&#7899;n v&agrave; c&ocirc;ng ty c&ocirc;ng ngh&#7879;.
B&aacute;o c&aacute;o c&#7843;nh b&aacute;o vi&#7879;c ch&#7845;p nh&#7853;n kh&ocirc;ng &#273;&#432;&#7907;c ki&#7875;m so&aacute;t nhanh ch&oacute;ng c&oacute; th&#7875; l&agrave;m t&#259;ng bi&#7871;n &#273;&#7897;ng d&ograve;ng v&#7889;n, &#273;&#7863;c bi&#7879;t l&agrave; trong nh&#7919;ng bi&#7871;n c&#7889; c&#259;ng th&#7859;ng th&#7883; tr&#432;&#7901;ng khi ng&#432;&#7901;i d&ugrave;ng &#273;&#7893; x&ocirc; v&agrave;o ho&#7863;c t&#7915; b&#7887; t&agrave;i s&#7843;n &#273;&#7843;m b&#7843;o b&#7857;ng &#273;&ocirc; la.
M&#7897;t m&#7889;i quan t&acirc;m ch&iacute;nh c&#7911;a IMF l&agrave; s&#7921; ph&acirc;n m&#7843;nh quy &#273;&#7883;nh. Stablecoin th&#432;&#7901;ng ho&#7841;t &#273;&#7897;ng qua bi&ecirc;n gi&#7899;i nhanh h&#417;n ch&iacute;nh s&aacute;ch qu&#7889;c gia c&oacute; th&#7875; &#273;i&#7873;u ch&#7881;nh. Theo qu&#7929; n&agrave;y, &#273;i&#7873;u n&agrave;y t&#7841;o ra <a href="https://vn.beincrypto.com/blackrock-ai-deal-bitcoin-miners-arbitrage-opportunity/" target="_blank" rel="noreferrer noopener">c&#417; h&#7897;i cho ho&#7841;t &#273;&#7897;ng ch&ecirc;nh l&#7879;ch gi&aacute;</a> v&agrave; t&iacute;ch l&#361;y thanh kho&#7843;n kh&ocirc;ng &#273;&#432;&#7907;c gi&aacute;m s&aacute;t.
C&aacute;c n&#7873;n kinh t&#7871; l&#7899;n, bao g&#7891;m M&#7929;, EU, v&agrave; Nh&#7853;t B&#7843;n, &#273;ang ph&aacute;t tri&#7875;n c&aacute;c khung ph&aacute;p l&yacute; r&otilde; r&agrave;ng h&#417;n. Tuy nhi&ecirc;n, nhi&#7873;u th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i v&#7851;n thi&#7871;u h&#432;&#7899;ng d&#7851;n v&#7873; ch&#7845;t l&#432;&#7907;ng d&#7921; tr&#7919;, quy&#7873;n &#273;&#7893;i tr&#7843;, ho&#7863;c gi&aacute;m s&aacute;t nh&agrave; ph&aacute;t h&agrave;nh.
S&#7921; kh&ocirc;ng kh&#7899;p n&agrave;y khi&#7871;n c&aacute;c n&#7873;n kinh t&#7871; y&#7871;u h&#417;n d&#7877; b&#7883; t&#7893;n th&#432;&#417;ng tr&#432;&#7899;c nh&#7919;ng bi&#7871;n &#273;&#7897;ng &#273;&#7897;t ng&#7897;t trong nhu c&#7847;u &#273;&#7889;i v&#7899;i &#273;&#7891;ng &#273;&ocirc; la s&#7889;, c&oacute; th&#7875; g&acirc;y m&#7845;t &#7893;n &#273;&#7883;nh h&#7879; th&#7889;ng ng&acirc;n h&agrave;ng v&#7889;n &#273;&atilde; c&#259;ng th&#7859;ng.
&#272;&acirc;y ph&ugrave; h&#7907;p v&#7899;i b&aacute;o c&aacute;o g&#7847;n &#273;&acirc;y c&#7911;a Standard Chartered, b&aacute;o c&aacute;o n&agrave;y cho th&#7845;y <a href="https://vn.beincrypto.com/stablecoin-summer-emerging-markets-winter-us-crypto-news/" target="_blank" rel="noreferrer noopener">ti&#7873;m n&#259;ng c&#7911;a stablecoin &#273;&#7875; r&uacute;t 1 ngh&igrave;n t&#7927; USD t&#7915; c&aacute;c ng&acirc;n h&agrave;ng th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i</a> khi ng&#432;&#7901;i g&#7917;i ti&#7871;t ki&#7879;m chuy&#7875;n ti&#7873;n g&#7917;i sang t&agrave;i s&#7843;n &#273;&#7891;ng &#273;&ocirc; la s&#7889;.
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&ldquo;Khi stablecoin ph&aacute;t tri&#7875;n, ch&uacute;ng t&ocirc;i ngh&#297; s&#7869; c&oacute; m&#7897;t s&#7889; k&#7871;t qu&#7843; kh&ocirc;ng mong &#273;&#7907;i, &#273;i&#7873;u &#273;&#7847;u ti&ecirc;n l&agrave; kh&#7843; n&#259;ng ti&#7873;n g&#7917;i s&#7869; r&#7901;i kh&#7887;i c&aacute;c ng&acirc;n h&agrave;ng th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i,&rdquo; ng&acirc;n h&agrave;ng n&agrave;y cho bi&#7871;t trong m&#7897;t email chia s&#7867; v&#7899;i BeInCrypto.
</blockquote>
 
G&#7847;n &#273;&acirc;y Nam Phi <a href="https://vn.beincrypto.com/south-africa-stablecoin-bank-risk/" target="_blank" rel="noreferrer noopener">&#273;&atilde; x&aacute;c nh&#7853;n r&#7911;i ro</a>, nh&#7845;n m&#7841;nh r&#7857;ng stablecoin &#273;ang g&acirc;y ra m&#7889;i &#273;e d&#7885;a &#273;&#7871;n s&#7921; &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh c&#7911;a c&aacute;c ng&acirc;n h&agrave;ng &#7903; th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-stablecoins-are-now-a-global-macro-force">Stablecoins gi&#7901; &#273;&acirc;y &#273;&atilde; tr&#7903; th&agrave;nh m&#7897;t l&#7921;c l&#432;&#7907;ng v&#297; m&ocirc; to&agrave;n c&#7847;u</h2>

C&#7843;nh b&aacute;o c&#7911;a IMF cho th&#7845;y s&#7921; th&#7915;a nh&#7853;n r&#7897;ng r&atilde;i h&#417;n: stablecoin kh&ocirc;ng c&ograve;n l&agrave; ph&#7909;, m&agrave; &#273;&atilde; tr&#7903; th&agrave;nh trung t&acirc;m c&#7911;a thanh kho&#7843;n to&agrave;n c&#7847;u, giao d&#7883;ch tr&ecirc;n chu&#7895;i, v&agrave; thanh to&aacute;n k&#7929; thu&#7853;t s&#7889;.
&#272;&#7897; ph&#7893; bi&#7871;n gia t&#259;ng c&#7911;a ch&uacute;ng c&#361;ng gi&#7843;i th&iacute;ch t&#7841;i sao <a href="https://vn.beincrypto.com/crypto-market-drops-while-stablecoin-reserves-rise/" target="_blank" rel="noreferrer noopener">v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a stablecoin th&#432;&#7901;ng d&#7851;n &#273;&#7847;u c&aacute;c chu k&#7923; th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a</a>, bao g&#7891;m c&#7843; Bitcoin v&agrave; Ethereum, c&#361;ng nh&#432; &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n c&#7911;a ch&uacute;ng.
D&#7921; ki&#7871;n IMF s&#7869; c&ocirc;ng b&#7889; l&#7897; tr&igrave;nh ch&iacute;nh s&aacute;ch chi ti&#7871;t v&agrave;o &#273;&#7847;u n&#259;m 2026, t&#7853;p trung v&agrave;o vi&#7879;c minh b&#7841;ch h&oacute;a d&#7921; tr&#7919;, gi&aacute;m s&aacute;t xuy&ecirc;n bi&ecirc;n gi&#7899;i v&agrave; ti&ecirc;u chu&#7849;n v&#7889;n t&#7889;i thi&#7875;u.
Khi d&ograve;ng ch&#7843;y stablecoin t&#259;ng t&#7889;c v&agrave; s&#7921; ch&#7845;p nh&#7853;n ng&agrave;y c&agrave;ng s&acirc;u r&#7897;ng t&#7841;i c&aacute;c th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i, c&aacute;c nh&agrave; qu&#7843;n l&yacute; &#273;&#7889;i m&#7863;t v&#7899;i kho&#7843;ng th&#7901;i gian ng&#7855;n &#273;&#7875; thi&#7871;t l&#7853;p c&aacute;c quy &#273;&#7883;nh to&agrave;n c&#7847;u tr&#432;&#7899;c khi &#273;&#7891;ng ti&#7873;n k&#7929; thu&#7853;t s&#7889; tr&#7903; th&agrave;nh ph&#432;&#417;ng ti&#7879;n chuy&#7875;n &#273;&#7893;i gi&aacute; tr&#7883; qu&#7889;c t&#7871; m&#7863;c &#273;&#7883;nh.