标题： 缓解农业中的金融摩擦：稳定币采用的框架 显示英文标题

标题： Mitigating Financial Frictions in Agriculture: A Framework for Stablecoin Adoption

摘要： 持续的金融摩擦——包括价格波动、信贷获取受限和供应链效率低下——长期以来一直阻碍着全球农业部门的生产率和福利。 本文提供了对法定抵押稳定币的理论和应用分析，这是一种与稳定资产（如美元）挂钩的数字货币，可以解决这些长期存在的挑战。 我们开发了一个农场层面的利润最大化模型，结合交易成本和信贷约束，以说明稳定币如何通过（1）降低跨境贸易的成本和风险，（2）通过智能合约提高供应链金融的效率和透明度，（3）扩大小农户的信贷获取来改善经济结果。 我们分析了关键的应用案例，包括参数保险和贸易融资，同时考虑了采用过程中的重大障碍，如监管不确定性以及数字鸿沟。 本文结论认为，尽管不是万能药，但稳定币代表了一种重要的金融科技，有潜力在农业经济学中引发范式转变，值得进一步的实证研究和政策支持。 显示英文摘要

摘要： Persistent financial frictions - including price volatility, constrained credit access, and supply chain inefficiencies - have long hindered productivity and welfare in the global agricultural sector. This paper provides a theoretical and applied analysis of how fiat-collateralized stablecoins, a class of digital currency pegged to a stable asset like the U.S. dollar, can address these long-standing challenges. We develop a farm-level profit maximization model incorporating transaction costs and credit constraints to demonstrate how stablecoins can enhance economic outcomes by (1) reducing the costs and risks of cross-border trade, (2) improving the efficiency and transparency of supply chain finance through smart contracts, and (3) expanding access to credit for smallholder farmers. We analyze key use cases, including parametric insurance and trade finance, while also considering the significant hurdles to adoption, such as regulatory uncertainty and the digital divide. The paper concludes that while not a panacea, stablecoins represent a significant financial technology with the potential to catalyze a paradigm shift in agricultural economics, warranting further empirical investigation and policy support.