Stablecoins：平衡監管優先事項與國際富裕性的好處

Stablecoins是新數字金融系統核心的有希望的創新，助長了無摩擦的跨境支付和數字資產交易。

Stablecoins are a critical innovation at the heart of the new digital financial system, facilitating frictionless cross-border payments and digital assets transactions. However, it is crucial that evolving stablecoin regulations do not inadvertently undermine the fundamental value of this global technology through overly burdensome localisation requirements.

Stablecoins是新數字金融系統核心的重要創新，促進無摩擦跨境支付和數字資產交易。但是，至關重要的是，不斷發展的Stablecoin法規不會通過過於繁重的本地化要求而無意中破壞該全球技術的基本價值。

In this blog, we will explore ways to balance regulatory priorities around consumer and market protections while preserving the benefits of internationally fungible stablecoins. We will also highlight the risks of local issuance and outline key recommendations for policymakers as the $200bn+ stablecoin market continues to boom.

在此博客中，我們將探討如何平衡消費者和市場保護措施的監管優先級，同時保留國際上易於訪問的穩定劑的好處。隨著2000億美元+ Stablecoin市場的持續發展，我們還將強調對決策者的當地發行和概述主要建議的風險。

One thing is clear: for jurisdictions that aspire to become cryptoasset and tokenisation hubs, permitting a range of high-quality stablecoins - including those issued overseas - will be a major competitive and economic advantage.

一件事很清楚：對於渴望成為加密和象徵性樞紐的司法管轄區，允許一系列高質量的穩定者（包括海外發行的）是主要的競爭和經濟優勢。

The Unintended Consequences of Local Issuance

當地發行的意外後果

Some crypto and stablecoin regulatory frameworks, notably Markets in Crypto-Assets (MiCA) regulation, include requirements for stablecoins to be issued by a local regulated entity, with the backing assets held with locally regulated institutions. Such requirements are typically motivated by regulators’ desire to mitigate the risk of disruption to services or losses to local customers, in the event of problems in other regions.

一些加密貨幣和穩定的監管框架，尤其是加密資產的市場（MICA）法規，其中包括由當地監管的實體發行的穩定幣的要求，並在本地監管的機構中持有後備資產。這種要求通常是由監管機構渴望減輕服務或對本地客戶損失的風險的願望而激發的​​。

However, requirements like these risk undermining the benefits of the underlying technology.

但是，這樣的要求可能會破壞基礎技術的好處。

One of the primary benefits of blockchain technology in financial services is that it is borderless. Much like the internet today, blockchains support the ‘internet of value’, allowing value to be delivered anywhere in the world with minimal friction.

區塊鏈技術在金融服務中的主要好處之一是它是無邊界的。與當今的互聯網一樣，區塊鏈也支持“價值互聯網”，從而使價值在世界任何地方都以最小的摩擦傳遞。

Stablecoins are a key building block of this internet of value. They are globally fungible and can be transferred between market participants, allowing value to be delivered anywhere in the world quickly and at low cost. This is more than just a feature of stablecoins; it is fundamental to their value.

Stablecoins是這種價值互聯網的關鍵基礎。它們在全球範圍內具有可替代性，可以在市場參與者之間轉移，從而使價值能夠快速和低成本地在世界任何地方傳遞。這不僅僅是Stablecoins的功能。這對於他們的價值至關重要。

Requirements for local issuance introduce frictions and may reduce the benefits of stablecoins. This is because the legal claim for redemption may need to shift between entities when a transfer occurs, and backing reserves may need to flow to the local entity to ensure the local entity can meet possible redemption requests from users in that jurisdiction.

當地發行的要求引入摩擦，並可能會降低穩定的好處。這是因為在轉移發生時，法律救贖的索賠可能需要在實體之間轉移，而支持儲備金可能需要流向本地實體，以確保本地實體可以滿足該管轄區用戶的可能贖回請求。

Local issuance also adds an operational burden for stablecoin issuers who generally do not have a direct relationship with end users and hence would need to rely on exchange partners to confirm the location of users. In some cases, where stablecoins are transacted using decentralised exchanges or without an intermediary, it may not be possible to trace the location of users (who in many cases may not be stationary).

本地發行還增加了對Stablecoin發行人的運營負擔，他們通常與最終用戶沒有直接關係，因此需要依靠交換合作夥伴來確認用戶的位置。在某些情況下，如果使用分散交易所或沒有中介機構進行交易，則可能無法追踪用戶的位置（在許多情況下，他們可能不是靜止的）。

In extreme scenarios, there is a risk that locally issued stablecoins could be seen as having different risk profiles and may trade at different values. For example, if a local bank fails where the issuer’s reserves are held, it may have an outsized impact on the value of the locally issued stablecoin, whereas the impact would be diffused if the local bank was one of many banks, within and outside the region, holding the issuer’s reserves.

在極端情況下，有風險可以將本地發行的穩定幣視為具有不同的風險概況，並且可能以不同的價值交易。例如，如果當地銀行在持有發行人的儲備金的位置失敗，則可能會對當地發行的Stablecoin的價值產生巨大影響，而如果當地銀行是許多銀行之一，則會擴散局面地區，持有發行人的儲備。

Ultimately, local issuance requirements are likely to increase costs for users and reduce the attractiveness of the jurisdiction as a destination for innovation and investment.

最終，本地發行要求可能會增加用戶的成本，並降低管轄權作為創新和投資目的地的吸引力。

Increasing Stablecoin Fungibility

提高穩定的固定性

To understand how internationally fungible stablecoins could meet regulatory objectives, we can break down issuance into three different elements:

為了了解國際上可及格的穩定符號如何達到監管目標，我們可以將發行分解為三個不同的要素：

Technological: Even if a stablecoin has multiple issuers, it can still be one and the same from a technological point of view. This means the stablecoin is issued from the same address on the blockchain and is completely fungible from users’ point of view. For example, a smart contract or payment can transfer a stablecoin without reference to which entity issued it. This is critical for stablecoins to operate effectively, and is consistent with regulatory objectives.

技術：即使穩定幣有多個發行人，從技術的角度來看，它仍然可以是一個又一個。這意味著Stablecoin是從區塊鏈上的同一地址發出的，從用戶的角度來看是完全可笑的。例如，智能合約或付款可以轉移穩定的穩定性，而無需引用實體發出的。這對於Stablecoins有效運行至關重要，並且與監管目標一致。

Legal: In certain jurisdictions, local issuance may also mean that the local regulated entity is responsible for honouring claims for redemption from users in that jurisdiction. This is likely to be important for regulators, as it means they can hold the local entity responsible for ensuring it is able to meet these redemption requests at all times, including in stress scenarios.

法律：在某些司法管轄區，地方發行也可能意味著地方監管實體負責尊重該司法管轄區用戶贖回的主張。這對於監管機構來說可能很重要，因為這意味著他們可以使當地實體負責確保能夠始終滿足這些救贖請求，包括在壓力情況下。

Backing: Finally, local issuance can also mean that some of the backing for the stablecoin is held in the local jurisdiction. From a regulatory point of view, this guards against risks in meeting cross-border redemption requests, such as delays in moving funds.

支持：最後，當地發行還意味著穩定的某些支持在當地管轄區舉行。從監管的角度來看，這種防禦能力在滿足跨境贖回請求中的風險，例如遷移資金的延誤。

While the transferable nature of stablecoins is a defining feature and underpins the benefits, it also complicates the approach to local issuance, for two reasons.

雖然穩定幣的可轉移性質是一個定義的功能，並構成了收益的基礎，但它也使當地發行的方法複雜化，原因有兩個。

First, while the likely redemption requests from a local issuer in a stress scenario can be based on how much that entity has issued, this is complicated by cross-border transfers. When stablecoins are transferred into and out of the jurisdiction, the value of stablecoins held there (and therefore the possible redemption requests) may differ from net issuance. To compound the problem, because stablecoin issuers do not have a direct relationship with their users, local holdings of the stablecoin are not known and need to be estimated.

首先，儘管在壓力方案中可能會從本地發行人那裡提出的贖回請求可以基於該實體發行的數量，但這對跨境轉移而變得複雜。當將穩定幣轉移到管轄權中並退出管轄區時，持有的穩定幣的價值（因此，可能的贖回請求）可能與淨發行量有所不同。為了使問題更加複雜，因為Stablecoin發行人與用戶沒有直接關係，因此尚不清楚Stablecoin的本地持有，需要估算。

Second, in meeting redemption requests, the issuer is able to draw not only

第二，在滿足贖回請求時，發行人不僅能夠繪製