| 摘要: |
| 稳定币作为与稳定资产挂钩的加密货币，在带来金融创新机遇的同时，也给金融稳定带来诸多挑战。通过对稳定币技术、经济及法律原理的分析，发现稳定币不属于严格意义上的货币，亦与货币市场基金份额、非银行支付机构客户备付金存在明显区别。稳定币在市场流动性、储备资产信用、监管套利、货币主权和技术安全层面对金融稳定目标具有潜在风险，美国、欧盟及中国香港等国家和地区已对稳定币风险防范化解作出立法回应。金融稳定框架中的稳定币监管应将风险导向与主体约束相融合，通过稳定币风险“防范—化解—处置”流程来统摄稳定币监管，同时聚焦发行机构、持币人、监管机构等关键主体。我国应在总结既有虚拟货币监管实践的基础上，以金融稳定目标为指引，明确中国人民银行的监管主导地位，完善稳定币风险“防范—化解—处置”全流程，探索人民币稳定币的境外试点，革新监管科技应用，推进行业自律与国际监管合作，最终实现稳定币在金融稳定框架内的合规应用。 |
| 关键词: 稳定币 金融稳定 金融风险 中国人民银行 |
| DOI： |
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| 基金项目:教育部人文社会科学研究规划基金项目“金融科技的软法治理及其协同问题研究”（项目编号： 23YJA820026） |
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| Stablecoins Regulation and Regulated Stablecoins: A Perspective from Financial Stability Goals |
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Tang Shiya
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| Abstract: |
| Stablecoins, as cryptocurrencies pegged to stable assets, bring opportunities for financial innovation, but also pose numerous challenges to financial stability. Through the analysis of the technical, economic and legal principles of stablecoins, it is found that stablecoins do not fall in the strict sense of currency and differ significantly from money market fund shares and customer reserve funds of non-bank payment institutions. The regulation of stablecoins in the financial stability framework should integrate risk orientation with subject constraints, and control the regulation of stablecoins through the “prevention-resolution-disposal” process of stablecoin risks, while focusing on key subjects such as issuers, coin holders, and regulatory authorities. Based on existing virtual currency regulatory practices and guided by the goal of financial stability, China should first clarify the People's Bank of China's leading regulatory position and improve the full-cycle risk management system covering “prevention, resolution, and disposal” of stablecoin risks. It should also explore overseas pilot projects for RMB stablecoins, innovate the application of regulatory technology, and strengthen industry self-discipline while promoting international regulatory cooperation. Ultimately, these efforts will enable the compliant application of stablecoins within the framework of financial stability. |
| Key words: Stablecoin, Financial Stability, Financial Risk, The People's Bank of China |
