金融稳定委员会警告新兴市场和发展中经济体外币挂钩稳定币带来的宏观金融风险

负责监督全球金融体系并提出建议的国际机构金融稳定委员会（FSB）发布了一份关于全球稳定币对新兴市场和发展中经济体（EMDE）构成风险的论文。

The Financial Stability Board (FSB) has released a paper on the risks posed by global stablecoins to emerging market and developing economies (EMDEs). It highlights increased interest in U.S.-backed stablecoins in emerging markets and the potential dangers to those economies of non-domiciled coins.

金融稳定委员会（FSB）发布了一份关于全球稳定币对新兴市场和发展中经济体（EMDE）构成风险的文件。它凸显了新兴市场对美国支持的稳定币的兴趣日益浓厚，以及非本土稳定币对这些经济体的潜在危险。

The paper, titled “Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs,” was published on July 23 and focuses on what it refers to as global stablecoins (GSCs), which are stablecoins that could be widely used as a means of payment and/or store of value across multiple jurisdictions.

这篇题为《新兴市场和发展中全球稳定币安排的跨境监管问题》的论文于 7 月 23 日发表，重点讨论了所谓的全球稳定币（GSC），即可以广泛用作一种手段的稳定币。跨多个司法管辖区的支付和/或价值存储。

The FSB argues that EMDEs may be exposed to macro-financial risks arising from using foreign currency pegged stablecoins, which can increase financial stability risks by destabilizing financial flows and straining fiscal resources.

金融稳定委员会认为，新兴市场和发展中经济体可能会面临因使用与外币挂钩的稳定币而产生的宏观金融风险，这可能会破坏金融流动稳定并使财政资源紧张，从而增加金融稳定风险。

Prominent examples are the U.S.-dollar-pegged Tether (USDT) and Circle’s USDC, the two most widely circulated stablecoins globally; the latter is U.S.-domiciled, while the former claims to be decentralized (although Tether Limited, the entity behind the stablecoin, is technically owned by British Virgin Islands–based company iFinex Inc).

突出的例子是与美元挂钩的 Tether (USDT) 和 Circle 的 USDC，这是全球流通最广泛的两种稳定币；后者是在美国注册的，而前者则声称是去中心化的（尽管稳定币背后的实体 Tether Limited 从技术上来说由总部位于英属维尔京群岛的 iFinex Inc. 所有）。

“The collapse and de-peg of certain stablecoins since the outbreak of the crypto-asset market turmoil in 2022 highlights the potential fragility of stablecoins that are not adequately designed and regulated,” warns the FSB.

FSB 警告称：“自 2022 年加密资产市场动荡爆发以来，某些稳定币的崩溃和脱钩凸显了未充分设计和监管的稳定币的潜在脆弱性。”

This would appear to be a reference to the collapse of the Terra-Luna ecosystem in May 2022, when ‘stablecoin’ TerraUSD (UST) lost its peg to the dollar.

这似乎是指 2022 年 5 月 Terra-Luna 生态系统的崩溃，当时“稳定币”TerraUSD (UST) 失去了与美元的挂钩。

On May 7, 2022, UST, which was supposed to be pegged to the U.S. dollar 1:1 via an algorithmic relationship with Terraform Lab’s native Luna token, decoupled from its pegged asset after a rapid selloff on digital asset exchanges. By May 9, it had fallen from $1 to 35 cents. Meanwhile, Luna, which was meant to stabilize UST’s price, fell from $80 to a few cents by May 12.

2022 年 5 月 7 日，本应通过与 Terraform Lab 原生 Luna 代币的算法关系与美元 1:1 挂钩的 UST，在数字资产交易所迅速抛售后，与挂钩资产脱钩。到 5 月 9 日，它已从 1 美元跌至 35 美分。与此同时，旨在稳定 UST 价格的 Luna 到 5 月 12 日从 80 美元跌至几美分。

The fiasco wiped out a market capitalization of around $45 billion and started a domino effect in the rest of the digital asset market, which tanked the price of other assets, including BTC, and led to an estimated loss of $300 billion in value across the industry.

此次惨败导致市值蒸发约 450 亿美元，并在数字资产市场的其他领域引发了多米诺骨牌效应，导致包括 BTC 在内的其他资产的价格暴跌，导致整个行业价值估计损失 3000 亿美元。

This kind of systemic risk, warns the FSB, is of particular concern to emerging and developing markets.

金融稳定委员会警告说，这种系统性风险尤其值得新兴和发展中市场关注。

“Stablecoins also present concerns related to financial integrity, illicit finance, data privacy, cyber-security, consumer and investor protections, market integrity, fiscal stability, and macroeconomic stability,” said the FSB. “While these risks and challenges are global, some emerging market and developing economies (EMDEs) may be exposed to additional risks and challenges associated with global stablecoin (GSC) activities.”

FSB 表示：“稳定币还引发了与金融诚信、非法金融、数据隐私、网络安全、消费者和投资者保护、市场诚信、财政稳定和宏观经济稳定相关的担忧。” “虽然这些风险和挑战是全球性的，但一些新兴市场和发展中经济体（EMDE）可能面临与全球稳定币（GSC）活动相关的额外风险和挑战。”

In addition, the FSB warns that a stablecoin may become a systemic risk in an EMDE before reaching the threshold for becoming systemically crucial in the country from which it is issued.

此外，金融稳定委员会警告说，稳定币在达到发行国的系统重要性之前可能会成为新兴市场经济体的系统性风险。

“An EMDE authority may not have the tools and adequate enforcement powers to comprehensively regulate a foreign-issued stablecoin which is already systemic in that EMDE but not considered systemic in the jurisdiction in which the stablecoin is domiciled,” said the FSB.

FSB 表示：“EMDE 当局可能没有工具和足够的执法权力来全面监管外国发行的稳定币，这种稳定币在该 EMDE 中已经是系统性的，但在该稳定币所在的司法管辖区中并不被认为是系统性的。”

To address these heightened risks, the FSB suggests the widescale implementation of its ‘High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements.’

为了应对这些加剧的风险，金融稳定委员会建议广泛实施其“全球稳定币安排的监管、监督和监督的高级建议”。

The global supervisory body published its final recommendations for global stablecoins last July, advocating for a “same activity, same risk, same regulation” approach and a focus on the need for issuers to provide users with a legal claim for prompt redemption. It also recommended that if a stablecoin is tied to a single fiat currency, redemption should match that currency’s value, and national authorities should ensure redemption rights, stabilization mechanisms, and adherence to prudential standards for stablecoins.

该全球监管机构去年 7 月发布了针对全球稳定币的最终建议，倡导“相同活动、相同风险、相同监管”的做法，并重点关注发行人需要为用户提供及时赎回的合法索赔。它还建议，如果稳定币与单一法定货币挂钩，赎回应与该货币的价值相匹配，国家当局应确保赎回权、稳定机制并遵守稳定币的审慎标准。

“Comprehensive supervisory and regulatory frameworks, consisting at least of implementation of the FSB’s crypto-asset and GSC recommendations, along with other relevant international standards, will help address financial stability and financial integrity risks while supporting macroeconomic policies and addressing other risks,” said the FSB, in its latest publication.

“全面的监督和监管框架，至少包括实施 FSB 的加密资产和 GSC 建议以及其他相关国际标准，将有助于解决金融稳定和金融诚信风险，同时支持宏观经济政策并应对其他风险。” FSB，在其最新出版物中。

It suggests that “comprehensive supervision and regulation include efficient and effective cross-border cooperation and information-sharing among both AE [advanced economies] and EMDE authorities.”

它建议“全面的监督和监管包括AE（发达经济体）和EMDE当局之间高效且有效的跨境合作和信息共享。”

EMDEs interest in stablecoins

新兴市场和发展中经济体对稳定币的兴趣

The FSB argues that two case studies, based on public blockchain data and preliminary analysis submitted by select EMDE authorities, suggested a higher level of interest in and activities related to stablecoins in emerging and developing markets compared to “advanced” economies.

FSB 认为，基于公共区块链数据和特定 EMDE 当局提交的初步分析的两个案例研究表明，与“发达”经济体相比，新兴市场和发展中市场对稳定币的兴趣和相关活动更高。

It suggests that this can be explained by a combination of factors: a perceived preference for U.S. dollar (USD)-pegged stablecoins as a store of value in countries with high inflation and currency devaluation; liquidity benefits to

它表明，这可以通过多种因素来解释：在高通胀和货币贬值的国家中，人们普遍偏好与美元（USD）挂钩的稳定币作为价值储存手段；流动性好处