全球對Stablecoins的鎮壓：誰領導了這一指控？

主要司法管轄區正在競爭實施穩定的規則，每個司法管轄區都採用自己獨特的方法。

Stablecoins have exploded in 2025, reaching a staggering $200 billion market cap as they promise financial stability and frictionless transactions. But with great power comes great scrutiny, and global regulators are now tightening their grip on this burgeoning industry.

Stablecoins在2025年爆炸，在承諾財務穩定和無摩擦交易的情況下，市值達到了2000億美元。但是，憑藉強大的審查，全球監管機構現在正在收緊對這個新興行業的控制。

The big question—will these regulations safeguard financial stability or will they ultimately strangle innovation in the process?

一個大問題 - 這些法規將維護財務穩定性，還是在此過程中最終扼殺了創新？

Europe: Leading the Way with MiCA

歐洲：與雲母一起領先

The European Union has taken a swift and decisive action with its Markets in Crypto-Assets (MiCA) regulations, set to come into force in early 2024. These regulations impose strict liquidity requirements, transaction limits for large issuers, and mandate the maintenance of reserves.

歐盟在其市場中採取了迅速而決定性的行動，該法規將於2024年初生效。這些法規施加了嚴格的流動性要求，大型發行人的交易限制，並要求維持儲備金。

This framework is designed to ensure that stablecoin issuers operate transparently while setting clear guidelines for consumer protection.

該框架旨在確保Stablecoin發行人在製定清晰的消費者保護指南時透明地運作。

The EU’s blueprint could become the global gold standard, setting the tone for other regulatory bodies around the world.

歐盟的藍圖可能成為全球黃金標準，為世界各地的其他監管機構樹立了基調。

The U.S.: A Battleground of Ideas

美國：思想的戰場

Across the Atlantic, U.S. lawmakers are caught in a tug-of-war over how best to regulate stablecoins. Two key proposals—the GENIUS Act and the STABLE Act—have emerged, offering different perspectives on oversight.

在整個大西洋地區，美國立法者被拖船涉及如何最好地調節穩定的人。出現了兩個關鍵建議 - 《天才法》和《穩定法》，對監督提供了不同的觀點。

The GENIUS Act proposes a federal licensing framework for stablecoins, aiming to bring issuers into compliance and set clear operating guidelines.

《天才法》提出了一個針對穩定的聯邦許可框架，旨在使發行人符合規定並製定明確的操作準則。

Meanwhile, the STABLE Act focuses on clearly defining stablecoins as payment instruments rather than securities, suggesting a regulatory path that prioritizes speed of execution and cross-border transactions.

同時，《穩定法》的重點是將Stablecoins明確定義為支付工具，而不是證券，這表明了優先執行速度和跨境交易的監管路徑。

Both proposals highlight the urgency in Washington to ensure that stablecoins, used for instant transactions and financial inclusion, don't operate in a regulatory gray area.

這兩項建議都凸顯了華盛頓的緊迫性，以確保用於即時交易和金融包容性的穩定劑不要在監管灰色地區運作。

A Hub for Innovation with Tight Control: Asia

緊密控制的創新樞紐：亞洲

On the other side of the world, Asia is emerging as a major player in stablecoin development, with Hong Kong and Singapore at the forefront.

在世界的另一端，亞洲正在成為Stablecoin發展的主要參與者，香港和新加坡處於最前沿。

Singapore’s regulations mandate a 1:1 reserve ratio for stablecoins, ensuring that every token in circulation is backed by liquid assets. These measures are designed to mitigate liquidity risks and maintain the stability of stablecoins, especially during times of market stress.

新加坡的法規要求Stablecoins的儲備率為1：1，以確保循環中的每個令牌都得到流動資產的支持。這些措施旨在減輕流動性風險並保持穩定的穩定性，尤其是在市場壓力時期。

Hong Kong is aligning its new legal framework for crypto with the EU's MiCA, setting clearoperability rules and consumer protection standards. This move underscores Hong Kong's commitment to fostering a regulatory environment that prioritizes both safety and innovation.

香港將其新的Crypto法律框架與歐盟的雲母保持一致，制定了可訪問性規則和消費者保護標準。這一舉動強調了香港致力於培養優先級安全和創新的監管環境的承諾。

These measures position Asia as a dominant force in shaping the future of stablecoin adoption and setting the stage for a new era of financial stability in the digital age.

這些衡量亞洲的位置是塑造採用穩定的未來的主要力量，並為數字時代的新金融穩定時代奠定了基礎。

The Risks That Keep Regulators Awake at Night

使監管機構在晚上保持清醒的風險

While stablecoins offer undeniable benefits such as faster cross-border transactions and financial inclusion, they also pose significant risks if left unchecked.

儘管Stablecoins提供了不可否認的福利，例如更快的跨境交易和財務包容性，但如果不受限制，它們也會帶來很大的風險。

Liquidity Crises and Bank Runs

流動性危機和銀行運行

A lack of adequate reserves could have catastrophic consequences. If a major stablecoin issuer fails to maintain sufficient liquidity and faces a mass sell-off, it could destabilize financial markets with knock-on effects on banks and the broader economy.

缺乏足夠的儲備可能會帶來災難性的後果。如果一個主要的穩定發行人無法保持足夠的流動性並面臨大規模拋售，它可能會破壞金融市場的穩定，對銀行和更廣泛的經濟產生諾言。

This scenario, similar to a bank run but in the crypto domain, highlights the importance of regulators setting clear minimum reserve requirements and conducting stress tests on issuers to ensure they can withstand turbulent market conditions.

這種情況類似於銀行運行，但在加密貨幣域中，強調了監管機構設定明確的儲備要求並對發行人進行壓力測試的重要性，以確保它們可以承受動蕩的市場條件。

Fraud and Mismanagement: A Past Cautionary Tale

欺詐和管理不善：過去的警告故事

Without strict oversight, some stablecoin issuers might be tempted to engage in risky practices or engage in outright fraud, putting investors and consumers at risk.

如果沒有嚴格的監督，一些穩定的發行人可能會很想從事風險做法或徹底欺詐，從而使投資者和消費者處於危險之中。

The collapse of poorly managed projects in the past, leading to losses for those who invested in hopes of high returns, serves as a stark warning.

過去管理不良的項目的崩潰，導致投資希望獲得高回報的人的損失，這是一個明顯的警告。

Oversight and transparency are crucial to prevent such calamities and maintain public trust in the crypto ecosystem.

監督和透明度對於防止這種災難並保持對加密生態系統的信任至關重要。

Illicit Transactions and Security Risks

非法交易和安全風險

Stablecoins can be used to move large sums of money quickly and efficiently, making them attractive for illegal activities such as money laundering and financing terrorism.

Stablecoins可用於快速有效地貨幣賺取大量資金，使其對諸如洗錢和融資恐怖主義等非法活動有吸引力。

Regulators are aiming to implement stronger anti-money laundering (AML) measures and know-your-customer (KYC) protocols to mitigate these risks and ensure that the financial system is not abused.

監管機構的目標是實施更強大的反洗錢（AML）措施和知識客戶（KYC）協議，以減輕這些風險，並確保不濫用金融體系。

Striking the Right Balance: Innovation vs. Control

達到正確的平衡：創新與控制

As governments worldwide move to enforce stricter regulations on stablecoins, the challenge lies in striking the perfect balance.

隨著政府在全球範圍內採取更嚴格的法規，挑戰在於達到完美的平衡。

Too little oversight could lead to financial instability, fraud, and illicit activity, while overregulation could stifle innovation, pushing crypto firms to move operations to more crypto-friendly jurisdictions.

太少的監督可能導致金融不穩定，欺詐和非法活動，而過度監管可能會扼殺創新，從而促使加密企業將運營轉移到更友好的加密友好型司法管轄區。

The Financial Stability Board (FSB) is actively working with global policymakers to coordinate regulatory approaches and establish a unified framework. Their goal is to create a system that fosters innovation in the crypto sector while ensuring robust risk management practices are in place to safeguard financial stability.

金融穩定委員會（FSB）正在與全球決策者積極合作，以協調監管方法並建立統一的框架。他們的目標是創建一個系統，以促進加密貨幣領域的創新，同時確保有強大的風險管理實踐來維護財務穩定。

The Road Ahead: What’s Next for Stablecoins?

前面的道路：Stablecoins的下一步是什麼？

Stablecoins are at a pivotal moment in their development, and theㅔ

穩定的人處於其發展的關鍵時刻，ㅔ