穩定幣：支付的未來還是監管定時炸彈？

穩定幣將自己定位為遊戲規則改變者——在傳統金融 (TradFi) 和去中心化金融 (DeFi) 世界之間架起橋樑。

Stablecoins, a bridge between traditional finance (TradFi) and decentralized finance (DeFi), have become essential in the crypto economy. Their role in payments is undeniable, but so is the global regulatory scrutiny they face.

穩定幣是傳統金融（TradFi）和去中心化金融（DeFi）之間的橋樑，已成為加密經濟的重要組成部分。他們在支付領域的作用是不可否認的，但他們面臨的全球監管審查也是如此。

What defines Stablecoins?

穩定幣的定義是什麼？

Stablecoins are digital currencies pegged to a stable asset, usually a fiat currency like the U.S. dollar, to minimize price volatility. Unlike Bitcoin or Ethereum, whose values fluctuate dramatically, Stablecoins provide the stability needed for payments and everyday transactions.

穩定幣是與穩定資產掛鉤的數位貨幣，通常是美元等法定貨幣，以最大限度地減少價格波動。與價值波動劇烈的比特幣或以太坊不同，穩定幣提供了支付和日常交易所需的穩定性。

According to the International Monetary Fund (IMF), Stablecoins had a global market capitalization of over $130 billion in 2023, a 500 percent increase since 2020.

根據國際貨幣基金組織 (IMF) 的數據，到 2023 年，穩定幣的全球市值將超過 1,300 億美元，自 2020 年以來成長了 500%。

In the UAE, Stablecoins are particularly attractive for fast, cost-efficient cross-border payments. A 2024 Cointelegraph article indicated that nearly 50 percent of cross-border payments in the UAE’s fintech sector are now facilitated through Stablecoins, a significant rise from just 20 percent in 2020.

在阿聯酋，穩定幣對於快速、經濟高效的跨境支付尤其有吸引力。 2024 年 Cointelegraph 的一篇文章指出，阿聯酋金融科技領域近 50% 的跨境支付現在是透過穩定幣實現的，比 2020 年的僅為 20% 大幅上升。

Disrupting traditional finance

顛覆傳統金融

Stablecoins promise to democratize payments on a global scale.

穩定幣有望在全球範圍內實現支付民主化。

With transaction fees as low as 0.1 percent compared to the 1.5 percent to 3 percent charged by traditional financial institutions, they’re revolutionizing remittances, which are crucial for many developing economies.

與傳統金融機構收取的 1.5% 至 3% 的交易費用相比，它們的交易費用低至 0.1%，它們正在徹底改變匯款方式，這對許多發展中經濟體至關重要。

According to the World Bank, remittance flows to low- and middle-income countries reached $840 billion globally in 2023, a significant portion of which was facilitated by Stablecoin transfers.

根據世界銀行的數據，2023 年全球流向低收入和中等收入國家的匯款達到 8,400 億美元，其中很大一部分是透過穩定幣轉帳實現的。

In the UAE, a key financial hub in the Middle East, Stablecoins are increasingly used for remittances. UAE expats sent over $47 billion in remittances in 2023, with Stablecoins playing an instrumental role in reducing costs and increasing transaction speed.

在中東主要金融中心阿聯酋，穩定幣越來越多地用於匯款。 2023 年，阿聯酋僑民匯款超過 470 億美元，穩定幣在降低成本和提高交易速度方面發揮了重要作用。

With over 200 nationalities in the UAE, this technology has the potential to reshape the region’s financial landscape, allowing migrants to send money back home at lower fees and in real time.

阿聯酋有 200 多個民族，這項技術有可能重塑該地區的金融格局，讓移民能夠以較低的費用即時匯款回家。

The regulatory spotlight: Friend or foe?

監理焦點：是友還是敵？

But this potential comes with challenges.

但這種潛力也伴隨著挑戰。

Globally, Stablecoins face intense regulatory scrutiny, with governments fearing they may undermine monetary sovereignty. Both the European Union and the U.S. Federal Reserve have expressed concerns about Stablecoins’ impact on financial stability. The TerraUSD (UST) algorithmic Stablecoin collapse in 2022 further exacerbated these concerns, triggering market-wide panic and raising questions about the viability of algorithmic Stablecoins.

在全球範圍內，穩定幣面臨嚴格的監管審查，政府擔心它們可能會損害貨幣主權。歐盟和聯準會都對穩定幣對金融穩定的影響表示擔憂。 2022 年 TerraUSD（UST）演算法穩定幣的崩盤進一步加劇了這些擔憂，引發了整個市場的恐慌，並引發了對演算法穩定幣可行性的質疑。

In the UAE, the Dubai Virtual Asset Regulatory Authority (VARA) is leading the charge on Stablecoin regulations, ensuring their growth is sustainable.

在阿聯酋，杜拜虛擬資產監管局（VARA）正在主導穩定幣監管，確保穩定幣的可持續成長。

VARA recently imposed new guidelines on asset-backed Stablecoins, requiring strict auditing and transparency and ensuring that each issued token is backed 1:1 by reserve assets. Additionally, foreign currency-backed Stablecoins like USDC can only be used for purchasing virtual assets within the UAE, while the new Dirham-backed Stablecoins offer enhanced transaction stability.

VARA 最近對資產支持的穩定幣實施了新的指導方針，要求嚴格的審計和透明度，並確保每個發行的代幣都得到儲備資產 1:1 的支持。此外，像 USDC 這樣的外幣支援的穩定幣只能用於在阿聯酋境內購買虛擬資產，而新的迪拉姆支援的穩定幣則提供了增強的交易穩定性。

Moreover, the UAE Central Bank (CBUAE) is playing a crucial role. It oversees the issuance of Dirham-backed Stablecoins and implements frameworks for foreign Stablecoins to be used under specific conditions. With its comprehensive regulatory frameworks, the UAE is positioning itself as a leader in Stablecoin innovation.

此外，阿聯酋中央銀行（CBUAE）發揮著至關重要的作用。它負責監督迪拉姆支持的穩定幣的發行，並實施在特定條件下使用外國穩定幣的框架。憑藉其全面的監管框架，阿聯酋將自己定位為穩定幣創新的領導者。

The global view: Adoption versus risk

全球視野：採用與風險

Globally, Stablecoin adoption is accelerating. According to Chainalysis, 60 percent of businesses involved in cross-border trade have now adopted Stablecoins for payments, up from 25 percent in 2021.

在全球範圍內，穩定幣的採用正在加速。根據 Chainaanalysis 的數據，涉及跨國貿易的企業目前有 60% 採用穩定幣進行支付，高於 2021 年的 25%。

Stablecoins reduce the friction associated with traditional banking systems, particularly in regions with volatile currencies or limited banking infrastructure, offering an alternative that is fast, dependable and secure.

穩定幣減少了與傳統銀行系統相關的摩擦，特別是在貨幣波動或銀行基礎設施有限的地區，提供了快速、可靠且安全的替代方案。

However, their rise isn’t without risk. The Bank for International Settlements (BIS) has warned of potential risks in using Stablecoins as they are often governed by private institutions, leading to questions of transparency and reserve adequacy. There’s also the risk of de-pegging, where the value of a Stablecoin might fall below its fiat equivalent, as seen in some algorithmic Stablecoin models. Globally, regulators are pushing for a common framework to ensure Stablecoins do not become ‘too big to fail’.

然而，它們的崛起並非沒有風險。國際清算銀行（BIS）警告稱，使用穩定幣存在潛在風險，因為穩定幣通常由私人機構管理，導致透明度和儲備充足性問題。還有解除掛鉤的風險，穩定幣的價值可能會低於其法定等值物，正如一些穩定幣演算法模型中所見。在全球範圍內，監管機構正在推動建立一個共同框架，以確保穩定幣不會變得「太大而不能倒」。

Future outlook: The UAE at the forefront

未來展望：阿聯酋處於領先地位

The UAE is uniquely positioned to lead in the Stablecoin revolution. With regulatory clarity and a forward-thinking approach, the country could become a global center for Stablecoin innovation. In fact, the Dubai International Financial Centre (DIFC) is actively working to create a regulatory sandbox for Stablecoins, allowing fintech firms to experiment with this technology under controlled conditions.

阿聯酋處於引領穩定幣革命的獨特地位。憑藉明確的監管和前瞻性的方法，該國可以成為穩定幣創新的全球中心。事實上，杜拜國際金融中心（DIFC）正在積極致力於為穩定幣創建監管沙箱，讓金融科技公司在受控條件下試驗這項技術。

Globally, Stablecoins may be the harbingers of a new era in payments, offering speed, security and cost-effectiveness. However, their future hinges on regulators’ ability to strike the right balance between fostering innovation and ensuring stability.

在全球範圍內，穩定幣可能是支付新時代的先兆，提供速度、安全性和成本效益。然而，它們的未來取決於監管機構在促進創新和確保穩定之間取得適當平衡的能力。

The UAE, with its regulatory foresight, is already on that path.

憑藉其監管遠見，阿聯酋已經走上了這條道路。