合规碎片化是结构性的。美国GENIUS要求通过联邦或州级路径取得PPSI资格，储备须1:1高流动性资产并定期审计；欧盟MiCA要求1:1储备支撑、禁止算法稳定币，须在成员国获批才能全境运营；香港的发行门槛和KYC要求均高于前两者。
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