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국회도서관 홈으로 정보검색 소장정보 검색

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Title page 1

Contents 3

Acknowledgements 4

Foreword by the WTO Director-General 5

Executive summary 6

Introduction 8

1. Stablecoins: definitions, features and market developments 10

What are stablecoins? 11

Types of stablecoins 11

Functional characteristics 12

Market developments 12

2. Frictions in international trade and the potential use and limitations of stablecoins 16

Payment frictions in international trade 17

How stablecoins could address trade frictions 18

Current trade-related use cases 20

Why adoption remains limited 21

Stablecoins in trade finance 21

3. Regulatory issues essential for the use of stablecoins in international trade 26

Regulatory fragmentation and the case for international coordination 27

National stablecoin frameworks 28

Interoperability 32

4. Implications for trade, the trading system and developing economies 34

Trade and payment benefits for developing economies 35

Regulatory and structural barriers to adoption 37

Conclusion 40

Glossary 43

List of abbreviations 45

Bibliography 46

Tables 20

Table 1. Frictions in international trade payments, the stablecoin alternative and possible limitations 20

Table 2. Possible contributions of stablecoins to trade finance 24

Table 3. Features of stablecoin regulatory frameworks in selected economies 29

Figures 13

Figure 1. Market capitalization of the largest stablecoins, 2019-2026 13

Figure 2. Average stablecoin supply, all stablecoins, 2019-2025 13

Figure 3. Cross-border use of stablecoins, 2017-2024 14

Figure 4. Economy-level drivers of cross-border stablecoin flows (percentage increase in flows) 15

Figure 5. Step-by-step overview of the use of stablecoins in international trade 19

Figure 6. Share of WTO members with commitments in stablecoin-related services 31

Figure 7. Enabling conditions for efficient use of stablecoins in international trade 39

Boxes 23

Box 1. Credit and risk mitigating functions performed by banks through trade finance 23

Box 2. Stablecoins and the General Agreement on Trade in Services (GATS) 31