标题： SoK：数字转型中的稳定币——以现实资产代币化为例的设计、度量和应用 显示英文标题

标题： SoK: Stablecoins for Digital Transformation -- Design, Metrics, and Application with Real World Asset Tokenization as a Case Study

摘要： 稳定币已成为数字资产生态系统的基础组成部分，截至2025年5月，其市值已超过2300亿美元。 作为与法币挂钩和可编程的资产，稳定币为支付、去中心化金融（DeFi）和代币化商业提供了低延迟、全球互操作的基础设施。 它们的加速采用引发了广泛的监管参与，例如欧盟的加密资产市场法规（MiCA）、美国的指导并建立美国稳定币国家创新法案（GENIUS Act）以及香港的稳定币法案。 尽管有这种势头，学术研究在经济学、法律和计算机科学领域仍然分散，缺乏统一的设计、评估和应用框架。 本研究通过多方法研究设计来填补这一空白。 首先，它综合跨学科文献，基于托管结构、稳定机制和治理构建稳定币系统的分类法。 其次，它开发了一个针对不同利益相关者需求的性能评估框架，并通过一个开源基准测试管道来确保透明度和可重复性。 第三，对现实世界资产代币化的案例研究展示了稳定币如何在跨境数字系统中作为可编程货币基础设施运作。 通过将概念理论与实证工具相结合，本文做出了以下贡献：一个统一的稳定币设计分类法；一个以利益相关者为导向的性能评估框架；一个将稳定币与行业转型联系起来的实证案例；以及可重复的方法和数据集，以指导未来的研究。 这些贡献支持了可信、包容和透明的数字货币基础设施的发展。 显示英文摘要

摘要： Stablecoins have become a foundational component of the digital asset ecosystem, with their market capitalization exceeding 230 billion USD as of May 2025. As fiat-referenced and programmable assets, stablecoins provide low-latency, globally interoperable infrastructure for payments, decentralized finance, DeFi, and tokenized commerce. Their accelerated adoption has prompted extensive regulatory engagement, exemplified by the European Union's Markets in Crypto-assets Regulation, MiCA, the US Guiding and Establishing National Innovation for US Stablecoins Act, GENIUS Act, and Hong Kong's Stablecoins Bill. Despite this momentum, academic research remains fragmented across economics, law, and computer science, lacking a unified framework for design, evaluation, and application. This study addresses that gap through a multi-method research design. First, it synthesizes cross-disciplinary literature to construct a taxonomy of stablecoin systems based on custodial structure, stabilization mechanism, and governance. Second, it develops a performance evaluation framework tailored to diverse stakeholder needs, supported by an open-source benchmarking pipeline to ensure transparency and reproducibility. Third, a case study on Real World Asset tokenization illustrates how stablecoins operate as programmable monetary infrastructure in cross-border digital systems. By integrating conceptual theory with empirical tools, the paper contributes: a unified taxonomy for stablecoin design; a stakeholder-oriented performance evaluation framework; an empirical case linking stablecoins to sectoral transformation; and reproducible methods and datasets to inform future research. These contributions support the development of trusted, inclusive, and transparent digital monetary infrastructure.