On September 16th,2025,the 223th conference of Academic Frontiers in Finance was held at Think Tank of Fudan University by FDFRC, with the theme of Stablecoins—An Analytical Review of Mechanisms, Regulatory Frameworks, and International Practices. The conference was presided over by Professor Lijian SUN, Director of the Center, and the presentation was delivered by Haowen XIONG, a member of SUN’s research team. Based on the content of the presentation, public materials, and on-site discussions, this paper systematically analyzes stablecoins from several perspectives—including the contextual background, content analysis, expert interpretations and reflections—focusing on their operational mechanisms, regulatory frameworks, and international practices.

Translated by Zixin XIA

Full text in Chinese available at:

https://fddi.fudan.edu.cn/69/4a/c21253a747850/page.htm