全球对Stablecoins的镇压：谁领导了这一指控？

主要司法管辖区正在竞争实施稳定的规则，每个司法管辖区都采用自己独特的方法。

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，在承诺财务稳定和无摩擦交易的情况下，市值达到了2000亿美元。但是，凭借强大的审查，全球监管机构现在正在收紧对这个新兴行业的控制。

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

一个大问题 - 这些法规将维护财务稳定性，还是在此过程中最终扼杀了创新？

Europe: Leading the Way with MiCA

欧洲：与云母一起领先

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.

欧盟在其市场中采取了迅速而决定性的行动，该法规将于2024年初生效。这些法规施加了严格的流动性要求，大型发行人的交易限制，并要求维持储备金。

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

该框架旨在确保Stablecoin发行人在制定清晰的消费者保护指南时透明地运作。

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

欧盟的蓝图可能成为全球黄金标准，为世界各地的其他监管机构树立了基调。

The U.S.: A Battleground of Ideas

美国：思想的战场

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.

在整个大西洋地区，美国立法者被拖船涉及如何最好地调节稳定的人。出现了两个关键建议 - 《天才法》和《稳定法》，对监督提供了不同的观点。

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

《天才法》提出了一个针对稳定的联邦许可框架，旨在使发行人符合规定并制定明确的操作准则。

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.

同时，《稳定法》的重点是将Stablecoins明确定义为支付工具，而不是证券，这表明了优先执行速度和跨境交易的监管路径。

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.

这两项建议都凸显了华盛顿的紧迫性，以确保用于即时交易和金融包容性的稳定剂不要在监管灰色地区运作。

A Hub for Innovation with Tight Control: Asia

紧密控制的创新枢纽：亚洲

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，亚洲正在成为Stablecoin发展的主要参与者，香港和新加坡处于最前沿。

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.

新加坡的法规要求Stablecoins的储备率为1：1，以确保循环中的每个令牌都得到流动资产的支持。这些措施旨在减轻流动性风险并保持稳定的稳定性，尤其是在市场压力时期。

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.

香港将其新的Crypto法律框架与欧盟的云母保持一致，制定了可访问性规则和消费者保护标准。这一举动强调了香港致力于培养优先级安全和创新的监管环境的承诺。

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.

这些衡量亚洲的位置是塑造采用稳定的未来的主要力量，并为数字时代的新金融稳定时代奠定了基础。

The Risks That Keep Regulators Awake at Night

使监管机构在晚上保持清醒的风险

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

尽管Stablecoins提供了不可否认的福利，例如更快的跨境交易和财务包容性，但如果不受限制，它们也会带来很大的风险。

Liquidity Crises and Bank Runs

流动性危机和银行运行

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.

缺乏足够的储备可能会带来灾难性的后果。如果一个主要的稳定发行人无法保持足够的流动性并面临大规模抛售，它可能会破坏金融市场的稳定，对银行和更广泛的经济产生诺言。

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.

这种情况类似于银行运行，但在加密货币域中，强调了监管机构设定明确的储备要求并对发行人进行压力测试的重要性，以确保它们可以承受动荡的市场条件。

Fraud and Mismanagement: A Past Cautionary Tale

欺诈和管理不善：过去的警告故事

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.

如果没有严格的监督，一些稳定的发行人可能会很想从事风险做法或彻底欺诈，从而使投资者和消费者处于危险之中。

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.

过去管理不良的项目的崩溃，导致投资希望获得高回报的人的损失，这是一个明显的警告。

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

监督和透明度对于防止这种灾难并保持对加密生态系统的信任至关重要。

Illicit Transactions and Security Risks

非法交易和安全风险

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可用于快速有效地货币赚取大量资金，使其对诸如洗钱和融资恐怖主义等非法活动有吸引力。

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.

监管机构的目标是实施更强大的反洗钱（AML）措施和知识客户（KYC）协议，以减轻这些风险，并确保不滥用金融体系。

Striking the Right Balance: Innovation vs. Control

达到正确的平衡：创新与控制

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

随着政府在全球范围内采取更严格的法规，挑战在于达到完美的平衡。

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.

太少的监督可能导致金融不稳定，欺诈和非法活动，而过度监管可能会扼杀创新，从而促使加密企业将运营转移到更友好的加密友好型司法管辖区。

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.

金融稳定委员会（FSB）正在与全球决策者积极合作，以协调监管方法并建立统一的框架。他们的目标是创建一个系统，以促进加密货币领域的创新，同时确保有强大的风险管理实践来维护财务稳定。

The Road Ahead: What’s Next for Stablecoins?

前面的道路：Stablecoins的下一步是什么？

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

稳定的人处于其发展的关键时刻，ㅔ