标题： 稳定币：基本原理、新兴问题和开放挑战 显示英文标题

标题： Stablecoins: Fundamentals, Emerging Issues, and Open Challenges

摘要： 稳定币的市值在2025年1月已超过2000亿美元，显示出显著增长，2023年的年度交易量超过10万亿美元，2024年几乎翻了一番。 这种非凡的成功吸引了传统金融机构的关注，越来越多的政府正在探索中央银行数字货币（CBDC）的潜力。 尽管学术界已经认识到稳定币的重要性，但该领域的研究仍然零散、不完整，有时甚至相互矛盾。 在本文中，我们旨在通过结构化的文献分析来解决上述差距，将最近的研究成果联系起来，呈现出稳定币复杂经济、技术和监管方面的图景。 为此，我们制定了主要研究问题，并相应地对科学贡献进行分类，确定主要结果、数据来源、研究方法和开放的研究问题。 本综述论文所涉及的研究问题涵盖多个主题，如各种稳定币的稳定性、新颖的设计和实现以及相关的监管挑战。 这些研究采用了广泛的方法论和数据来源，我们对其进行了批判性分析和综合。 我们的分析还揭示了重要的研究空白，包括对安全性和隐私的研究有限，对某些稳定币的研究不足，对失败案例的研究缺失，对治理机制的研究不足，以及在财务会计标准下对稳定币的处理等问题，以及其他领域。 显示英文摘要

摘要： Stablecoins, with a capitalization exceeding 200 billion USD as of January 2025, have shown significant growth, with annual transaction volumes exceeding 10 trillion dollars in 2023 and nearly doubling that figure in 2024. This exceptional success has attracted the attention of traditional financial institutions, with an increasing number of governments exploring the potential of Central Bank Digital Currencies (CBDCs). Although academia has recognized the importance of stablecoins, research in this area remains fragmented, incomplete, and sometimes contradictory. In this paper, we aim to address the cited gap with a structured literature analysis, correlating recent contributions to present a picture of the complex economic, technical, and regulatory aspects of stablecoins. To achieve this, we formulate the main research questions and categorize scientific contributions accordingly, identifying main results, data sources, methodologies, and open research questions. The research questions we address in this survey paper cover several topics, such as the stability of various stablecoins, novel designs and implementations, and relevant regulatory challenges. The studies employ a wide range of methodologies and data sources, which we critically analyze and synthesize. Our analysis also reveals significant research gaps, including limited studies on security and privacy, underexplored stablecoins, unexamined failure cases, unstudied governance mechanisms, and the treatment of stablecoins under financial accounting standards, among other areas.