稳定币：支付的未来还是监管定时炸弹？

稳定币将自己定位为游戏规则改变者——在传统金融 (TradFi) 和去中心化金融 (DeFi) 世界之间架起桥梁。

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.

稳定币是传统金融（TradFi）和去中心化金融（DeFi）之间的桥梁，已成为加密经济中的重要组成部分。他们在支付领域的作用是不可否认的，但他们面临的全球监管审查也是如此。

What defines Stablecoins?

稳定币的定义是什么？

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.

稳定币是与稳定资产挂钩的数字货币，通常是美元等法定货币，以最大限度地减少价格波动。与价值波动剧烈的比特币或以太坊不同，稳定币提供了支付和日常交易所需的稳定性。

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.

根据国际货币基金组织 (IMF) 的数据，到 2023 年，稳定币的全球市值将超过 1300 亿美元，自 2020 年以来增长了 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.

在阿联酋，稳定币对于快速、经济高效的跨境支付尤其有吸引力。 2024 年 Cointelegraph 的一篇文章指出，阿联酋金融科技领域近 50% 的跨境支付现在是通过稳定币实现的，比 2020 年的仅为 20% 大幅上升。

Disrupting traditional finance

颠覆传统金融

Stablecoins promise to democratize payments on a global scale.

稳定币有望在全球范围内实现支付民主化。

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.

与传统金融机构收取的 1.5% 至 3% 的交易费用相比，它们的交易费用低至 0.1%，它们正在彻底改变汇款方式，这对许多发展中经济体至关重要。

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.

根据世界银行的数据，2023 年全球流向低收入和中等收入国家的汇款达到 8400 亿美元，其中很大一部分是通过稳定币转账实现的。

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.

在中东主要金融中心阿联酋，稳定币越来越多地用于汇款。 2023 年，阿联酋侨民汇款超过 470 亿美元，稳定币在降低成本和提高交易速度方面发挥了重要作用。

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.

阿联酋有 200 多个民族，这项技术有可能重塑该地区的金融格局，让移民能够以较低的费用实时汇款回家。

The regulatory spotlight: Friend or foe?

监管焦点：是友还是敌？

But this potential comes with challenges.

但这种潜力也伴随着挑战。

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.

在全球范围内，稳定币面临严格的监管审查，政府担心它们可能会损害货币主权。欧盟和美联储都对稳定币对金融稳定的影响表示担忧。 2022 年 TerraUSD（UST）算法稳定币的崩盘进一步加剧了这些担忧，引发了整个市场的恐慌，并引发了对算法稳定币可行性的质疑。

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

在阿联酋，迪拜虚拟资产监管局（VARA）正在主导稳定币监管，确保稳定币的可持续增长。

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 最近对资产支持的稳定币实施了新的指导方针，要求严格的审计和透明度，并确保每个发行的代币都得到储备资产 1:1 的支持。此外，像 USDC 这样的外币支持的稳定币只能用于在阿联酋境内购买虚拟资产，而新的迪拉姆支持的稳定币则提供了增强的交易稳定性。

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，阿联酋中央银行（CBUAE）发挥着至关重要的作用。它负责监督迪拉姆支持的稳定币的发行，并实施在特定条件下使用外国稳定币的框架。凭借其全面的监管框架，阿联酋将自己定位为稳定币创新的领导者。

The global view: Adoption versus risk

全球视野：采用与风险

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.

在全球范围内，稳定币的采用正在加速。根据 Chainaanalysis 的数据，涉及跨境贸易的企业目前有 60% 采用稳定币进行支付，高于 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.

稳定币减少了与传统银行系统相关的摩擦，特别是在货币波动或银行基础设施有限的地区，提供了一种快速、可靠和安全的替代方案。

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，它们的崛起并非没有风险。国际清算银行（BIS）警告称，使用稳定币存在潜在风险，因为稳定币通常由私人机构管理，从而导致透明度和储备充足性问题。还存在解除挂钩的风险，稳定币的价值可能会低于其法定等值物，正如一些稳定币算法模型中所见。在全球范围内，监管机构正在推动建立一个共同框架，以确保稳定币不会变得“太大而不能倒”。

Future outlook: The UAE at the forefront

未来展望：阿联酋处于领先地位

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.

阿联酋处于引领稳定币革命的独特地位。凭借明确的监管和前瞻性的方法，该国可以成为稳定币创新的全球中心。事实上，迪拜国际金融中心（DIFC）正在积极致力于为稳定币创建监管沙箱，允许金融科技公司在受控条件下试验这项技术。

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.

在全球范围内，稳定币可能是支付新时代的先兆，提供速度、安全性和成本效益。然而，它们的未来取决于监管机构在促进创新和确保稳定之间取得适当平衡的能力。

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

凭借其监管远见，阿联酋已经走上了这条道路。