近年來，穩定幣已成為虛擬資產市場的重要交易媒介與流動性工具，並逐漸與去中心化金融及傳統金融體系產生連結。然而，穩定幣之「穩定」並非自然屬性，而是依賴特定制度機制維持；當相關機制在壓力情境下失靈時，即可能引發價格脫鉤與跨市場風險傳導。
本研究以 TerraUSD（UST）、USDC 與 USDe 為比較對象，分析不同穩定機制如何形成差異化的脆弱性來源，並進一步探討其風險傳導路徑。研究發現，UST 主要呈現內生供給調節機制失效與信心反身性風險；USDC 主要反映鏈下準備資產與傳統銀行介接風險；USDe 則凸顯合成對沖型設計對衍生商品市場、中心化交易所與外部市場條件的高度依賴。
研究結果顯示，穩定幣監理不宜僅依是否錨定法幣或是否具備準備資產進行概括分類，而應進一步辨識其穩定機制、支撐結構、贖回或對沖安排，以及外部市場介接所形成的風險傳導路徑。就台灣監理意涵而言，未來監理思維宜由形式分類轉向風險辨識，並在準備資產、資訊揭露與贖回權等核心規範之外，針對不同穩定設計所衍生的脆弱性與傳導風險進行差異化管理。

Stablecoins have become important media of exchange and sources of liquidity in virtual asset markets, yet their stability is not inherent but depends on specific institutional mechanisms. When these mechanisms come under stress, stablecoins may experience de-pegging and transmit risks across markets.
This study compares TerraUSD (UST), USDC, and USDe to examine how different stability mechanisms generate distinct sources of fragility and shape their risk transmission pathways. The analysis reveals clear differences across the three cases. UST’s instability primarily arose from the breakdown of its endogenous supply-adjustment mechanism and reflexive confidence dynamics. USDC’s de-pegging was mainly driven by vulnerabilities at the interface between off-chain reserves and the traditional banking system. By contrast, USDe highlighted the strong dependence of synthetic hedging structures on derivatives markets, centralized exchanges, and broader market conditions.
These findings suggest that stablecoin regulation should move beyond formal classifications based solely on fiat pegs or the existence of reserve assets. Instead, it should focus on identifying the underlying stability mechanisms, supporting structures, redemption or hedging arrangements, and the pathways through which risks are transmitted. For Taiwan, this implies a shift from a form-based approach toward risk identification. In addition to maintaining core requirements such as reserve adequacy, disclosure, and redemption rights, regulators could adopt differentiated approaches to address the specific vulnerabilities and transmission risks associated with different stablecoin designs.

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