| 摘要: |
| 稳定币作为私人发行的数字资产在法理层面不具备货币权力，却通过技术架构与市场实践，实质行使定价权、生态治理权、标准制定权，构成对国家货币权力的三重挑战。在货币权力重构视角下，不同法域应对稳定币挑战的典型立法样本揭示： 美国GENIUS法案以法律框架维护美元的数字霸权；欧盟MiCA构建统一的防御阵线抵御稳定币对货币权力的冲击；中国香港《稳定币条例》依托制度创新筑牢货币主权防线。稳定币与国家货币权力的法律关系是动态博弈的过程，我国的根本立场应锚定国家货币主权的不可替代性，具体路径是构建防侵蚀与促合规的稳定币双层治理体系，并在国际维度上协同应对跨境稳定币挑战，为数字时代的货币治理提供坚实的法律保障。 |
| 关键词: 稳定币 货币权力 GENIUS法案 MiCA 稳定币条例 |
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| 基金项目:国家社会科学基金重点项目“资本市场对外开放的外源性风险及其法律对策研究”（项目编号： 20AFX021） |
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| On the Challenges of Stablecoins to National Monetary Power |
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Xu Donggen
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| Abstract: |
| As privately-issued digital assets, stablecoins do not possess monetary power from a legal perspective. Yet, through their technical architecture and market practices, they essentially exercise pricing power, ecological governance power, and standard-setting power, thereby posing a threefold challenge to national monetary power. From the perspective of the restructuring of monetary power, an analysis of typical legislative samples adopted by different jurisdictions in response to the challenges of stablecoins reveals the following: the GENIUS Act in the United States maintains the digital hegemony of the US dollar through legislation; the EU's MiCA builds a unified defense front to resists monetary power shocks; and Hong Kong's Stablecoins Ordinance fortifies the defense line of monetary sovereignty by relying on institutional innovation. The legal relationship between stablecoins and national monetary power is a process of dynamic game. The fundamental stance of responses should be anchored in the irreplaceability of national monetary sovereignty. The specific approach is to establish a two-tier governance system for stablecoins that focuses on anti-erosion and pro-compliance on the one hand, and to jointly address cross-border stablecoin challenges from an international dimension on the other, thereby providing solid legal safeguards for monetary governance in the digital era. |
| Key words: Stablecoins, Monetary Power, GENIUS Act, MiCA, Stablecoins Ordinance |
