V&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng stablecoin &#273;&atilde; t&#259;ng t&#7915; 200 t&#7927; USD l&ecirc;n 309 t&#7927; USD t&#7915; th&aacute;ng 07 &#273;&#7871;n th&aacute;ng 11/2025, khi&#7871;n cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh mua 109 t&#7927; USD tr&aacute;i phi&#7871;u kho b&#7841;c Hoa K&#7923; &#273;&#7875; tu&acirc;n th&#7911; quy &#273;&#7883;nh li&ecirc;n bang trong &#272;&#7841;o lu&#7853;t GENIUS.
S&#7921; t&#259;ng tr&#432;&#7903;ng &#273;&aacute;ng kinh ng&#7841;c n&agrave;y &#273;&aacute;nh d&#7845;u m&#7897;t thay &#273;&#7893;i quan tr&#7885;ng trong c&aacute;ch ch&iacute;nh ph&#7911; Hoa K&#7923; t&agrave;i tr&#7907; cho c&aacute;c ho&#7841;t &#273;&#7897;ng c&#7911;a m&igrave;nh. S&#7921; thay &#273;&#7893;i n&agrave;y chuy&#7875;n gi&aacute;m s&aacute;t quy &#273;&#7883;nh &#273;&#7889;i v&#7899;i stablecoin t&#7915; C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang sang B&#7897; T&agrave;i ch&iacute;nh th&ocirc;ng qua ch&iacute;nh s&aacute;ch &#273;&#7891;ng &#273;&ocirc; la k&#7929; thu&#7853;t s&#7889; m&#7899;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-legislative-framework-drives-treasury-demand">Khung ph&aacute;p l&yacute; th&uacute;c &#273;&#7849;y nhu c&#7847;u v&#7873; tr&aacute;i phi&#7871;u kho b&#7841;c</h2>

Ng&agrave;y <a href="https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/" target="_blank" rel="noopener">18/07/2025</a>, T&#7893;ng th&#7889;ng Donald Trump &#273;&atilde; k&yacute; &#272;&#7841;o lu&#7853;t H&#432;&#7899;ng d&#7851;n v&agrave; Thi&#7871;t l&#7853;p &#272;&#7893;i m&#7899;i Qu&#7889;c gia cho Stablecoin Hoa K&#7923; (GENIUS), t&#7841;o ra c&aacute;c quy &#273;&#7883;nh li&ecirc;n bang &#273;&#7847;u ti&ecirc;n cho stablecoin thanh to&aacute;n. Lu&#7853;t n&agrave;y y&ecirc;u c&#7847;u t&#7845;t c&#7843; c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin ph&#7843;i d&#7921; tr&#7919; 100% b&#7857;ng &#273;&#7891;ng &#273;&ocirc; la M&#7929; ho&#7863;c tr&aacute;i phi&#7871;u kho b&#7841;c ng&#7855;n h&#7841;n. N&oacute; <a href="https://vn.beincrypto.com/coinbase-listing-defi-altcoins-bear-market/" target="_blank" rel="noopener">lo&#7841;i tr&#7915;</a> <a href="https://beincrypto.com/coinbase-listing-defi-altcoins-bear-market/" target="_blank" rel="noopener">tr&aacute;i phi&#7871;u doanh nghi&#7879;p v&agrave; ti&#7873;n g&#7917;i ng&acirc;n h&agrave;ng</a>.
&#272;i&#7873;u kho&#7843;n quan tr&#7885;ng n&agrave;y bi&#7871;n stablecoin th&agrave;nh &#273;&#7897;ng l&#7921;c cho vi&#7879;c mua tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911;. M&#7895;i khi m&#7897;t stablecoin &#273;&#432;&#7907;c ph&aacute;t h&agrave;nh, c&ocirc;ng ty ph&#7843;i &#273;&#7891;ng th&#7901;i mua tr&aacute;i phi&#7871;u kho b&#7841;c v&#7899;i gi&aacute; tr&#7883; t&#432;&#417;ng &#273;&#432;&#417;ng. K&#7871;t qu&#7843; l&agrave;, lu&ocirc;n c&oacute; nhu c&#7847;u t&#7921; &#273;&#7897;ng v&#7873; n&#7907; c&ocirc;ng ngo&agrave;i c&aacute;c <a href="https://vn.beincrypto.com/november-2025-crypto-crash-vs-ftx-collapse/" target="_blank" rel="noopener">phi&ecirc;n &#273;&#7845;u gi&aacute; tr&aacute;i phi&#7871;u truy&#7873;n th&#7889;ng</a>.
Nh&agrave; ph&acirc;n t&iacute;ch Shanaka Anslem Perera &#273;&atilde; gi&#7843;i th&iacute;ch c&aacute;c &#7843;nh h&#432;&#7903;ng trong m&#7897;t <a href="https://x.com/shanaka86/status/1992761547580645441" target="_blank" rel="noopener">ph&acirc;n t&iacute;ch chi ti&#7871;t</a>, l&#432;u &yacute; r&#7857;ng y&ecirc;u c&#7847;u n&agrave;y &#273;&#432;&#7907;c gi&#7845;u k&iacute;n trong 47 trang c&#7911;a quy &#273;&#7883;nh k&#7929; thu&#7853;t. Ng&acirc;n h&agrave;ng Trung &#432;&#417;ng Ch&acirc;u &Acirc;u &#273;&atilde; b&aacute;o c&aacute;o v&agrave;o <a href="https://www.ecb.europa.eu/press/financial-stability-publications/fsr/focus/2025/html/ecb.fsrbox202511_05~63636227b4.en.html" target="_blank" rel="noopener">th&aacute;ng 11/2025</a> r&#7857;ng th&#7883; tr&#432;&#7901;ng stablecoin to&agrave;n c&#7847;u &#273;&atilde; v&#432;&#7907;t qua 280 t&#7927; USD, d&#7851;n &#273;&#7847;u l&agrave; Tether v&#7899;i 184 t&#7927; USD v&agrave; USD Coin v&#7899;i 75 t&#7927; USD trong v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng.
B&#7897; tr&#432;&#7903;ng T&agrave;i ch&iacute;nh Scott Bessent nh&#7845;n m&#7841;nh t&#7847;m quan tr&#7885;ng chi&#7871;n l&#432;&#7907;c c&#7911;a &#272;&#7841;o lu&#7853;t trong <a href="https://home.treasury.gov/news/press-releases/sb0176" target="_blank" rel="noopener">tuy&ecirc;n b&#7889; ch&iacute;nh th&#7913;c</a> sau khi n&oacute; &#273;&#432;&#7907;c th&ocirc;ng qua. &Ocirc;ng g&#7885;i stablecoin l&agrave; m&#7897;t s&#7921; thay &#273;&#7893;i c&#7847;n thi&#7871;t trong t&agrave;i ch&iacute;nh k&#7929; thu&#7853;t s&#7889;, c&#7911;ng c&#7889; s&#7913;c m&#7841;nh c&#7911;a &#273;&#7891;ng &#273;&ocirc; la M&#7929; tr&ecirc;n to&agrave;n th&#7871; gi&#7899;i. Bessent d&#7921; &#273;o&aacute;n r&#7857;ng stablecoin s&#7869; &#273;&#7841;t 3 ngh&igrave;n t&#7927; USD v&agrave;o n&#259;m 2030, mang l&#7841;i 114 t&#7927; USD ti&#7873;n ti&#7871;t ki&#7879;m cho ch&iacute;nh ph&#7911; m&#7895;i n&#259;m.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-quantifying-the-fiscal-impact">&#272;o l&#432;&#7901;ng t&aacute;c &#273;&#7897;ng t&agrave;i ch&iacute;nh</h2>

M&#7889;i quan h&#7879; gi&#7919;a s&#7921; m&#7903; r&#7897;ng c&#7911;a stablecoin v&agrave; chi ph&iacute; vay cho th&#7845;y &yacute; &#273;&#7883;nh c&#7911;a lu&#7853;t n&agrave;y. K&#7871;t qu&#7843; kh&#7843;o s&aacute;t t&#7915; Ng&acirc;n h&agrave;ng Thanh to&aacute;n Qu&#7889;c t&#7871; cho th&#7845;y r&#7857;ng m&#7913;c t&#259;ng 3.5 t&#7927; USD trong v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng stablecoin gi&#7843;m chi ph&iacute; vay c&#7911;a ch&iacute;nh ph&#7911; &#273;i 0.025%. Ph&acirc;n t&iacute;ch n&agrave;y tham chi&#7871;u &#273;&#7871;n nh&#7919;ng ph&aacute;t hi&#7879;n n&agrave;y. Khi &#273;&#7841;t m&#7889;c 3 ngh&igrave;n t&#7927; USD, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; gi&uacute;p M&#7929; ti&#7871;t ki&#7879;m 114 t&#7927; USD m&#7895;i n&#259;m, ho&#7863;c kho&#7843;ng 900 USD m&#7895;i h&#7897; gia &#273;&igrave;nh.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Ch&iacute;nh ph&#7911; kh&ocirc;ng c&#7847;n ph&#7843;i t&igrave;m ng&#432;&#7901;i mua cho n&#7907; c&#7911;a m&igrave;nh n&#7919;a. Lu&#7853;t n&agrave;y t&#7921; &#273;&#7897;ng t&#7841;o ra ng&#432;&#7901;i mua. M&#7895;i khi ai &#273;&oacute; &#7903; b&#7845;t k&#7923; &#273;&acirc;u tr&ecirc;n th&#7871; gi&#7899;i mua m&#7897;t &#273;&ocirc; la k&#7929; thu&#7853;t s&#7889;, c&ocirc;ng ty ph&aacute;t h&agrave;nh stablecoin bu&#7897;c ph&#7843;i mua m&#7897;t tr&aacute;i phi&#7871;u kho b&#7841;c v&#7899;i s&#7889; ti&#7873;n &#273;&oacute;.&rdquo;
</blockquote>

T&#7915; th&aacute;ng 7 &#273;&#7871;n th&aacute;ng 11, c&aacute;c giao d&#7883;ch mua tr&aacute;i phi&#7871;u kho b&#7841;c theo y&ecirc;u c&#7847;u &#273;&atilde; l&ecirc;n t&#7899;i 109 t&#7927; USD ch&#7881; trong v&ograve;ng 120 ng&agrave;y. Trung b&igrave;nh, c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin &#273;&atilde; mua kho&#7843;ng 908 tri&#7879;u USD n&#7907; c&ocirc;ng m&#7895;i ng&agrave;y &mdash; m&#7913;c ti&ecirc;u th&#7909; c&#7841;nh tranh v&#7899;i <a href="https://vn.beincrypto.com/bitcoin-ftx-level-liquidations/" target="_blank" rel="noopener">c&aacute;c t&#7893; ch&#7913;c truy&#7873;n th&#7889;ng v&agrave; ng&acirc;n h&agrave;ng trung &#432;&#417;ng</a>.
Trong <a href="https://home.treasury.gov/news/press-releases/sb0314" target="_blank" rel="noopener">b&agrave;i ph&aacute;t bi&#7875;u t&#7841;i H&#7897;i ngh&#7883; Th&#7883; tr&#432;&#7901;ng Kho b&#7841;c</a> v&agrave;o ng&agrave;y 12/11/2025, B&#7897; tr&#432;&#7903;ng Bessent cho bi&#7871;t k&iacute;ch th&#432;&#7899;c c&aacute;c phi&ecirc;n &#273;&#7845;u gi&aacute; s&#7869; duy tr&igrave; &#7893;n &#273;&#7883;nh nh&#7901; v&agrave;o nhu c&#7847;u do stablecoin th&uacute;c &#273;&#7849;y. &#272;i&#7873;u n&agrave;y cho th&#7845;y vi&#7879;c ch&#7845;p nh&#7853;n &#273;&#7891;ng &#273;&ocirc; la k&#7929; thu&#7853;t s&#7889; nh&#432; m&#7897;t ngu&#7891;n t&agrave;i tr&#7907; song song cho c&aacute;c ho&#7841;t &#273;&#7897;ng li&ecirc;n bang.
M&#7897;t ph&acirc;n t&iacute;ch t&#7915; <a href="https://www.brookings.edu/wp-content/uploads/2025/10/The_Rise_of_Stablecoins_and_Implications_for_Treasury_Markets_Davidovic_Ghani_Moszoro.pdf" target="_blank" rel="noopener">Vi&#7879;n Brookings</a> v&agrave;o th&aacute;ng 10/2025 &#273;&atilde; &#7911;ng h&#7897; nh&#7919;ng d&#7921; b&aacute;o n&agrave;y. Nghi&ecirc;n c&#7913;u &#273;&#7873; xu&#7845;t r&#7857;ng stablecoin c&oacute; th&#7875; t&#7841;o ra 2 ngh&igrave;n t&#7927; USD c&#7847;u b&#7893; sung cho n&#7907; c&ocirc;ng c&#7911;a M&#7929;. S&#7921; ph&aacute;t tri&#7875;n n&agrave;y s&#7869; c&#417; b&#7843;n &#273;&#7883;nh h&igrave;nh l&#7841;i th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u b&#7857;ng c&aacute;ch chuy&#7875;n &#273;&#7893;i vi&#7879;c ch&#7845;p nh&#7853;n ti&#7873;n &#273;i&#7879;n t&#7917; th&agrave;nh mua tr&aacute;i phi&#7871;u kho b&#7841;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-regulatory-shift-fed-to-treasury">Thay &#273;&#7893;i quy &#273;&#7883;nh: T&#7915; Fed sang Treasury</h2>

&#272;&#7841;o lu&#7853;t GENIUS &#273;&atilde; chuy&#7875;n quy tr&igrave;nh gi&aacute;m s&aacute;t trung t&acirc;m c&#7911;a c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin sang C&#7909;c Qu&#7843;n l&yacute; T&agrave;i ch&iacute;nh (OCC), l&agrave; m&#7897;t ph&#7847;n c&#7911;a B&#7897; T&agrave;i ch&iacute;nh. V&agrave;o th&aacute;ng 7, OCC, V&#259;n ph&ograve;ng Ki&#7875;m so&aacute;t Ti&#7873;n t&#7879;, <a href="https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-73.html" target="_blank" rel="noreferrer noopener">th&ocirc;ng b&aacute;o</a> r&#7857;ng h&#7885; s&#7869; gi&aacute;m s&aacute;t c&#7843; c&aacute;c ng&acirc;n h&agrave;ng v&agrave; nh&agrave; ph&aacute;t h&agrave;nh stablecoin phi ng&acirc;n h&agrave;ng.
S&#7921; chuy&#7875;n &#273;&#7893;i n&agrave;y lo&#7841;i b&#7887; quy &#273;&#7883;nh v&#7873; stablecoin kh&#7887;i C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang v&agrave; h&#7907;p nh&#7845;t v&agrave;o trong chi nh&aacute;nh &#273;i&#7873;u h&agrave;nh c&#7911;a B&#7897; T&agrave;i ch&iacute;nh. Gi&#7901; &#273;&acirc;y, B&#7897; T&agrave;i ch&iacute;nh n&#7855;m gi&#7919; s&#7913;c &#7843;nh h&#432;&#7903;ng &#273;&aacute;ng k&#7875; &#273;&#7871;n c&aacute;c &#273;i&#7873;u ki&#7879;n ti&#7873;n t&#7879; th&ocirc;ng qua ch&iacute;nh s&aacute;ch t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;. S&#7913;c &#7843;nh h&#432;&#7903;ng n&agrave;y v&#432;&#7907;t ra ngo&agrave;i c&aacute;c quy&#7871;t &#273;&#7883;nh v&#7873; l&atilde;i su&#7845;t ho&#7863;c ho&#7841;t &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng.
&#272;&#7897;ng th&aacute;i c&#7911;a JPMorgan ch&#7845;p nh&#7853;n <a href="https://vn.beincrypto.com/bitcoin-sell-off-could-be-over-us-crypto-news/" target="_blank" rel="noopener">Bitcoin</a> l&agrave;m t&agrave;i s&#7843;n th&#7871; ch&#7845;p sau nhi&#7873;u n&#259;m do d&#7921; ph&#7843;n &aacute;nh s&#7921; c&ocirc;ng nh&#7853;n n&#417;i c&aacute;c t&#7893; ch&#7913;c v&#7873; s&#7921; t&aacute;i c&#259;n ch&#7881;nh ch&iacute;nh s&aacute;ch n&agrave;y. Ng&acirc;n h&agrave;ng l&#7899;n nh&#7845;t c&#7911;a qu&#7889;c gia th&#432;&#7901;ng ch&#7881; thay &#273;&#7893;i quan &#273;i&#7875;m tr&#432;&#7899;c c&aacute;c thay &#273;&#7893;i l&#7899;n trong ch&iacute;nh s&aacute;ch v&agrave; c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng.
C&aacute;c quan s&aacute;t vi&ecirc;n l&#432;u &yacute; r&#7857;ng c&#7843; c&aacute;c quan ch&#7913;c c&#7911;a B&#7897; T&agrave;i ch&iacute;nh v&agrave; c&aacute;c nh&acirc;n t&#7889; t&#432; nh&acirc;n, nh&#432; David Sacks, &#273;&#7873;u &#273;&atilde; &#273;&oacute;ng vai tr&ograve; trong vi&#7879;c &#273;&#7883;nh h&igrave;nh qu&aacute; tr&igrave;nh n&agrave;y. M&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/PhilFox43249797/status/1992786967092969966" target="_blank" rel="noreferrer noopener">nh&#7853;n x&eacute;t</a> r&#7857;ng Bessent v&agrave; Sacks &#273;&atilde; th&#7875; hi&#7879;n t&#7847;m nh&igrave;n chi&#7871;n l&#432;&#7907;c th&ocirc;ng qua c&aacute;ch ti&#7871;p c&#7853;n quy &#273;&#7883;nh c&#7911;a h&#7885;. H&#7885; &#273;&atilde; chuy&#7875;n quy&#7873;n ki&#7875;m so&aacute;t t&#7915; Fed sang B&#7897; T&agrave;i ch&iacute;nh trong khi s&#7917; d&#7909;ng stablecoin &#273;&#7875; gi&uacute;p t&agrave;i tr&#7907; cho n&#7907; c&ocirc;ng c&#7911;a M&#7929;.
B&#7897; T&agrave;i ch&iacute;nh &#273;&atilde; kh&#7903;i x&#432;&#7899;ng m&#7897;t <a href="https://home.treasury.gov/news/press-releases/sb0254" target="_blank" rel="noopener">giai &#273;o&#7841;n tham v&#7845;n c&ocirc;ng khai</a> v&agrave;o th&aacute;ng 9/2025 &#273;&#7875; tri&#7875;n khai &#272;&#7841;o lu&#7853;t GENIUS, bao g&#7891;m h&#432;&#7899;ng d&#7851;n v&#7873; d&#7921; tr&#7919; v&agrave; t&agrave;i s&#7843;n &#273;&#7911; &#273;i&#7873;u ki&#7879;n. Qu&aacute; tr&igrave;nh x&acirc;y d&#7921;ng quy &#273;&#7883;nh n&agrave;y &#273;ang &#273;&#432;&#7907;c c&#7853;p nh&#7853;t li&ecirc;n t&#7909;c, &#273;&aacute;nh d&#7845;u s&#7921; li&ecirc;n k&#7871;t gi&#7919;a stablecoin v&agrave; kho b&#7841;c khi th&#7883; tr&#432;&#7901;ng ti&#7871;n g&#7847;n &#273;&#7871;n c&aacute;c m&#7913;c ngh&igrave;n t&#7927; USD.

Cách stablecoin hỗ trợ nợ của Mỹ với 109 tỷ USD mua T-bill