{"id":142376,"date":"2025-10-16T05:14:13","date_gmt":"2025-10-16T05:14:13","guid":{"rendered":"https:\/\/cryptonews.com\/vn\/?p=142376"},"modified":"2025-10-16T05:14:13","modified_gmt":"2025-10-16T05:14:13","slug":"eu-warns-urgent-threat-from-stablecoins-financial-system-risks","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/","title":{"rendered":"C\u01a1 quan gi\u00e1m s\u00e1t EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin, lo ng\u1ea1i nguy c\u01a1 g\u00e2y ch\u1ea5n \u0111\u1ed9ng h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh &#8211; V\u00ec sao?"},"content":{"rendered":"<p>C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a Li\u00ean minh ch\u00e2u \u00c2u v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh, tr\u1eeb khi c\u00e1c bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 kh\u1ea9n c\u1ea5p \u0111\u01b0\u1ee3c tri\u1ec3n khai.<\/p><figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized-1024x574.jpg\" alt=\"C\u01a1 quan gi\u00e1m s\u00e1t EU crypto\" class=\"wp-image-142377\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized-1024x574.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized-300x168.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized-768x431.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized-450x252.jpg 450w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure><p>Trong tuy\u00ean b\u1ed1 m\u1edbi \u0111\u00e2y, H\u1ed9i \u0111\u1ed3ng R\u1ee7i ro H\u1ec7 th\u1ed1ng ch\u00e2u \u00c2u (ESRB) do Ch\u1ee7 t\u1ecbch Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB) &#8211; Christine Lagarde \u0111\u1ee9ng \u0111\u1ea7u, \u0111\u00e3 ch\u1ec9 ra nh\u1eefng l\u1ed7 h\u1ed5ng trong m\u00f4 h\u00ecnh stablecoin \u201c\u0111a nh\u00e0 ph\u00e1t h\u00e0nh ngo\u00e0i EU\u201d (third-country multi-issuer) v\u00e0 k\u00eau g\u1ecdi h\u00e0nh \u0111\u1ed9ng ch\u00ednh s\u00e1ch ngay l\u1eadp t\u1ee9c.<\/p><p>Theo d\u1eef li\u1ec7u t\u1eeb DeFiLlama, stablecoin l\u00e0 lo\u1ea1i <a href=\"https:\/\/cryptonews.com\/vn\/academy\/what-is-cryptocurrency\/\">t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1<\/a> \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 duy tr\u00ec gi\u00e1 tr\u1ecb \u1ed5n \u0111\u1ecbnh b\u1eb1ng c\u00e1ch neo v\u00e0o ti\u1ec1n ph\u00e1p \u0111\u1ecbnh ho\u1eb7c tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd trong 5 n\u0103m qua, \u0111\u1ea1t quy m\u00f4 h\u01a1n 300 t\u1ef7 USD.<\/p><p>Th\u1ecb tr\u01b0\u1eddng stablecoin hi\u1ec7n ch\u1ee7 y\u1ebfu do c\u00e1c token neo theo \u0111\u1ed3ng USD chi ph\u1ed1i, trong \u0111\u00f3 USDT c\u1ee7a Tether n\u1eafm gi\u1eef h\u01a1n 58% th\u1ecb ph\u1ea7n to\u00e0n c\u1ea7u. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c token neo theo \u0111\u1ed3ng euro ch\u1ec9 chi\u1ebfm kho\u1ea3ng 0,15% t\u1ed5ng gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng tr\u00ean to\u00e0n th\u1ebf gi\u1edbi.<\/p><p>T\u1ea1i cu\u1ed9c h\u1ecdp to\u00e0n th\u1ec3 l\u1ea7n th\u1ee9 59 v\u00e0o ng\u00e0y 25\/9, H\u1ed9i \u0111\u1ed3ng R\u1ee7i ro H\u1ec7 th\u1ed1ng ch\u00e2u \u00c2u nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c token c\u00f3 th\u1ec3 ho\u00e1n \u0111\u1ed5i \u0111\u01b0\u1ee3c, d\u00f9 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh trong hay ngo\u00e0i Li\u00ean minh ch\u00e2u \u00c2u, \u0111\u1ec1u t\u1ed3n t\u1ea1i \u201cnh\u1eefng r\u1ee7i ro n\u1ed9i t\u1ea1i trong c\u1ea5u tr\u00fac v\u1eadn h\u00e0nh\u201d.<\/p><h2 class=\"wp-block-heading\"><strong>Lagarde ph\u1ea3n \u0111\u1ed1i m\u00f4 h\u00ecnh stablecoin ngo\u00e0i kh\u01a1i do l\u1ed7 h\u1ed5ng trong khung MiCA<\/strong><\/h2><span class=\"replacer\"><\/span><p>Theo m\u00f4 h\u00ecnh n\u00e0y, c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh stablecoin \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p t\u1ea1i EU ph\u1ea3i n\u1eafm gi\u1eef t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef trong khu v\u1ef1c, trong khi c\u00e1c \u0111\u1ed1i t\u00e1c ngo\u00e0i EU l\u1ea1i qu\u1ea3n l\u00fd c\u00e1c token t\u01b0\u01a1ng t\u1ef1 \u0111\u01b0\u1ee3c b\u1ea3o ch\u1ee9ng \u1edf n\u01b0\u1edbc ngo\u00e0i. Gi\u1edbi qu\u1ea3n l\u00fd c\u1ea3nh b\u00e1o r\u1eb1ng trong th\u1eddi k\u1ef3 c\u0103ng th\u1eb3ng t\u00e0i ch\u00ednh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u1ed3 \u1ea1t r\u00fat ti\u1ec1n t\u1ea1i EU, khi\u1ebfn ngu\u1ed3n d\u1ef1 tr\u1eef n\u1ed9i kh\u1ed1i b\u1ecb qu\u00e1 t\u1ea3i v\u00e0 \u0111\u1ea9y EU v\u00e0o th\u1ebf r\u1ee7i ro t\u1eeb c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh \u1edf ngo\u00e0i kh\u1ed1i.<\/p><p>Theo c\u00e1c ngu\u1ed3n th\u1ea1o tin trong cu\u1ed9c th\u1ea3o lu\u1eadn, ESRB \u0111\u00e3 \u1ee7ng h\u1ed9 khuy\u1ebfn ngh\u1ecb c\u1ea5m c\u00e1c m\u00f4 h\u00ecnh nh\u01b0 v\u1eady. D\u00f9 kh\u00f4ng mang t\u00ednh r\u00e0ng bu\u1ed9c ph\u00e1p l\u00fd, \u0111\u1ed9ng th\u00e1i n\u00e0y t\u1ea1o \u00e1p l\u1ef1c bu\u1ed9c c\u01a1 quan ch\u1ee9c n\u0103ng EU ph\u1ea3i si\u1ebft ch\u1eb7t quy \u0111\u1ecbnh, ho\u1eb7c thi\u1ebft l\u1eadp th\u00eam c\u00e1c bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 thay th\u1ebf.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">At its meeting on 25 September, the General Board assessed the main risks to EU financial stability. Read the press release <a href=\"https:\/\/t.co\/WHx4JHyIWc\">https:\/\/t.co\/WHx4JHyIWc<\/a> <a href=\"https:\/\/t.co\/YmVEGSIB4D\">pic.twitter.com\/YmVEGSIB4D<\/a><\/p>&mdash; European Systemic Risk Board (@ESRBofficial) <a href=\"https:\/\/twitter.com\/ESRBofficial\/status\/1973659733862261021?ref_src=twsrc%5Etfw\">October 2, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>C\u1ea3 ECB v\u00e0 ESRB \u0111\u1ec1u t\u1eeb ch\u1ed1i b\u00ecnh lu\u1eadn v\u1ec1 \u0111\u1ec1 xu\u1ea5t n\u00e0y nh\u01b0ng b\u00e0 Lagarde nhi\u1ec1u l\u1ea7n b\u00e0y t\u1ecf lo ng\u1ea1i r\u1eb1ng khung ph\u00e1p l\u00fd MiCA c\u1ee7a kh\u1ed1i v\u1eabn t\u1ed3n t\u1ea1i nh\u1eefng kho\u1ea3ng tr\u1ed1ng trong vi\u1ec7c qu\u1ea3n l\u00fd c\u00e1c m\u00f4 h\u00ecnh xuy\u00ean bi\u00ean gi\u1edbi.<\/p><p>B\u00e0 so s\u00e1nh r\u1ee7i ro hi\u1ec7n t\u1ea1i v\u1edbi c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng ng\u00e2n h\u00e0ng trong qu\u00e1 kh\u1ee9, khi s\u1ef1 m\u1ea5t c\u00e2n \u0111\u1ed1i thanh kho\u1ea3n v\u00e0 ngu\u1ed3n d\u1ef1 tr\u1eef kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7 \u0111\u00e3 khi\u1ebfn c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh b\u1ecb chao \u0111\u1ea3o tr\u00ean ph\u1ea1m vi qu\u1ed1c t\u1ebf.<\/p><p>Lagarde c\u0169ng cho bi\u1ebft th\u00eam r\u1eb1ng, n\u1ebfu kh\u00f4ng thi\u1ebft l\u1eadp c\u00e1c c\u01a1 ch\u1ebf t\u01b0\u01a1ng \u0111\u01b0\u01a1ng m\u1ea1nh m\u1ebd v\u00e0 bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 cho ho\u1ea1t \u0111\u1ed9ng chuy\u1ec3n ti\u1ec1n xuy\u00ean bi\u00ean gi\u1edbi, th\u00ec c\u00e1c m\u00f4 h\u00ecnh stablecoin \u0111a nh\u00e0 ph\u00e1t h\u00e0nh kh\u00f4ng n\u00ean \u0111\u01b0\u1ee3c ph\u00e9p ho\u1ea1t \u0111\u1ed9ng t\u1ea1i ch\u00e2u \u00c2u.<\/p><p>Nh\u1eefng c\u1ea3nh b\u00e1o n\u00e0y \u0111\u01b0\u1ee3c \u0111\u01b0a ra trong b\u1ed1i c\u1ea3nh r\u1ee7i ro t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u1eabn \u1edf m\u1ee9c cao. ESRB cho bi\u1ebft t\u00e2m l\u00fd l\u1ea1c quan c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u1ea9y \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n l\u00ean m\u1ee9c k\u1ef7 l\u1ee5c, khi\u1ebfn th\u1ecb tr\u01b0\u1eddng d\u1ec5 t\u1ed5n th\u01b0\u01a1ng tr\u01b0\u1edbc nguy c\u01a1 \u0111\u1ea3o chi\u1ec1u.<\/p><p>D\u00f9 c\u00e1c b\u00e0i ki\u1ec3m tra s\u1ee9c ch\u1ecbu \u0111\u1ef1ng (stress test) cho th\u1ea5y h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng ch\u00e2u \u00c2u v\u1eabn v\u1eefng v\u00e0ng, tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng y\u1ebfu c\u00f9ng \u00e1p l\u1ef1c t\u00e0i kh\u00f3a gia t\u0103ng v\u1eabn \u0111ang \u0111\u00e8 n\u1eb7ng l\u00ean s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh.<\/p><p>H\u1ed9i \u0111\u1ed3ng c\u0169ng nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb k\u00e9o d\u00e0i v\u00e0 s\u1ef1 thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch th\u01b0\u01a1ng m\u1ea1i ti\u1ebfp t\u1ee5c l\u00e0 nh\u1eefng th\u00e1ch th\u1ee9c l\u1edbn \u0111\u1ed1i v\u1edbi tri\u1ec3n v\u1ecdng t\u00e0i ch\u00ednh c\u1ee7a ch\u00e2u \u00c2u.<\/p><h2 class=\"wp-block-heading\"><strong>Stablecoin \u0111\u1ed1i m\u1eb7t v\u1edbi l\u00e0n s\u00f3ng gi\u00e1m s\u00e1t to\u00e0n c\u1ea7u khi c\u01a1 quan qu\u1ea3n l\u00fd c\u1ea3nh b\u00e1o r\u1ee7i ro h\u1ec7 th\u1ed1ng<\/strong><\/h2><span class=\"replacer\"><\/span><p>Stablecoin c\u0169ng \u0111ang b\u1ecb gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd \u1edf nhi\u1ec1u khu v\u1ef1c kh\u00e1c. \u0110\u1ea7u th\u00e1ng n\u00e0y, \u1ee6y ban Ch\u00ednh s\u00e1ch T\u00e0i ch\u00ednh c\u1ee7a Ng\u00e2n h\u00e0ng Anh c\u1ea3nh b\u00e1o r\u1eb1ng vi\u1ec7c qu\u1ea3n l\u00fd d\u1ef1 tr\u1eef k\u00e9m c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn b\u00e1n th\u00e1o t\u00e0i s\u1ea3n h\u00e0ng lo\u1ea1t, g\u00e2y b\u1ea5t \u1ed5n cho th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh r\u1ed9ng h\u01a1n.<\/p><p>\u1ee6y ban c\u0169ng l\u01b0u \u00fd r\u1ee7i ro thay th\u1ebf ti\u1ec1n t\u1ec7, khi c\u00e1c stablecoin neo theo ngo\u1ea1i t\u1ec7 c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u1ed3ng n\u1ed9i t\u1ec7.<\/p><p>Ng\u00e0y 1\/10, Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng Anh Andrew Bailey cho bi\u1ebft c\u00e1c stablecoin mang t\u00ednh h\u1ec7 th\u1ed1ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e9p truy c\u1eadp t\u00e0i kho\u1ea3n t\u1ea1i ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng nh\u01b0ng c\u1ea3nh b\u00e1o r\u1eb1ng lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y c\u00f3 th\u1ec3 t\u00e1i \u0111\u1ecbnh h\u00ecnh h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh Anh b\u1eb1ng c\u00e1ch t\u00e1ch bi\u1ec7t gi\u1eefa vi\u1ec7c n\u1eafm gi\u1eef ti\u1ec1n v\u00e0 ho\u1ea1t \u0111\u1ed9ng c\u1ea5p t\u00edn d\u1ee5ng.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83c\uddec\ud83c\udde7 Bank of England Governor says stablecoins could reduce UK reliance on commercial banks while proposing controversial ownership caps.<a href=\"https:\/\/twitter.com\/hashtag\/UK?src=hash&amp;ref_src=twsrc%5Etfw\">#UK<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Stablecoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Stablecoin<\/a><a href=\"https:\/\/t.co\/TW5EGT8a6O\">https:\/\/t.co\/TW5EGT8a6O<\/a><\/p>&mdash; Cryptonews.com (@cryptonews) <a href=\"https:\/\/twitter.com\/cryptonews\/status\/1973464420434190662?ref_src=twsrc%5Etfw\">October 1, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>T\u1ea1i Hoa K\u1ef3, c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd l\u1ea1i \u0111ang \u0111i theo m\u1ed9t h\u01b0\u1edbng kh\u00e1c. V\u00e0o th\u00e1ng 7, Qu\u1ed1c h\u1ed9i M\u1ef9 \u0111\u00e3 th\u00f4ng qua \u0110\u1ea1o lu\u1eadt GENIUS &#8211; lu\u1eadt li\u00ean bang \u0111\u1ea7u ti\u00ean \u0111i\u1ec1u ch\u1ec9nh stablecoin, quy \u0111\u1ecbnh y\u00eau c\u1ea7u v\u1ec1 v\u1ed1n v\u00e0 d\u1ef1 tr\u1eef \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh.<\/p><p>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u1ea1i Morningstar DBRS d\u1ef1 b\u00e1o <a href=\"https:\/\/cryptodnes.bg\/vn\/cryptocurrency\/what-is-stable-coin\/\" target=\"_blank\" rel=\"noreferrer noopener\">th\u1ecb tr\u01b0\u1eddng stablecoin<\/a> c\u00f3 th\u1ec3 v\u01b0\u1ee3t m\u1ed1c 1 ngh\u00ecn t\u1ef7 USD giao d\u1ecbch m\u1ed7i n\u0103m v\u00e0o n\u0103m 2030. C\u00f4ng ty n\u00e0y m\u00f4 t\u1ea3 stablecoin l\u00e0 ti\u1ec1n l\u1eadp tr\u00ecnh \u0111\u01b0\u1ee3c, k\u1ebft h\u1ee3p s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a ti\u1ec1n ph\u00e1p \u0111\u1ecbnh v\u1edbi hi\u1ec7u qu\u1ea3 c\u1ee7a blockchain, gi\u00fap thanh to\u00e1n nhanh h\u01a1n v\u00e0 r\u1ebb h\u01a1n so v\u1edbi c\u00e1c h\u1ec7 th\u1ed1ng truy\u1ec1n th\u1ed1ng nh\u01b0 SWIFT hay chuy\u1ec3n kho\u1ea3n ng\u00e2n h\u00e0ng.<\/p><p>Tuy nhi\u00ean, s\u1ef1 m\u1edf r\u1ed9ng nhanh ch\u00f3ng c\u1ee7a stablecoin \u0111ang khi\u1ebfn m\u1ed9t b\u1ed9 ph\u1eadn trong ng\u00e0nh ng\u00e2n h\u00e0ng M\u1ef9 lo ng\u1ea1i. C\u00e1c hi\u1ec7p h\u1ed9i th\u01b0\u01a1ng m\u1ea1i c\u1ea3nh b\u00e1o r\u1eb1ng vi\u1ec7c s\u1eed d\u1ee5ng stablecoin ph\u1ed5 bi\u1ebfn c\u00f3 th\u1ec3 h\u00fat ti\u1ec1n g\u1eedi kh\u1ecfi ng\u00e2n h\u00e0ng v\u00e0 l\u00e0m gi\u00e1n \u0111o\u1ea1n ho\u1ea1t \u0111\u1ed9ng cho vay.<\/p><p>Ng\u01b0\u1ee3c l\u1ea1i, Coinbase \u0111\u00e3 ph\u1ea3n b\u00e1c quan \u0111i\u1ec3m n\u00e0y trong b\u00e1o c\u00e1o nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng 8, cho r\u1eb1ng n\u1ed7i lo r\u00fat ti\u1ec1n g\u1eedi b\u1ecb ph\u00f3ng \u0111\u1ea1i v\u00e0 stablecoin th\u1ef1c t\u1ebf \u0111ang c\u1ee7ng c\u1ed1 vai tr\u00f2 to\u00e0n c\u1ea7u c\u1ee7a \u0111\u1ed3ng USD.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udc41\ufe0f Coinbase published a defense against banking claims that stablecoins threaten financial stability, calling the &quot;deposit erosion&quot; narrative a &quot;myth&quot; protecting banks&#39; $187 billion monopoly.<a href=\"https:\/\/twitter.com\/hashtag\/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw\">#Coinbase<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Stablecoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Stablecoin<\/a><a href=\"https:\/\/t.co\/Kpshr7e1K2\">https:\/\/t.co\/Kpshr7e1K2<\/a><\/p>&mdash; Cryptonews.com (@cryptonews) <a href=\"https:\/\/twitter.com\/cryptonews\/status\/1967928135409889358?ref_src=twsrc%5Etfw\">September 16, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>S\u00e0n giao d\u1ecbch n\u00e0y cho bi\u1ebft c\u00e1c ng\u00e2n h\u00e0ng hi\u1ec7n \u0111\u00e3 n\u1eafm gi\u1eef h\u00e0ng ngh\u00ecn t\u1ef7 USD d\u1ef1 tr\u1eef t\u1ea1i C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) nh\u01b0ng h\u1ea7u nh\u01b0 kh\u00f4ng mang l\u1ea1i l\u1ee3i \u00edch cho ng\u01b0\u1eddi g\u1eedi ti\u1ec1n, trong khi stablecoin l\u1ea1i mang \u0111\u1ebfn l\u1ee3i su\u1ea5t cao h\u01a1n v\u00e0 kh\u1ea3 n\u0103ng thanh to\u00e1n g\u1ea7n nh\u01b0 t\u1ee9c th\u00ec.<\/p><p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd ch\u00e2u \u00c2u, cu\u1ed9c tranh lu\u1eadn kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf m\u1ee9c \u0111\u1ed9 c\u1ea1nh tranh v\u1edbi ng\u00e2n h\u00e0ng. Gi\u1edbi ch\u1ee9c c\u1ea3nh b\u00e1o r\u1eb1ng vi\u1ec7c ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c token neo theo \u0111\u1ed3ng USD \u0111ang l\u00e0m suy y\u1ebfu ch\u1ee7 quy\u1ec1n t\u00e0i ch\u00ednh v\u00e0 gi\u1ea3m hi\u1ec7u qu\u1ea3 c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. J\u00fcrgen Schaaf, c\u1ed1 v\u1ea5n c\u1ee7a ECB, c\u1ea3nh b\u00e1o r\u1eb1ng s\u1ef1 th\u1ed1ng tr\u1ecb c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh M\u1ef9 nh\u01b0 Tether v\u00e0 Circle khi\u1ebfn ch\u00e2u \u00c2u ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh ngo\u00e0i kh\u1ed1i.<\/p><p>Circle v\u00e0 Paxos l\u00e0 hai t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ch\u1ecbu \u1ea3nh h\u01b0\u1edfng l\u1edbn nh\u1ea5t tr\u01b0\u1edbc c\u00e1c quy \u0111\u1ecbnh si\u1ebft ch\u1eb7t m\u00e0 EU \u0111\u1ec1 xu\u1ea5t. C\u1ea3 hai \u0111\u1ec1u n\u1eafm gi\u1eef d\u1ef1 tr\u1eef ch\u1ee7 y\u1ebfu b\u1eb1ng USD v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c ng\u1eafn h\u1ea1n c\u1ee7a M\u1ef9, trong khi ho\u1ea1t \u0111\u1ed9ng t\u1ea1i EU \u0111\u01b0\u1ee3c gi\u00e1m s\u00e1t b\u1edfi c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd \u1edf Ph\u00e1p v\u00e0 Ph\u1ea7n Lan. Gi\u1edbi ch\u1ee9c t\u1ea1i hai qu\u1ed1c gia n\u00e0y hi\u1ec7n v\u1eabn t\u1eeb ch\u1ed1i \u0111\u01b0a ra b\u00ecnh lu\u1eadn.<\/p><p>ESRB cho bi\u1ebft s\u1ebd c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o chi ti\u1ebft v\u1ec1 stablecoin, s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u00e1c t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh \u0111a ch\u1ee9c n\u0103ng trong v\u00e0i tu\u1ea7n t\u1edbi. B\u1ea3ng ch\u1ec9 s\u1ed1 r\u1ee7i ro m\u1edbi nh\u1ea5t c\u1ee7a ESRB cho th\u1ea5y r\u1ee7i ro h\u1ec7 th\u1ed1ng t\u1ea1i EU v\u1eabn \u0111ang \u1edf m\u1ee9c \u201ccao\u201d, c\u1ee7ng c\u1ed1 l\u00fd do v\u00ec sao stablecoin hi\u1ec7n \u0111\u01b0\u1ee3c xem l\u00e0 v\u1ea5n \u0111\u1ec1 c\u1ea5p b\u00e1ch h\u00e0ng \u0111\u1ea7u.<\/p>","protected":false},"excerpt":{"rendered":"<p>C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a Li\u00ean minh ch\u00e2u \u00c2u v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh, tr\u1eeb khi c\u00e1c bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 kh\u1ea9n c\u1ea5p \u0111\u01b0\u1ee3c tri\u1ec3n khai.Trong tuy\u00ean b\u1ed1 m\u1edbi \u0111\u00e2y, H\u1ed9i \u0111\u1ed3ng R\u1ee7i [&hellip;]<\/p>\n","protected":false},"author":288,"featured_media":142377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[58],"editors":[57],"sponsored_companies":[],"class_list":["post-142376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-tien-dien-tu","editors-thach-tuan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin<\/title>\n<meta name=\"description\" content=\"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin\" \/>\n<meta property=\"og:description\" content=\"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews Vietnam\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-16T05:14:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"673\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin\" \/>\n<meta name=\"twitter:description\" content=\"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin","description":"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/","og_locale":"vi_VN","og_type":"article","og_title":"C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin","og_description":"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.","og_url":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/","og_site_name":"Cryptonews Vietnam","article_published_time":"2025-10-16T05:14:13+00:00","og_image":[{"width":1200,"height":673,"url":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_title":"C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin","twitter_description":"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.","twitter_image":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#article","isPartOf":{"@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/"},"author":{"name":"Tr\u1ea7n Ch\u00e2n","@id":"https:\/\/cryptonews.com\/vn\/#\/schema\/person\/bd4948682aff25bebc1ec07b75c65c6c"},"headline":"C\u01a1 quan gi\u00e1m s\u00e1t EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin, lo ng\u1ea1i nguy c\u01a1 g\u00e2y ch\u1ea5n \u0111\u1ed9ng h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh &#8211; V\u00ec sao?","datePublished":"2025-10-16T05:14:13+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/"},"wordCount":2166,"image":{"@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#primaryimage"},"thumbnailUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg","keywords":["Ti\u1ec1n \u0111i\u1ec7n t\u1eed"],"articleSection":["Tin T\u1ee9c Ti\u1ec1n \u0110i\u1ec7n T\u1eed"],"inLanguage":"vi-VN","copyrightYear":"2025","copyrightHolder":{"@id":"https:\/\/cryptonews.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/","url":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/","name":"C\u01a1 quan EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin","isPartOf":{"@id":"https:\/\/cryptonews.com\/vn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#primaryimage"},"image":{"@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#primaryimage"},"thumbnailUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg","datePublished":"2025-10-16T05:14:13+00:00","author":[],"description":"C\u01a1 quan qu\u1ea3n l\u00fd r\u1ee7i ro t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u c\u1ee7a EU v\u1eeba c\u1ea3nh b\u00e1o r\u1eb1ng stablecoin c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed1i \u0111e d\u1ecda nghi\u00eam tr\u1ecdng.","breadcrumb":{"@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#breadcrumb"},"inLanguage":"vi-VN","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/"]}]},{"@type":"ImageObject","inLanguage":"vi-VN","@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#primaryimage","url":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg","contentUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/10\/15150013\/1760540413-1759520211-image-1759520071720_optimized.jpg","width":1200,"height":673,"caption":"C\u01a1 quan gi\u00e1m s\u00e1t EU crypto"},{"@type":"BreadcrumbList","@id":"https:\/\/cryptonews.com\/vn\/news\/eu-warns-urgent-threat-from-stablecoins-financial-system-risks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptonews.com\/vn\/"},{"@type":"ListItem","position":2,"name":"C\u01a1 quan gi\u00e1m s\u00e1t EU c\u1ea3nh b\u00e1o m\u1ed1i \u0111e d\u1ecda \u201ckh\u1ea9n c\u1ea5p\u201d t\u1eeb stablecoin, lo ng\u1ea1i nguy c\u01a1 g\u00e2y ch\u1ea5n \u0111\u1ed9ng h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh &#8211; V\u00ec sao?"}]},{"@type":"WebSite","@id":"https:\/\/cryptonews.com\/vn\/#website","url":"https:\/\/cryptonews.com\/vn\/","name":"Cryptonews Vietnam","description":"Just another Cryptonews Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptonews.com\/vn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"vi-VN"}]}},"_links":{"self":[{"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/posts\/142376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/users\/288"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/comments?post=142376"}],"version-history":[{"count":3,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/posts\/142376\/revisions"}],"predecessor-version":[{"id":142380,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/posts\/142376\/revisions\/142380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/media\/142377"}],"wp:attachment":[{"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/media?parent=142376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/categories?post=142376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/tags?post=142376"},{"taxonomy":"editors","embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/editors?post=142376"},{"taxonomy":"sponsored_companies","embeddable":true,"href":"https:\/\/cryptonews.com\/vn\/wp-json\/wp\/v2\/sponsored_companies?post=142376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}