全球稳定币监管的框架、理论与趋势研究  

Research on the Framework, Theory, and Trends of Global Stablecoin Regulation

作　　者：朱太辉 ZHU Taihui

机构地区：[1]国家金融与发展实验室 [2]中国人民大学国际货币研究所

出　　处：《金融监管研究》2025年第3期16-36,共21页Financial Regulation Research

摘　　要：2023年下半年以来,随着市场规模的快速扩大和使用场景的快速拓宽,稳定币已成为链接加密货币市场与传统金融经济体系的重要桥梁。本文在梳理分析稳定币的运营模式和潜在风险的基础上,对欧盟、美国、日本、新加坡、中国香港、阿联酋等主要国家和地区的稳定币监管实践进行了梳理分析,按照“稳定币怎么界定—谁来发行—监管什么—怎么赎回—怎么防范洗钱”的监管框架,分析了稳定币监管背后的理论问题和当前的发展趋势。总体来看,全球的监管实践反映出了稳定币监管的五大趋势:将稳定币作为支付工具并主要支持法币稳定币发展,对稳定币发行人机构实施牌照监管并要求在本地设立实体机构,对发行人的经营监管向商业银行和支付机构监管框架靠拢,储备金管理赎回监管的重点是资产价值稳定和保障用户赎回权利,适配金融机构的反洗钱反恐怖融资监管要求并从严实施反洗钱规则。Since the second half of 2023, stablecoins witness rapid market growth and increased usage scenarios, and have become an important bridge linking the cryptocurrency market with the traditional financial system and real economic activities. Based on the analysis of the operational models and potential risks of stablecoins, this paper reviews and analyzes the regulatory practices of stablecoins in major countries/regions such as the European Union, the United States, Japan, Singapore,Chinese Hong Kong, and the United Arab Emirates.Following the regulatory framework of "how to define stablecoins—who issues stablecoins—what to regulate stablecoin issuers—how to redeem stablecoins—how to prevent money laundering", the paper analyzes the theoretical issues and development trends behind stablecoin regulation. Overall, the global regulatory practices reflect five major trends in stablecoin regulation: treating stablecoins as payment tools while primarily supporting the development of fiat-backed stablecoins, implementing licensing regulations for stablecoin issuers and requiring them to establish local entities, aligning the operational supervision of issuers with the regulatory frameworks for commercial banks and payment institutions, focusing on asset value stability and ensuring users' redemption rights in reserve management and redemption regulation, and adapting to the anti-money laundering and counterterrorism financing regulatory requirements for financial institutions while strictly enforcing the "travel rule".

关 键 词：稳定币 加密资产 区块链 金融监管 金融稳定 

分 类 号：F821.1[经济管理—财政学]