近年來，穩定幣（stablecoin）已由加密資產交易工具，逐步延伸為支付、清算與代幣化金融基礎設施的一環。2025年至2026年間，美國、香港、日本、新加坡與歐盟等主要法域陸續推進穩定幣監理制度，主流支付網路與大型金融機構亦開始將穩定幣納入跨境支付、企業金流與機構結算布局。對台灣銀行業而言，穩定幣帶來的挑戰並非單一支付工具競爭，而是跨境支付中介角色、企業金流資料掌握與企業金融服務黏著性的結構性重組。
本研究以「穩定幣發展下台灣銀行支付業務之競合關係與接軌策略」為核心研究問題，採文獻分析法、制度比較法、次級資料趨勢分析與個案研究法，從支付清算邏輯、國際監理制度、台灣法制環境、銀行業務結構與接軌策略五個層次建構分析框架。研究並以競爭強度與合作潛力兩項指標建立競合矩陣，進一步分析不同業務場景，以及不同業務結構與資源能力銀行所面臨的差異化影響。
研究發現，穩定幣對台灣銀行業的影響具有明顯的市場分層性。在B2B企業金流與跨境支付領域，穩定幣因具備近即時清算、可程式化支付與跨境可達性等特徵，可能逐步削弱銀行於代理行網路中的中介角色，並透過外匯收益、企業存款、授信資訊與企業金融服務黏著性等環節形成連帶效應；在零售支付領域，受制於台灣消費者既有支付習慣、信用卡回饋、授信功能與消費爭議處理制度，短期內銀行仍具護城河，但鏈上借記卡與嵌入式支付可能形成邊緣滲透。
本研究進一步提出，台灣銀行業之接軌策略應依銀行業務結構與資源能力分層設計。大型金控可選擇整合型與創新型策略，積極布局穩定幣出入金、準備資產託管、法遵節點與存款代幣等制度平台角色；中型民營銀行應優先完成跨境支付軌道多元化，並以特定產業供應鏈與企業客戶關係建立差異化優勢；中後段銀行若資源有限，則應及早採取合作型策略，透過大型平台或金融科技夥伴取得接軌位置，以避免在支付基礎設施重組過程中被邊緣化。

Stablecoins have evolved from crypto-asset instruments into an emerging layer of cross-border payment and settlement infrastructure, prompting major jurisdictions to advance regulatory frameworks in 2025 and 2026. For Taiwan's banking sector, this development raises structural questions about banks' intermediary roles in correspondent networks, their access to corporate transaction data, and the stickiness of enterprise financial services.
This study examines the co-opetition relationship between stablecoin development and Taiwanese bank payment operations through a qualitative design combining literature review, institutional comparison, secondary-data analysis, and case-based research. A co-opetition matrix is developed across five analytical dimensions—tokenized payment logic, international regulatory frameworks, Taiwan's institutional environment, bank business-structure differentiation, and integration strategy pathways—using competitive intensity and cooperation potential as evaluative axes.
The findings reveal that stablecoin disruption exposure is determined by business-structure composition rather than institutional size. In the B2B cross-border domain, stablecoins may erode banks' intermediary position through a chain effect on fee income, foreign exchange revenue, corporate deposits, and credit information access; in the retail segment, established consumer habits provide near-term resilience. Drawing on 2025 data from three purposively selected banks—First Bank (68.4% corporate lending), Cathay United Bank (34%), and Bank SinoPac (51%)—this study proposes four integration strategy types (defensive, cooperative, integrative, and innovative) and contributes a replicable framework for assessing bank-level stablecoin readiness.

一、中文文獻
1. 今周刊（2025）。「穩定幣很夯，但監管機構很燒腦」！金管會、央行釋出訊號，預告2026年法案上路藍圖。取自：https://www.businesstoday.com.tw/article/category/183017/post/202512110055/
2. 動區動趨（2026）。2025年度《台灣加密貨幣產業報告》。取自：https://www.blocktempo.com/2025-taiwan-cryptocurrency-industry-report/
3. 金融監督管理委員會（2025）。新聞稿——金管會預告「虛擬資產服務法」草案。取自：https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202503250002&dtable=News
4. 香港金融管理局（2024）。金管局宣布穩定幣發行人「沙盒」參與者。取自：https://www.hkma.gov.hk/chi/news-and-media/press-releases/2024/07/20240718-4/
5. 香港金融管理局（2025）。穩定幣條例正式實施相關文件公告。取自：https://www.hkma.gov.hk/media/chi/doc/key-functions/ifc/stablecoin-issuers/Explanatory_Notes_on_Licensing_of_Stablecoin_Issuers_chi.pdf
6. 行政院（2026）。政院通過「虛擬資產服務法」草案，健全虛擬資產業務經營與發展。取自：https://www.ey.gov.tw/Page/9277F759E41CCD91/bfd446a7-ce23-4308-9347-9ce6e6c44196
7. 謝明華、周樹林、李震華、李宜熹、數位轉型研究團隊（2022）。《金融數位轉型趨勢與成功方程式》。台北：商周出版。
8. 永豐商業銀行（2024）。DA BOSS法人金融品牌暨企業生態平台介紹。取自：https://daboss.tw/
9. 第一金控（2026）。2025年第四季營運說明簡報（2026年3月4日）。取自：https://ir.firstholding.com.tw/c/financial_result.php?year=2025
10. 永豐金融控股股份有限公司（2026）。2025年第四季法人說明會簡報（2026年3月10日）。取自：https://www.sinopac.com/upload/sinopac/spfcMenu/19cd139d4bc00000651c.pdf
11. 國泰金融控股股份有限公司（2026）。2025年第四季法人說明會簡報（2026年3月）。取自：https://www.cathayholdings.com/holdings/-/media/6482f7a925c2486089788305af56122a.pdf?sc_lang=zh-tw
二、英文文獻
1. Arner, D. W., Barberis, J., & Buckley, R. P. (2020). The evolution of Fintech: A new post-crisis paradigm? Georgetown Journal of International Law, 47, 1271. https://dx.doi.org/10.2139/ssrn.2676553
2. Artemis Analytics (2025). Stablecoin Payments From The Ground Up. Retrieved from https://reports.artemisanalytics.com/stablecoins/artemis-stablecoin-payments-from-the-ground-up-2025.pdf
3. Bessemer Venture Partners. (2025). Stablecoins: From DeFi primitive to global financial infrastructure. Retrieved from https://www.bvp.com/atlas/stablecoins-from-defi-primitive-to-global-financial-infrastructure
4. BIS. (2021). CBDCs: An opportunity for the monetary system. BIS Annual Economic Report 2021. Retrieved from https://www.bis.org/speeches/sp210629b.pdf
5. BIS. (2023). Blueprint for the future monetary system: Improving the old, enabling the new. BIS Annual Economic Report 2023. Retrieved from https://www.bis.org/speeches/sp230625b.pdf
6. Brandenburger, A. M., & Nalebuff, B. J. (1996). Co-opetition. Doubleday.
7. Brunnermeier, M., James, H., & Landau, J. P. (2019). The digitalization of money. NBER Working Paper No. 26300. Retrieved from https://www.nber.org/system/files/working_papers/w26300/w26300.pdf
8. Carstens, A. (2021). Digital currencies and the future of the monetary system. BIS Speech. Retrieved from https://www.bis.org/speeches/sp210127.pdf
9. Chainalysis. (2025). Stablecoin utility and the future of payments. Retrieved from https://www.chainalysis.com/blog/stablecoin-utility-future-of-payments/
10. Christensen, C. M. (1997). The innovator's dilemma: When new technologies cause great firms to fail. Harvard Business School Press.
11. Evans, D. S., & Schmalensee, R. (2016). Matchmakers: The new economics of multisided platforms. Harvard Business Review Press.
12. FSB. (2022). Assessment of risks to financial stability from crypto-assets. Financial Stability Board. Retrieved from https://www.fsb.org/2022/02/assessment-of-risks-to-financial-stability-from-crypto-assets/
13. FSB. (2024). Cross-border payments targets progress report. Retrieved from https://www.fsb.org/2024/10/annual-progress-report-on-meeting-the-targets-for-cross-border-payments-2024-report-on-key-performance-indicators/
14. Gorton, G., & Zhang, J. (2021). Taming wildcat stablecoins. NBER Working Paper No. 29328. https://dx.doi.org/10.2139/ssrn.3888752
15. JPMorgan. (2024). Kinexys digital payments – platform overview and transaction statistics.
16. Omarova, S. T. (2021). The people's ledger: How to democratize money and finance the economy. Vanderbilt Law Review, 74(5), 1231. https://dx.doi.org/10.2139/ssrn.3715735
17. Philippon, T. (2016). The FinTech opportunity. NBER Working Paper No. 22476. https://www.nber.org/system/files/working_papers/w22476/w22476.pdf
18. Rochet, J. C., & Tirole, J. (2003). Platform competition in two-sided markets. Journal of the European Economic Association, 1(4), 990-1029. https://doi.org/10.1162/154247603322493212
19. Thunes. (2026). A guide to payments in Taiwan for global businesses. Retrieved from https://www.thunes.com/insights/learn/payments-in-taiwan-a-guide-for-global-businesses/
20. Visa. (2024). Visa Tokenized Asset Platform launch announcement. Retrieved from https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.20881.html
21. Visa & Allium. (2024). Stablecoin cross-border transaction volume report 2024. https://visaonchainanalytics.com/transactions
22. World Bank. (2024). Remittance prices worldwide quarterly dataset, Q1 2024.
23. Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2021). Regulating LIBRA. European Business Organization Law Review, 22, 463–491.
24. The White House. (2025). Fact Sheet: President Donald J. Trump signs GENIUS Act into law. Retrieved from https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/
25. Hong Kong Monetary Authority. (2025). Regulatory regime for stablecoin issuers. Retrieved from https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/
26. Li, Y., Xiang, Y., Wang, Q., Yuen, T. H., Deppeler, A., & Yu, J. (2026). SoK: Stablecoins in retail payments. arXiv preprint arXiv:2601.00196.