不斷發展的全球監管景觀

本文探討了穩定菌的當前和未來監管環境，重點是美國和香港。它分析了《天才法》和穩定法

The global regulatory landscape for stablecoins is rapidly evolving, with significant legislative efforts underway in key jurisdictions, particularly as the US allocates more attention and urgency to this emerging sector.

全球穩定的監管格局正在迅速發展，並在關鍵司法管轄區進行了重大立法，尤其是當美國對該新興行業的更多關注和緊迫性。

US Stablecoin Legislative Efforts: GENIUS Act and STABLE Act

美國Stablecoin立法努力：天才法和穩定法

美國Stablecoin立法努力：天才法和穩定法

In the United States, stablecoin legislative efforts are well underway, with two main acts advancing in different branches of Congress: the GENIUS Act in the Senate and the STABLE Act in the House.

在美國，穩定的立法努力正在進行中，國會不同分支機構的兩個主要行為：參議院的《天才法》和眾議院的穩定法。

The GENIUS Act, which advanced in the Senate in May, defines a payment stablecoin as a digital asset primarily intended for payment or settlement. It imposes restrictions on the issuer’s business, limiting it solely to the issuance, redemption, management, and safekeeping of stablecoins.

《天才法》（Genius Act）於5月在參議院提出，將付款穩定幣定義為主要用於付款或和解的數字資產。它對發行人的業務施加了限制，僅限於發行，贖回，管理和保管Stablecoins。

Crucially, the act mandates a one-to-one backing of all outstanding payment stablecoins with high-quality, liquid assets, explicitly specifying US Treasury Bills with a maturity of less than 93 days. The legislation also aims to limit the ability of stablecoins to offer yields, a measure potentially designed to prevent direct competition with traditional money market funds. Its focus is on establishing federal standards for federally permissioned issuers.

至關重要的是，該法案要求一對一的支持，所有未償還的穩定股票具有高質量的流動資產，明確指定了美國國庫賬單，其成熟度不到93天。該立法還旨在限制穩定幣提供收益率的能力，該措施可能旨在防止與傳統貨幣市場基金直接競爭。它的重點是建立聯邦授權發行人的聯邦標準。

The House’s version of stablecoin legislation, the STABLE Act, clarifies that a payment stablecoin must be denominated in a national currency and explicitly excludes it from being defined as a “deposit” or “account” under existing banking laws.

眾議院的Stablecoin立法版本，《穩定法》，澄清說，必須用國貨幣來付款，並將其明確排除在現有銀行法律下的“存款”或“帳戶”中。

Similar to the GENIUS Act, the STABLE Act requires a one-to-one backing of stablecoins. These federal standards would apply to all permitted payment stablecoin issuers, with federal authorities mandated to consult with state authorities in developing these standards.

與《天才法》類似，穩定的法案需要一對一的穩定蛋白支持。這些聯邦標準將適用於所有允許的付款Stablecoin發行人，聯邦當局要求與州當局協商以製定這些標準。

SEC Approves Yield-Bearing Stablecoins as ‘Certificates’

SEC批准承重穩定的穩定劑作為“證書”

SEC批准承重穩定的穩定劑作為“證書”

In February, the US Securities and Exchange Commission (SEC) provided regulatory clarity for yield-bearing stablecoins by approving them as “certificates” subject to securities regulation.

2月，美國證券交易委員會（SEC）（SEC）通過批准將其作為證券法規的“證書”，從而為承擔屈服的穩定股份提供了監管清晰度。

This approval allows these assets to operate under specific rules, including registration, disclosure requirements, and investor protections, signaling a defined pathway for regulated yield-bearing products within the US.

該批准允許這些資產在特定規則（包括註冊，披露要求和投資者保護）下運行，並為美國境內受監管的承重產品的定義途徑發出信號。

US Anti-CBDC Stance and Preference for Private Stablecoins

美國抗CBDC立場和偏愛私人穩定的立場

美國抗CBDC立場和偏愛私人穩定的立場

US policy, particularly under the administration of President Trump, has adopted a strong stance against Central Bank Digital Currencies (CBDCs). These are viewed as inherently un-American due to concerns regarding privacy risks and potential government surveillance.

美國政策，特別是在特朗普總統的管理下，對中央銀行數字貨幣（CBDC）採取了強烈的立場。由於對隱私風險和潛在的政府監視的擔憂，這些被視為本質上是非美國人。

Instead, the US prioritizes privately-issued, dollar-backed stablecoins as the preferred mechanism for safeguarding and extending the global role of the US dollar.

取而代之的是，美國優先考慮私人發行的，以美元支持的穩定股份作為維護和擴展美元全球作用的首選機制。

Hong Kong Passes Stablecoins Bill, Setting Regional Benchmark

香港通過了穩定法案，設定區域基準

香港通過了穩定法案，設定區域基準

Hong Kong's Legislative Council passed a comprehensive Stablecoins Bill on May 21, positioning the city as a regulatory leader in the rapidly evolving global digital asset landscape.

香港立法委員會於5月21日通過了一項全面的Stablecoins法案，將這座城市定位為迅速發展的全球數字資產環境中的監管領導者。

The bill's provisions are stringent, with a focus on robust economic and technical standards. It imposes substantial obligations on stablecoin issuers, aiming to protect users and maintain financial stability. Key highlights include:

該法案的規定非常嚴格，重點是強大的經濟和技術標準。它對Stablecoin發行人施加了重大義務，旨在保護用戶並保持財務穩定。關鍵亮點包括：

* Stringent licensing requirements for stablecoin issuers, encompassing capital adequacy and risk management capabilities.

*針對Stablecoin發行人的嚴格許可要求，包括資本充足性和風險管理能力。

* Mandates for stablecoins to be backed by a basket of high-quality liquid assets, such as US Treasury Bills, and for the value of these assets to exceed the outstanding stablecoin amount.

*穩定幣由一籃子高質量的流動資產（例如美國國庫賬單）和這些資產的價值超過未償還的Stablecoin金額的授權。

* Guarantees for the par value redemption of stablecoins at any time and direct rights for coin holders to claim reserve assets in the event of issuer insolvency.

*保證在任何時候對穩定幣的標準價值贖回，以及在發行人破產的情況下，硬幣持有人索取儲備金的直接權利。

Europe's MiCA Policies and Stablecoin Concerns

歐洲的雲母政策和穩定的問題

歐洲的雲母政策和穩定的問題

In contrast, Europe's MiCA policies often favor Central Bank Digital Currencies (CBDCs) and typically view private stablecoins as potential financial stability risks.

相比之下，歐洲的雲母政策通常有利於中央銀行數字貨幣（CBDC），並且通常將私人穩定幣視為潛在的金融穩定風險。

For instance, Italy's finance minister expressed concerns about new US policies on dollar-backed stablecoins, signaling potential threats to European financial stability.

例如，意大利財政部長對美國支持的新政策表示擔憂，這表明了對歐洲金融穩定性的潛在威脅。

Global Stablecoin Transaction Volume and Integration

全球穩定交易量和集成

全球穩定交易量和集成

It's noteworthy that over 80% of global stablecoin transactions occur outside the United States, highlighting a fragmented regulatory landscape that creates confusion, friction, and higher costs for consumers.

值得注意的是，超過80％的全球Stablecoin交易發生在美國以外，強調了零散的監管景觀，這會給消費者帶來混亂，摩擦和更高的成本。

The United States, in particular, sees a “golden opportunity” to establish international digital asset standards, potentially leveraging its G20 presidency to coordinate commonalities in global crypto regulation.

尤其是美國，它是建立國際數字資產標準的“黃金機會”，有可能利用其G20總統任期來協調全球加密監管中的共同點。

Simultaneous legislation in the US (GENIUS Act, STABLE Act) and Hong Kong's new law clearly demonstrate a broader competitive aspect, with nations linking their digital asset strategy to broader economic and geopolitical goals.

美國的同時立法（天才法案，穩定法案）和香港的新法律清楚地表明了更廣泛的競爭方面，國家將其數字資產戰略與更廣泛的經濟和地緣政治目標聯繫起來。

For example, the US aims to maintain dollar hegemony and hegemony in setting technical and economic standards for the global financial system, while Hong Kong hopes to set a regional benchmark in East Asia. Meanwhile, Europe's preference for a CBDC model in MiCA signals further divergence in the competitive landscape.

例如，美國的目標是維持美元霸權和霸權，以為全球金融體系設定技術和經濟標準，而香港希望在東亞設定區域基準。同時，歐洲對雲母中CBDC模型的偏愛在競爭環境中進一步分歧。

This divergence will likely fragment the global stablecoin market, with different jurisdictions favoring distinct models, such as the US's focus on private dollar-backed stablecoins.

這種差異可能會破壞全球穩定市場，其司法管轄區有利於不同的模型，例如美國專注於私人美元支持的穩定穩定的stablecoins。

Such fragmentation could impede seamless cross-border payments and interoperability, posing significant operational and compliance challenges for businesses operating

這種分裂可能會阻礙無縫的跨境支付和互操作性，對經營的企業構成重大的運營和合規性挑戰