Kyrgyzstan &#273;ang chu&#7849;n b&#7883; ph&aacute;t h&agrave;nh m&#7897;t stablecoin &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; b&#7857;ng &#273;&#7891;ng &#273;&ocirc; la M&#7929; nh&#432;ng &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i s&#7889; l&#432;&#7907;ng l&#7899;n v&agrave;ng d&#7921; tr&#7919; c&#7911;a h&#7885;.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng &#273;&#7897;ng th&aacute;i n&agrave;y l&agrave;m suy y&#7871;u n&#7895; l&#7921;c c&#7911;a Washington trong vi&#7879;c c&#7911;ng c&#7889; s&#7921; th&#7889;ng tr&#7883; c&#7911;a &#273;&#7891;ng &#273;&ocirc; la b&#7857;ng c&aacute;ch s&#7917; d&#7909;ng stablecoin &#273;&#7875; th&uacute;c &#273;&#7849;y nhu c&#7847;u &#273;&#7889;i v&#7899;i tr&aacute;i phi&#7871;u Kho b&#7841;c M&#7929;. H&#7885; c&#361;ng coi &#273;&acirc;y l&agrave; m&#7897;t tr&#432;&#7901;ng h&#7907;p th&#7917; nghi&#7879;m &#273;&#7883;a ch&iacute;nh tr&#7883; ti&#7873;m n&#259;ng cho c&aacute;c qu&#7889;c gia mu&#7889;n tr&aacute;nh c&aacute;c l&#7879;nh tr&#7915;ng ph&#7841;t c&#7911;a M&#7929;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-usdkg-debuts-with-50-million-issuance">USDKG ra m&#7855;t v&#7899;i &#273;&#7907;t ph&aacute;t h&agrave;nh 50 tri&#7879;u USD</h2>

V&agrave;o th&#7913; T&#432;, c&#417; quan qu&#7843;n l&yacute; t&agrave;i ch&iacute;nh c&#7911;a Kyrgyzstan c&ocirc;ng b&#7889; vi&#7879;c ph&aacute;t h&agrave;nh stablecoin qu&#7889;c gia c&#7911;a m&igrave;nh, USDKG, v&#7899;i &#273;&#7907;t ph&aacute;t h&agrave;nh &#273;&#7847;u ti&ecirc;n c&oacute; gi&aacute; tr&#7883; h&#417;n 50 tri&#7879;u USD.
Kh&ocirc;ng gi&#7889;ng nh&#432; c&aacute;c stablecoin th&ocirc;ng th&#432;&#7901;ng, USDKG &#273;&#432;&#7907;c neo v&agrave;o &#273;&#7891;ng &#273;&ocirc; la M&#7929; nh&#432;ng <a href="https://beincrypto.com/learn/bitcoin-vs-gold/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i d&#7921; tr&#7919; v&agrave;ng v&#7853;t l&yacute;</a>, bi&#7871;n n&oacute; th&agrave;nh stablecoin &#273;&#7847;u ti&ecirc;n tr&ecirc;n th&#7871; gi&#7899;i theo ki&#7875;u n&agrave;y. Quy&#7871;t &#273;&#7883;nh c&#7911;a Kyrgyzstan trong vi&#7879;c h&#7895; tr&#7907; stablecoin m&#7899;i b&#7857;ng v&agrave;ng b&#7855;t ngu&#7891;n t&#7915; kho d&#7921; tr&#7919; l&#7899;n c&#7911;a qu&#7889;c gia n&agrave;y.
Hi&#7879;n t&#7841;i, Ng&acirc;n h&agrave;ng Trung &#432;&#417;ng n&#7855;m gi&#7919; kho&#7843;ng 340 t&#7845;n v&agrave;ng, trong khi xu&#7845;t kh&#7849;u &#273;&#7841;t kho&#7843;ng 16 t&#7845;n v&agrave;o n&#259;m 2024. C&aacute;c cu&#7897;c kh&#7843;o s&aacute;t &#273;&#7883;a ch&#7845;t c&#361;ng cho th&#7845;y c&oacute; h&#417;n 1,000 t&#7845;n d&#7921; tr&#7919; &#273;&atilde; &#273;&#432;&#7907;c x&aacute;c nh&#7853;n d&#432;&#7899;i l&ograve;ng &#273;&#7845;t.
B&#7857;ng c&aacute;ch h&#7895; tr&#7907; stablecoin c&#7911;a m&igrave;nh b&#7857;ng v&agrave;ng thay v&igrave; tr&aacute;i phi&#7871;u Kho b&#7841;c M&#7929;, Kyrgyzstan c&oacute; &#273;&#432;&#7907;c l&#7907;i th&#7871; chi&#7871;n l&#432;&#7907;c. N&oacute; c&oacute; th&#7875; s&#7917; d&#7909;ng USDKG &#273;&#7875; duy tr&igrave; <a href="https://vn.beincrypto.com/shanghai-opens-digital-yuan-center-to-expand-cross-border-payment-systems/" target="_blank" rel="noreferrer noopener">c&aacute;c kho&#7843;n thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i</a> v&agrave; h&#7895; tr&#7907; th&#432;&#417;ng m&#7841;i qu&#7889;c t&#7871; ngo&agrave;i s&#7921; gi&aacute;m s&aacute;t c&#7911;a M&#7929;.
Trong b&#7889;i c&#7843;nh n&agrave;y, Hoa K&#7923; c&oacute; kh&#7843; n&#259;ng &#273;ang theo d&otilde;i s&#7921; ph&aacute;t tri&#7875;n n&agrave;y v&#7899;i m&#7889;i lo ng&#7841;i &#273;&aacute;ng k&#7875;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-undermining-us-plans-for-stablecoins">L&agrave;m suy y&#7871;u k&#7871; ho&#7841;ch c&#7911;a M&#7929; cho Stablecoins</h2>

Kyrgyzstan l&agrave; m&#7897;t &#273;&#7891;ng minh th&acirc;n c&#7853;n c&#7911;a Nga v&agrave; n&#7857;m ch&#7855;c ch&#7855;n trong ph&#7841;m vi &#7843;nh h&#432;&#7903;ng c&#7911;a ph&#432;&#417;ng &#272;&ocirc;ng. M&#7897;t s&#7889; ng&acirc;n h&agrave;ng c&#7911;a Kyrgyzstan &#273;&atilde; ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i c&aacute;c l&#7879;nh tr&#7915;ng ph&#7841;t li&ecirc;n quan &#273;&#7871;n SWIFT t&#7915; Hoa K&#7923;, &#273;i&#7873;u n&agrave;y &#273;&atilde; h&#7841;n ch&#7871; kh&#7843; n&#259;ng ti&#7871;p c&#7853;n c&aacute;c m&#7841;ng thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i truy&#7873;n th&#7889;ng.
Do &#273;&oacute;, qu&#7889;c gia n&agrave;y &#273;ang theo con &#273;&#432;&#7901;ng c&#7911;a c&aacute;c qu&#7889;c gia nh&#432; Nga v&agrave; Trung Qu&#7889;c, kh&aacute;m ph&aacute; stablecoin nh&#432; m&#7897;t ph&#432;&#417;ng ti&#7879;n thay th&#7871; &#273;&#7875; t&#7841;o thu&#7853;n l&#7907;i cho c&aacute;c giao d&#7883;ch xuy&ecirc;n bi&ecirc;n gi&#7899;i v&agrave; duy tr&igrave; th&#432;&#417;ng m&#7841;i qu&#7889;c t&#7871;.
Gi&#7843;i ph&aacute;p c&#7911;a h&#7885;, USDKG, l&agrave; m&#7897;t l&#7921;a ch&#7885;n thay th&#7871; r&#7845;t gi&aacute; tr&#7883;. M&#7897;t &#273;i&#7873;u s&#7869; kh&oacute; c&oacute; th&#7875; b&#7883; Hoa K&#7923; b&#7887; qua.
T&#7893;ng th&#7889;ng M&#7929; Donald Trump &#273;&atilde; k&yacute; &#272;&#7841;o lu&#7853;t GENIUS n&#259;m nay v&#7899;i m&#7909;c ti&ecirc;u r&otilde; r&agrave;ng: gi&#7843;m gi&aacute; tr&#7883; trao &#273;&#7893;i c&#7911;a &#273;&#7891;ng &#273;&ocirc; la <a href="https://vn.beincrypto.com/how-americas-stablecoin-gamble-could-backfire-and-hand-china-the-advantage/" target="_blank" rel="noreferrer noopener">trong khi c&#7911;ng c&#7889; vai tr&ograve; c&#7911;a n&oacute;</a> nh&#432; h&#7879; th&#7889;ng thanh to&aacute;n ch&iacute;nh c&#7911;a th&#7871; gi&#7899;i.
Tuy nhi&ecirc;n, khi m&#7897;t stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7857;ng v&agrave;ng thay v&igrave; &#273;&ocirc; la M&#7929;, n&oacute; th&#7921;c s&#7921; <a href="https://vn.beincrypto.com/us-genius-act-stablecoins-crypto-vc-boom/" target="_blank" rel="noreferrer noopener">l&agrave;m suy y&#7871;u &yacute; &#273;&#7883;nh c&#7911;a Washington</a>. Stablecoin s&#7917; d&#7909;ng t&ecirc;n c&#7911;a &#273;&#7891;ng &#273;&ocirc; la &#273;&#7875; t&#7841;o uy t&iacute;n v&agrave; ph&acirc;n ph&#7889;i, nh&#432;ng kh&ocirc;ng l&agrave;m t&#259;ng nhu c&#7847;u &#273;&#7889;i v&#7899;i t&agrave;i s&#7843;n d&#7921;a tr&ecirc;n &#273;&ocirc; la <a href="https://vn.beincrypto.com/bitcoin-declines-leave-major-crypto-treasuries-reeling/" target="_blank" rel="noreferrer noopener">nh&#432; tr&aacute;i phi&#7871;u Kho b&#7841;c</a>.
M&#7897;t &#273;i&#7873;u quan tr&#7885;ng kh&ocirc;ng k&eacute;m l&agrave; v&agrave;ng kh&ocirc;ng th&#7875; b&#7883; tr&#7915;ng ph&#7841;t ho&#7863;c &#273;&oacute;ng b&#259;ng b&#7903;i Hoa K&#7923;. Ngo&agrave;i c&aacute;c bi&#7879;n ph&aacute;p tr&#7915;ng ph&#7841;t hi&#7879;n c&oacute; m&agrave; M&#7929; &#273;&atilde; &aacute;p &#273;&#7863;t l&ecirc;n c&aacute;c qu&#7889;c gia &#273;&#7889;i &#273;&#7883;ch, c&aacute;c l&#7921;a ch&#7885;n kh&aacute;c c&#7911;a h&#7885; r&#7845;t h&#7841;n ch&#7871;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-new-sanction-proof-financial-system">M&#7897;t h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh m&#7899;i mi&#7877;n nhi&#7877;m v&#7899;i l&#7879;nh tr&#7915;ng ph&#7841;t?</h2>

M&#7897;t trong nh&#7919;ng m&#7889;i lo ng&#7841;i ch&iacute;nh c&#7911;a Washington v&#7873; USDKG l&agrave; c&aacute;c qu&#7889;c gia kh&aacute;c c&oacute; th&#7875; <a href="https://vn.beincrypto.com/cz-kyrgyzstan-crypto-hub-stablecoin/" target="_blank" rel="noreferrer noopener">theo g&#432;&#417;ng Kyrgyzstan</a>.
Nh&agrave; ph&acirc;n t&iacute;ch ti&#7873;n &#273;i&#7879;n t&#7917; Ryan Adams &#273;&atilde; l&#432;u &yacute; r&#7857;ng c&aacute;c qu&#7889;c gia l&#7899;n h&#417;n, nh&#432; &#7844;n &#272;&#7897;, Trung Qu&#7889;c v&agrave; Brazil, <a href="https://vn.beincrypto.com/is-china-gearing-up-for-a-new-stablecoin-race/" target="_blank" rel="noreferrer noopener">c&oacute; th&#7875; s&#7899;m ph&aacute;t h&agrave;nh</a> stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7857;ng v&agrave;ng c&#7911;a ri&ecirc;ng h&#7885;.
Kh&ocirc;ng gi&#7889;ng nh&#432; Tether, n&#7871;u ch&iacute;nh ph&#7911; c&aacute;c n&#432;&#7899;c ban h&agrave;nh stablecoin, M&#7929; s&#7869; c&oacute; &iacute;t &#273;&ograve;n b&#7849;y h&#417;n. H&#7885; c&oacute; th&#7875; g&acirc;y &aacute;p l&#7921;c tr&#7921;c ti&#7871;p l&ecirc;n nh&#7919;ng ch&iacute;nh ph&#7911; &#273;&oacute; ho&#7863;c ch&#7881; &#273;&#7841;o V&#259;n ph&ograve;ng Ki&#7875;m so&aacute;t T&agrave;i s&#7843;n N&#432;&#7899;c ngo&agrave;i (OFAC) &aacute;p &#273;&#7863;t l&#7879;nh tr&#7915;ng ph&#7841;t l&ecirc;n v&iacute; n&#7855;m gi&#7919; USDKG ho&#7863;c c&aacute;c t&agrave;i s&#7843;n t&#432;&#417;ng t&#7921;.
Nh&#7919;ng bi&#7879;n ph&aacute;p nh&#432; v&#7853;y s&#7869; ch&#7881; ch&#7863;n <a href="https://vn.beincrypto.com/binance-kyrgyzstan-partnership-crypto-education-and-payment/" target="_blank" rel="noreferrer noopener">c&aacute;c giao d&#7883;ch tr&ecirc;n nh&#7919;ng s&agrave;n giao d&#7883;ch t&#7853;p trung</a>, nh&#432; Coinbase. Ch&uacute;ng s&#7869; c&oacute; &iacute;t &#273;&#7871;n kh&ocirc;ng &#7843;nh h&#432;&#7903;ng &#273;&#7871;n c&aacute;c stablecoin &#273;&#432;&#7907;c s&#7917; d&#7909;ng trong c&aacute;c m&#7841;ng l&#432;&#7899;i phi t&#7853;p trung ho&#7863;c DeFi, c&#361;ng nh&#432; th&ocirc;ng qua c&aacute;c giao d&#7883;ch ngang h&agrave;ng.
Trong b&#7889;i c&#7843;nh n&agrave;y, stablecoin kh&ocirc;ng &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i tr&aacute;i phi&#7871;u Kho b&#7841;c M&#7929; cung c&#7845;p cho c&aacute;c &#273;&#7889;i th&#7911; c&#7911;a M&#7929; m&#7897;t l&#7921;a ch&#7885;n thay th&#7871; th&#7921;c ti&#7877;n v&agrave; hi&#7879;u qu&#7843;, &#273;&#7891;ng th&#7901;i l&agrave;m suy y&#7871;u c&aacute;c m&#7909;c ti&ecirc;u c&#7911;a Washington &#273;&#7889;i v&#7899;i m&#7897;t n&#7873;n kinh t&#7871; d&#7921;a tr&ecirc;n stablecoin.

Kyrgyzstan vừa ra mắt stablecoin dựa trên đô la được bảo chứng bằng vàng — và Washington có thể không thích điều này