2026数字经济的流动性枢纽-合规稳定币在现代商业中的应用价值与香港机遇报告

Applications,Value,andHongKong’sOpportunityforCompliantStablecoinsinModernCommerce ·08 45 45 46 48 49 49 88 89 过去十年间，数字经济重塑了全球贸易的基础逻辑。尽管货物的流通愈加顺畅、信息的传递近乎即时，然而资金的跨境流动却依然迟滞于数十年前构建的电文清算体系之上。这种发展的不均衡不仅是全球化进程中的隐性成本，更是金融科技变革亟待突破的关键领域。在此背景下，合规稳定币正以惊人的速度从加密市场的边缘设施，演变为具有实质商业价值的跨境支付针对这一金融基础设施的演进，香港理工大学工商管理学院数字资产与创新中心与OSL集团联合开展了本次研究。香港理工大学工商管理学院数字资产与创新中心长期从事数字金融与国际贸易领域的学术研究，侧重于通过作为全球稳定币支付与交易平台，积累了深厚的合规运营经验与机构级客户服务能力。双方为确保研究结论的准确性与实用性，本白皮研究团队收集并交叉比对了链上与链下核心指标。在案例选取标准上，本研究以亚太、中东及新兴市场的真实商业场景为主要分析对象，聚焦于具有代表性的B2B跨境支付与企业资金管理此报告旨在向企业财务与合规部门客观阐述稳定币在实际商业中的应用机制；向政策制定期待这份白皮书能为行业构建繁荣健康的合规数字资产生态提供一份客观、扎实的学术与o阶段性标志事件的2017年末BITFINEX与TETHER的关联关系引发市场质疑，监管机构开始BITFINEX关注USDT储备透明度问题。2018年初熊市中，oo本节核心判断的1.稳定币经历了三个在功能定位上截然不同的演化阶段：从服务于加密交易所内部的报价与结算媒介，到承载去中心化金融（DEFI）协议核心流动性的链上美元等价物，再到今日正在渗透全球跨境贸易的合规支付基础设施。每一次跃迁都不是简单的规模扩3.以当前数据衡量，稳定币已不再是加密市议层上发行与美元1:1挂钩的代币，使加密交易者得以在不离开区块链的情况下持有和转移美元等价物。同年11第一阶段（2014–2019年）中，稳定币的核心价值主张高度一元攀升至年末近20,000美元，USDT市值亦从年初约1,000万美元急剧2020年是稳定币历史上最具变革意义的年份。进入这一年，全球稳定币总供给不足50亿美元；而到年底，这一数字已突破280亿美元，增幅超过5倍。驱动力不是加密资产价格上涨，而是去中心化金融（DeFi）协议的爆发第二阶段的规模扩张速度在金融史上罕有先例。全球稳定币供给于2021年6月首次突破1,000亿美元大关；至2022年1月，全球稳定币总市值达到约1,800亿美元的阶段性峰值。在品种结构上，这一阶段出现了显著的多元oo阶段分水岭的）：推进《稳定币条例》立法，并于2026年4月向首批发行人核发牌照；美国《天才法案》明确界定“支付型稳定币”监管清晰度的提升直接带动了机构参与者的入场。2023年8月，PayPal宣布推出美元稳定币PYUSD，成为第太坊和Solana链上完成清算；Mastercard亦推进其稳定币支付合作伙伴网络；全球多家跨国企业财务部第三阶段的市场规模数据印证了这一结构性转变。全球稳定币总供给从2022年末的约1,300亿美元（Terra崩DeFi协议循环、套利机器人交易等非商支付用途年化规模估算约3,900亿美元。B2B跨境支付场景中，稳定币月结算规模从2023年初的不足1亿美元增长至2025年中期的60亿美元，30个月内实现约60倍增长，年化增速约733%，尽管绝对金额仍相对有限，但其增长回顾稳定币从2014年至今的演化路径，其本质不是一条简单的规模扩张曲线，而是三次功能定位的根本性重监管框架逐步收敛。）：）：在跨国实体贸易与服务贸易层面，上述基础设施缺口的代价更为直接。国际清算银行（BIS）与支付与市场基oo本节核心判断的地理高度碎片化、商业清算网点成本无法回地理高度碎片化、商业清算网点成本无法回的区块链账本之上，每笔交易的资金流向、状态变更以及中转成本都完全公开、实时且不可篡改。更具革命性的传统商业银行因去风险化撤出后留下的从离岸无序状态升级为由央行及主流监管局背书的持牌清算资产，符合机构级传统商业银行因去风险化撤出后留下的从离岸无序状态升级为由央行及主流监管局背书的持牌清算资产，符合机构级的新兴市场经济体而言，它不仅是一种高效率的改良型支付工具，更是在基础架构层面对跨境清算网络的重新建oo核心结论的 Fromascaleperspective,thisphaseofgrowthishighlycorrelatedwiththecryptoassetbullmarketFromascaleperspective,thisphaseofgrowthishighlycorrelatedwiththecryptoassetbullmarket.—In2017,thecryptomarketexperienceditsfirstglobalfrenzy,withBitcoin'spricerisingfromabout$1,000atthebeginningoftheyeartonearly$20,000byyear-end,andUSDTIsmarketcapitalizationsurgingfromabout$10milliontoabout$1.5billion.Thisgrowthrateconfirmsitsessence:USDT'sgrowthisaphenomenonaccompanyingcryptotradingactivity,ratherthanaseparatedemandforfinancialproducts.oMilestoneeventoMilestoneevent的Attheendof2017,Bitfinex'srelationshipwithTetherraisedmarketdoubts,promptingregulatorstofocusonBitcoinfinex'sUSDTreservetransparency.Duringthebearmarketinearly2018,USDTIsmarketcapfellbacktoabout$2billion,butstillaccountedforroughly95%oftheglobalstablecoinmarket.InSeptember2018,theCentreAlliance(jointlyfoundedbyCircleandCoinbase)releasedUSDC,officiallyintroducing"compliantissuanceandperiodicauditing"intothestablecoinmarket,layingthefoundationforthesecondphase.1.Stablecoinshaveundergonethreefundamentallydistinctevolutionaryphases:fromaninternalsettlementmediumwithincryptoexchanges,toacoreliquiditylayerfordecentralizedfinance(DeFi)protocols,tothecompliantcross-borderpaymentinfrastructurenowpenetratingglobalB2Bcommerce.Eachtransitionrepresentsnotmerelyascaleexpansion,butafundamentalrestructuringofthestablecoin’spurpose,userbase,andregulatorylogic.2.Eachphasetransitionwastriggeredbyamajorriskeventorregulatorymilestone:the2020DeFiSummercatalyzedtheshiftfromPhase1toPhase2;the2022Terra/USTcollapsemarkedtheendofPhase2;andthe2023–2024enactmentofregulatoryframeworksacrossmajoreconomiesprovidedtheinstitutionalendorsementthatacceleratedPhase3.3.Bycurrentmetrics,stablecoinshavemovedfarbeyondtheircrypto-nativeorigins:asofMay2026,globalstablecoinmarketcapitalizationstandsatapproximately$323billion;2024on-chainsettlementvolumeofapproximately$27.6trillionsurpassedbothVisa($15.7trillion)andMastercard($9.8trillion);andB2Bcross-borderstablecoinpaymentsgrewapproximately60-foldinjust30months.Thesefiguresconfirmthatstablecoinshaveenteredthescaleofcommercialinfrastructure.Theoriginofstablecoinsisnotapaymentvisionbutasolutiontoanengineeringproblem.Intheearly2010s,ascryptoassetslikeBitcoinenteredinitialscaling,tradersfacedastructuraldilemma:cryptoassetswerehighlyvolatile,andBitcoinholderscouldnotuseitasastablequote;Meanwhile,majorglobalcryptoexchanges—especiallyinstitutionsoperatinginAsiaandEasternEurope—aregenerallyfacingthedilemmaofbankaccountsbeingclosedorunabletoopen,withinefficientandcostlydepositsandwithdrawalsoffiatfunds.InJuly2014,BrockPierce,ReeveCollins,andCraigSellarsco-foundedtheRealcoinproject,aimingtoissuetokenspegged1:1totheUSdollarontheBitcoinOmniproto-Figure1-1Correlationbetweenstablecoinmarketcapgrowthandcryptomarketpricecyclesduringthefirstphase(2015-2019).Source:CoinGecko,DeFiLSource:CoinGecko,DeFiLlama;Compiledbythisreport.collayer,allowingcryptotraderstoholdandtransferdollarequiva-lentswithoutleavingtheblockchain.InNovemberofthesameyear,theprojectwasrenamedTether;OnOctober6,2014,thefirstbatchof100USDTwasmintedandlistedonOmniLayer.Thismarksthebirthoftheworld'sfirstfiat-backedstablecoinwithcommercialscale.Inthefirstphase(2014–2019),thecorevaluepropositionofstablecoinswashighlyconsistent:toprovidecryptotraderswithaunitofdenominationthatrequiresnobankaccounts,canbeinstantlytransferredwithinexchanges,andisequivalenttotheUSdollar.ThemainusecasesforUSDTareinter-tokenarbitrage,lever-agedtradingmargin,contractsettlement,andso-called"hedgeThelimitationsofthefirstphaseareequallyclear:stablecoinusecasesarealmostcompletelyclosedwithinthecryptoexchangeecosystem,completelyisolatedfromtherealeconomyandtraditionalcom-merce;Insufficienttransparencyinreserves,andongoingmarketdebateoverwhetherUSDTis100%backedbyfiatcurrencyreserves;Theregulatoryvacuumlaysthegroundworkforsubsequentmarketrisks.Atthisstage,stablecoinsareessentiallychipswithinthe"cryptocasino,"ratherthanasettlementtoolforglobalcommerce.2020wasthemosttransformativeyearinstablecoinhistory.Enteringthisyear,theglobalstablecoinsupplywaslessthan$5billion;Bytheendoftheyear,thisfigurehadsurpassed$28billion,anincreaseofmorethanfivefold.Thedrivingforceisnottheriseincryptoassetprices,buttheexplosiveemergenceofdecentralizedfinance(DeFi)protocols.InJune2020,CompoundFinancelauncheditsgovernancetokenCOMPandlaunchedaliquidityminingmechanism,withbillionsofdollarsflowingintoitslendingprotocolwithindays,markingthebeginningofthe"DeFiSummer."WiththesuccessiveactivationofprotocolslikeUniswap,Aave,andYearnFinance,theroleofstablecoinshasfundamentallychanged:stablecoinsarenolongerjust"dockedfunds"buthavebecomethecoreliquiditycarriersoftheDeFiecosystem—theyserveascollater-al,theunderlyingassetfortradingpairs,theprincipalforyieldfarming,andtheatomicunitforcross-protocolsettlement.Thespeedofscaleexpansioninthesecondphaseisunprecedentedinfinancialhistory.Globalstable-coinsupplysurpassed$100billionforthefirsttimeinJune2021;ByJanuary2022,theglobalstablecoinmarketcapitalizationhadreachedapeakofabout$180billion.Intermsofproductstructure,thisstagesawsignificantdiversification.BesidesUSDT,USDChasgrownrapidlythankstocomplianceendorse-mentsfromCircle/Coinbase;ThedecentralizedstablecoinDAI(MakerProtocol)hasbecomethenative"dollar"withinDeFi;In2021,TerralaunchedthealgorithmicstablecoinUST,attractingmassivecapitalinflowswithanannualizedyieldofupto20%(Anchorprotocol),oncebecomingthethirdlargeststable-coinbymarketcap.However,theendogeneityandfragilityofitsalgorithmicmechanismsalsoaccumu-latedsystemicrisks.Thespeedofscaleexpansioninthesecondphaseisunprecedentedinfinancialhistory.Globalstable-coinsupplysurpassed$100billionforthefirsttimeinJune2021;ByJanuary2022,theglobalstablecoinmarketcapitalizationhadreachedapeakofabout$180billion.Intermsofproductstructure,thisstagesawsignificantdiversification.BesidesUSDT,USDChasgrownrapidlythankstocomplianceendorse-mentsfromCircle/Coinbase;ThedecentralizedstablecoinDAI(MakerProtocol)hasbecomethenative"dollar"withinDeFi;In2021,TerralaunchedthealgorithmicstablecoinUST,attractingmassivecapitalinflowswithanannualizedyieldofupto20%(Anchorprotocol),oncebecomingcoinbymarketcap.However,theendogeneityandfragilityofitsalgorithmicmechanismsalsoaccumu-latedsystemicrisks.FromMay7to12,2022,theUSTalgorithmicstablecoinontheTerrablockchainsufferedacatastrophicdepeggingwithinjust72hours.ThearbitragemechanismbetweenUSTandLUNAtriggereda"deathspiral"underlarge-scaleredemptionpressure:USTwasunpeg→LUNAwasheavilymintedtomaintainitspeg→LUNApricecollapsed→USTconfidencelost→furtherredemptions.Ultimately,about$50billioninmarketvaluewaswipedoutinlessthan72hours,affectinginstitutionssuchasThreeArrowsCapital(3AC),CelsiusNetwork,andVoyagerDigital,triggeringsystemicdeleveraginginthecryptomarketthroughout2022.OOTurningPointAftertheTerra/USTcollapse,markettrustshiftedfroma"high-yieldalgorithmicstablecoin"systematictoa"fullfiatreserves+independentaudits+regulatorycompliance"model.InMarch2023,thecollapseofSiliconValleyBank(SVB)onceagaintestedthemarket:USDCissuerCircleheldabout$3.3billioninreservesinSVB.Aftertheannouncement,USDCbrieflyfellto$0.87,andwithin24hours,themarket'sdefinitionof"safereserves"narrowedfurthertoshort-termU.S.Treasuries,overnightrepurchaseagreements,andgovernmentmoneymarketfunds,ratherthancommercialbankdeposits.Figure1-2Totalstablecoinsupplyandkeyeventnodesinthesecondphase(2020-2022).Source:DeFiLlama,CoinGecko;Compiledbythisreport.Startingin2023,thestablecoinmarketentereditsthirdevolutionaryphase.Thecorefeatureofthisstageisthatstablecoinusagescenarioshaveshiftedfromwithinthecryptomarketintotherealmofphysicalcommerce,complianceregulatoryframeworkshavebeguntoprovidelegalcertaintyforinstitu-tions,andthescaleofon-chainsettlementshasenteredascalecomparabletomainstreampaymentnetworksforthefirsttime.Between2023and2025,majoreconomieshavesuccessivelyestablishedstablecoinregulatoryframe-works,formingaglobalregulatoryframework:theEU'sMarketsinCrypto-AssetsRegulation(MiCA)officiallycameintoeffectinJune2023,withstablecoinissuanceprovisionseffectivefromJune2024,requiringissuerstobelicensedwithintheEU,maintainsufficientliquidityreserves,andundergoaudits;Singapore'sMASreleasedtheregulatoryframeworkforSingleCurrencyStablecoins(SCS)inAugust2023;TheHongKongMonetaryAuthorityisadvancingthelegislationoftheStablecoinOrdinanceandwillissuelicensestothefirstbatchofissuersinApril2026;TheU.S.GeniusActclearlydefinestheissuerqualifications,reserverequirements,andfederalregulatorypathwaysfor"paymentstablecoins."Thisseriesofregulatorymilestonescollectivelymarkstheglobalstablecoinmarketenteringaneweraof"licensedissuance+licensedcirculation."Theimprovementinregulatoryclarityhasdirectlydriveninstitutionalparticipantsintothefield.InAugust2023,PayPalannouncedthelaunchoftheUSdollarstablecoinPYUSD,becomingthefirstglobal-lylarge-scalepaymentinstitutiontoissueastablecoin;InSeptemberofthesameyear,VisaannouncedanexpansionofUSDCsettlementcapabilities,allowingmerchantacquiringbankstocleardirectlyusingUSDConEthereumandSolanachains;Mastercardisalsoadvancingitsstablecoinpaymentpartnernetwork;Manymultinationalcorporations'financedepartmentsworldwidehavebegunpilotingstable-coinsforcross-bordersettlementstoreducethetimerequiredforfundsintransitandintermediarybankfees.Themarketsizedatafromthethirdphaseconfirmsthisstructuralshift.Theglobalstablecoinsupplyhassteadilyreboundedfromabout$130billionattheendof2022(thelowpointaftertheTerracrash)toabout$323.1billionbyMay2026,withathree-yearcompoundannualgrowthrateofabout35%.Intermsofsettlementvolume,thetotalon-chainsettlementscaleforstablecoinsin2024isabout$27.6trillion,surpassingVisa'spaymentprocessingvolumeofabout$15.7trillionandMastercard'sapproxi-mately$9.8trillioninthesameperiod.Itshouldbenotedthatthereisasignificantdifferencebetweenthetotalon-chainsettlementvolumeandthe"realcommercialtransactionvolume":theformerincludesalargenumberofnon-commercialtransactionssuchasinternalexchangetransfers,DeFiprotocolcycles,andarbitragebottrading.Accord-ingtoresearchbyMcKinseyandArtemis,theannualizedscaleoftherealpaymentuseofglobalstable-coinsisestimatedtobeabout$390billionby2025.IntheB2Bcross-borderpaymentmonthlysettlementscaleofstablecoinsgrewfromlessthan$100millionatthebeginningof2023to$6billionbymid-2025,achievingabouta60-foldincreasein30monthsandanannualizedgrowthrateofabout733%.Althoughtheabsoluteamountremainsrelativelylimited,itsgrowthrateandscalearestillworthnoting.Sources:DeFiLlama,HKMA,Visa,PayPal;Compiledbythisreport.Lookingbackattheevolutionofstablecoinsfrom2014tothepresent,theiressenceisnotasimplescalingcurve,butafundamentalreshapingofthreefunctionalpositionings.Eachstagehasitsspecificcoreservicetargets,valuepropositions,andinstitutionalenvironment:●PhaseOne(2014-2019):Servinginternalusersofcryptocurrencyexchanges;Thevaluepropositionis"on-chaindollarswithoutabankaccount".Theinstitutionalenvironmentisaregulatoryvacuumandhighlyopaque.●PhaseTwo(2020-2022):ServingDeFiprotocolsandon-chainfinancialecosystems;Thevalueprop-ositionis"programmableon-chainliquidity".Theinstitutionalenvironmentisonewherewildgrowthandriskaccumulationcoexist.●PhaseThree(2023-Present):Servicesforcross-bordertradeandcorporatefinance;Thevaluepropositionis"acompliant,transparentandauditableglobalpaymentinfrastructure".Theinstitutionalenvironmentischaracterizedbythegradualconvergenceofregulatoryframeworksinmajoreconomies.Theunderlyinglogicofthesethreeleapsisconsistent:eachtimeastablecoincompletesacycleof"valueexpansion+riskexposure+regulatoryresponse,"itsnextphaseofapplicationscenarioswillextendintothebroaderrealeconomysector.TheTerra/USTcollapsewasalandmarkeventofthesecondphaseoffullyexposedrisks;itdidnoterasethestablecoinindustrybutacceleratedtheformationofregulatoryconsensus,pavingthewayforinstitutionaladoptioninthethirdphase.Fromthisperspective,thecorethemeofthiswhitepaperisclearlypresented:thethirdstagestable-coinsarecurrentlyinisthefirstintheirhistorytodeeplyintegratebusinesslogicwithregulatorycompli-Despitesignificantimprovementsinglobalfinancialinclusionoverthepastdecade,deep-seatedinequalitiesinpaymentinfrastructureremaindeeplyentrenched.AccordingtotheWorldBank'sGlobalFinancialInclusionDatabase(GlobalFindex2025)releasedinJuly2025,basedona2024surveyofabout145,000adultsacross141economies,globalaccountownershiphasrisento79%(comparedto51%in2011),butabout1.3billionadultsarestillexcludedfromtheformalfinancialsystem;Morethanhalfofthese(about650millionpeople)arehighlyconcentratedineighteconomies:Bangladesh,China,Egypt,India,Indonesia,Mexico,Nigeria,andPakistan,withwomenmakingupabout55%oftheunbankedpopulation13.This"banklessaccount"statusnotonlyrestrictsindividualmicro-leveleconomicactivitiesbutalsoseverelyrestrictstheabilityofMSMEsintheseregionstoparticipateinglobaldigitaltradeatthemacrolevel.Atthelevelofcross-borderrealtradeandservicestrade,thecostoftheseinfrastructuregapsiseven10.BIS/CPMIcorrespondent-bankingdatareportandFSBcorrespondentmonitoring:over2011–2020globallyactivecorrespondent-bankingrelationshipsfellbyabout25%cumulatively;declinesofabout30%inregionssuchasLatinAmerica(excludingNorthAmerica),andthenumberofoverseascounterpartybanksforsmalleconomieswithGDPbelowUS$10billionfellbyabout23%onaverage.11.WorldBank,RemittancePricesWorldwide(2024):theglobalaverageall-incostofsendingUS$200isabout6.5%;Sub-SaharanAfricaabout8%(thehighestofanyregion),andsomePacific-islandcorridorsexceed10%.12.HongKong’sStablecoinsOrdinance(Cap.656)waspassedon21May2025andtookeffecton1August2025;theHKMAsetasix-monthtransitionperiod,withthefirstlicensesexpectedinQ12026.SeetheHKMAwebsite.13.WorldBank,GlobalFindexDatabase2025(releasedJuly2025,basedona2024surveyofabout145,000adultsacross141economies):globalaccountownershipis79%,withabout1.3billionadultsunbanked.ance,anditisalsothestagewheretheytrulyhavetheopportunitytobecomeglobalB2Bcommercialliquidityinfrastructure.Asthefirstinternationalfinancialcentertocompletestablecoinregulatorylegis-lation,HongKongpossessesuniqueinstitutionaladvantagesthatallowittoplayacentralroleasaglobaldigitaltradeandclearinghubduringthishistoricwindowperiod. 1.Thegapintraditionalcross-borderpaymentsismostpronouncedinemergingmarkets,anditsessenceisinstitutionalexclusionratherthanefficiencyissues.Globalcorrespondentrelationshipshavecontractedbyabout25%since2011(withnearly30%declinesinregionssuchasLatinAmerica);Theaverageremittancecostinsub-SaharanAfricaisabout8%,andinsomePacificislandcountries,corridorsexceed10%,farexceedingthe3%targetsetbytheUnitedNationsSustainableDevelopmentGoal(SDGTarget10.c)andtherequirementto"eliminatecorridorsabove5%."2.Thetruedifferentiatingvalueofcompliantstablecoinsliesintheparadigmlevel:(1)transparencyandprogrammability;(2)Providing"fromnothingtosomething"inclusiveaccessinisolatedcorridorswhereagentbankshavewithdrawn;(3)LegislationsuchasHongKong'sStablecoinOrdinance(effectiveAugust2025)provideslegalcertaintyforinstitutionaladoption.Tounderstandthecommercialvalueofcompliantstablecoins,itmustbeplacedinthecontextofglobalmacroeconomictransformationandrealmarketdemand.Thissectionapproachesfromaglobalperspective:examiningthestructuralchallengesfacedbyemergingmarketsinAsia,Africa,andLatinAmericainthecross-borderpaymentsector,andreturningtotheessenceoftheirdifferentiatingvalue—arguingforits"newparadigmdividend"asablockchain-nativedigitalfinancialinfrastructure.moredirect.EmpiricaldatafromtheBankforInternationalSettlements(BIS)andthePaymentsandMarketInfrastructureCommittee(CPMI)showsthattheglobalcorrespondentbankingnetwork,whichformsthecorelinkoftraditionalcross-borderpayments,iscontinuouslycontracting—sinceitspeakin2011,globalactivecorrespondentbankingrelationshipshavedeclinedbyabout25%(asof2020),withregionslikeLatinAmerica(excludingNorthAmerica)seeingdropsasmuchas30%,andGDPbelow100Smalleconomieswithbillionsofdollarsinrevenuesawtheiroverseascounterpartsdropsharplybyanaverageofabout23%.Thecoredrivingforceisthat,underincreasinglystringentanti-moneylaundering(AML)andcounter-terrorismfinancing(CFT)compliancepressures,developednationalclearingbankshaveadoptedsystematic"de-risking"strategiesforhigh-riskorlow-returnemergingmarketcorridors,drivenbyriskaversionandlowprofitconcerns.Whatdeservesevenmoreattentionisthestructuralparadox—asshowninFigure1-2,whilethenumberofcorrespondentbankrelationshipscontinuestoshrink,thenumberandamountofcross-borderpaymentsarerising,leadingtoincreasinglyconcentrat-ednetworks,longerclearingchains,andfurtherweakenedbargainingpowerinemergingmarkets.Datasources:BIS/CPMIagentbankdatareports,FSBmonitoringdata;Thisreportisorganizedaccordingtotheperspectiveofpublicdisclosure.Thewithdrawalofcorrespondentbankshasdealtanalmostdevastatingblowtolow-incomecoun-triesandsmalleconomies.Duetothelackofalternativechannels,manycross-borderpaymentcorridorsfallintothepredicamentofso-called"OrphanedCorridors,"wherecross-borderfundsnotonlyneedtoflowthroughmultiplelayersbutalsocomewithextremelyhighmo