本文以美元穩定幣為樣本，從會計與審計觀點出發，探討儲備資產揭露與外部保證機制是否與穩定幣價格穩定性存在關聯。本文聚焦於三項制度性因素：四大會計師事務所對儲備報告所提供之查核、保證或確信（Big Four assurance）、儲備資產類型，以及定期揭露。穩定幣價格穩定性分別以三種代理變數衡量，包括價格絕對偏離幅度、上下界動態門檻脫鉤指標，以及下界動態門檻脫鉤指標。此外，本文將比特幣日報酬落入樣本分布最低 5% 之日期定義為市場壓力期間，以檢驗外部保證之效果是否於市場壓力情境下更為顯著。實證上，本文採用普通最小平方法（ordinary least squares, OLS）進行估計。
研究結果顯示，由四大會計師事務所出具儲備報告查核、保證或確信之穩定幣，在三種價格穩定性衡量下，皆呈現較小之價格偏離幅度與較低之脫鉤機率。此一結果顯示，較高品質之外部保證有助於提升市場對穩定幣儲備充足性與可兌付能力之信心。相較之下，儲備資產類型之效果在不同模型設定下未呈現一致結果，顯示保守且高流動性之儲備結構對穩定性之影響，可能取決於發行機制、市場深度、贖回安排及投資人行為等因素。定期揭露則與較小之價格偏離幅度呈現負向關聯，且在部分模型中亦與較低之下行脫鉤風險相關，惟在上下界動態門檻模型下，其效果相對不穩定。進一步分析發現，市場壓力期間與四大會計師事務所保證之交乘項大多未達統計顯著，顯示外部保證之價值主要反映於一般期間整體可信度之提升，而非於市場壓力期間產生額外放大之穩定效果。
整體而言，本文研究結果顯示，穩定幣價格穩定性並非僅為技術或金融層面問題，同時也是一項受到揭露品質、可驗證性與外部保證所影響之會計與信任問題。本文發現可為穩定幣監理、儲備報告架構設計，以及新興代幣化金融市場中保證機制之建構提供參考。

This thesis examines how reserve disclosure and assurance affect U.S. dollar-backed stablecoin price stability, focusing on Big Four assurance, reserve asset type, and regular disclosure. Using three stability proxies (absolute deviation, two-sided depegging, downward depegging) and OLS regressions, the results show that Big Four assurance significantly reduces deviations and depegging risk—implying enhanced market confidence.
Reserve asset type yields inconsistent results, suggesting its effect depends on issuance and redemption mechanics. Regular disclosure lowers deviations and sometimes downside risk but is less robust for two-sided depegging. Market stress (Bitcoin's bottom-5% returns) does not significantly interact with Big Four assurance, indicating that its benefit is steady rather than stress-contingent. Overall, stablecoin stability is an accounting and trust issue, with implications for regulation, reserve reporting, and assurance frameworks.

中華民國對外貿易發展協會，2025年，穩定幣開啟企業結算新時代臺灣企業迎來機會與挑戰，網路搜尋時間2026年5月15日。
金融監督管理委員會，2025年，「RWA代幣化小組」完成驗證技術的可行性，下階段重點在法規調適，網路搜尋時間2026年5月8日。
Ahmed, R., I. Aldasoro, ,& C. Duley. 2025. Public information and stablecoin runs. BIS Working Papers No. 1164
Aldasoro, I., M. Aquilina, U. Lewrick, and S. H. Lim. (2025). Stablecoin growth – policy challenges and approaches. BIS Bulletin, No. 108.
Anadu, K., P. Azar, M. Cipriani, T. M. Eisenbach, C. Huang, M. Landoni, G. La Spada, M. Macchiavelli, A. Malfroy-Camine, & J. C. Wang. 2023. Runs and flights to safety: Are stablecoins the new money market funds? Federal Reserve Bank of New York Staff Reports, no. 1073. (Revised April 2024).
Carey, R. 2023. Defining Depegs: A New Metric for Stablecoin Stability. Kaiko Research. August 31，https://research.kaiko.com/insights/defining-depegs-a-new-metric-for-stablecoin-stability.
Circle Internet Group, Inc. (2026). USDC Reserve Report as of December 26, 2025 and December 31, 2025. Prepared by Deloitte & Touche LLP. Retrieved from https://www.circle.com/transparency?utm_source
Duan, K., & Urquhart, A.（2023）。The instability of stablecoins。Finance Research Letters, 52, 103573.
Eichengreen, B., M. T. Nguyen, & G. Viswanath-Natraj. 2025. Stablecoin devaluation risk. The European Journal of Finance 31 (11): 1469-1496.
Francis, J. R., ,& M. D. Yu. 2009. The effect of Big Four office size on audit quality. The Accounting Review 84 (5): 1521-1552.
Maex, S. A.,& S. Slavov. 2025. Initial evidence on the content and market implications of stablecoin reserve reporting. Journal of Accounting and Public Policy 51 (2025): 107309.
New York State Office of the Attorney General(OAG). (2021, February 23). Attorney General James Ends Virtual Currency Trading Platform Bitfinex and Tether’s Illegal Activities in New York [Press release]. https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal Accessed:APRIL 14, 2026.
Lee, Y.-H., Y.-F. Chiu, and M.-H. Hsieh. 2025. Stablecoin depegging risk prediction. Pacific-Basin Finance Journal 90: 102640.
Tether. (2022, August 18). Tether Announces Alignment with Top Five Accounting Firm and Confirms Attestations Will Now be Completed by BDO Italia. Available at: https://tether.io/news/tether-announces-alignment-with-top-five-accounting-firm-and-confirms-attestations-will-now-be-completed-by-bdo-italia/. Accessed:APRIL 15, 2026.
Tether International, S.A. de C.V. (2026). Financial Figures and Reserves Report as of 31 December 2025. Prepared by BDO Advisory Services S.r.l. Available at: https://tether.to/ru/transparency/?tab=usdt. Accessed: APRIL 15, 2026.