1、The On-Chain Extension of the DollarStablecoins,Shadow Banking,and the Reshaping of Global Payment PowerHTX VenturesNew ReportOverviewChapter 1 Introduction:Why Does the Dollar Dominate Cross-Border Payments?1.1 The Dollar is the“Common Language”of Global Payments1.2 The Institutional Moat of Dollar

2、 Clearing1.3 Global Issues Brought by Dollar DominanceSummary:The Opportunity Ahead for StablecoinsChapter 2 The Evolution of Digital Payment Systems2.1 Phase One:The Dawn of Tech Idealism and Anonymous Payments(20092014)2.2 Phase Two:Compliance-Oriented Exploration of Protocol-Based Cross-Border Ne

3、tworks(20142020)2.3 Phase Three:New Global Clearing Systems Driven by Stablecoins(2021Present)SummaryChapter 3 How Are Stablecoins Playing Their Role in Cross-Border Payments?3.1 Payment-Level Value Advantages3.2 Use Case Analysis3.3 Case Study:USDT Remittance Networks in Latin American Markets3.4 C

4、omparison with Traditional Systems3.5 Limitations and ChallengesSummaryChapter 4 Whose Market Share Are Stablecoins Threatening?4.1 Risk of Substitution for International Clearing Networks4.2 Profit Erosion Among Cross-Border Payment Giants4.3 Central Banks on Alert Over Currency Sovereignty4.4 The

5、Strategic Logic Behind Stablecoins Interplay with Existing SystemsSummaryChapter 5 Are Stablecoins Becoming the“Dollars Shadow Banks”?5.1 What Are Shadow Banks?5.2 Are Stablecoins“On-Chain Shadow Banks”?5.3 A Real-World Example:Tether as an“On-Chain”Money Market Fund5.4 The Shadow of Risk is Growing

6、 Longer5.5 Stablecoins:A“Borderless”Extension of the DollarSummaryChapter 6 Regulatory Trends and Global Policy Developments6.1 The U.S.Regulatory Approach:Compliance as the Gateway,Risk as the Limit6.2 Europe and Stablecoin Regulation under MiCA6.3 Diverse Regulatory Pathways in Asia6.4 Future Poli