| 摘要: |
| 稳定币并非虚拟货币，是由特定商业组织发行的、锚定特定资产的数字货币。稳定币的储备资产一般由第三方机构托管，并且有可靠的兑换机制。稳定币主要有四种类型： 法定货币担保型、商品支持型、加密货币担保型以及算法型。法定货币担保型稳定币是商业机构发行的，可以连接传统金融体系，且与国家信用紧密关联的数字货币；商品支持型稳定币的锚定物只能是大宗商品，信托是管理其储备资产的最佳模式；加密货币担保型稳定币以加密资产为锚定物，通过超额抵押机制解决其价值稳定问题；算法稳定币是绝对去中心化的，在性质上与早期的虚拟货币无异，极具市场脆弱性。对于不同类型的稳定币，应该采用不同的监管方式。 |
| 关键词: 稳定币 类型化 Defi 监管 |
| DOI： |
| 分类号: |
| 基金项目:国家社会科学基金重大项目“数字经济治理体系法治化研究”（项目批准号： 23&ZD155） |
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| The Typology of Stablecoins and Their Regulatory Logic |
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Zhao Lei
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| Abstract: |
| Stablecoins are not virtual currencies, they are digital currencies issued by specific commercial organizations and pegged to specific assets. The reserve assets of stablecoins are typically held in custody by third-party institutions and backed by reliable redemption mechanisms. Stablecoins primarily fall into four categories: fiat-collateralized, commodity-backed, crypto-collateralized, and algorithmic. Fiat-collateralized stablecoins are issued by commercial entities, connect to traditional financial systems, and are closely tied to national credit; Commodity-backed stablecoins can only be anchored to commodities, with trusts serving as the optimal model for managing their reserve assets; Crypto-collateralized stablecoins use crypto assets as their anchor, employing over-collateralization mechanisms to address value stability; Algorithmic stablecoins are absolutely decentralized, sharing fundamental characteristics with early cryptocurrencies and exhibiting extreme market vulnerability. Different regulatory approaches should be adopted for each type of stablecoin. |
| Key words: Stablecoin, Typology, DeFi, Regulation |
