Stablecoins：平衡监管优先事项与国际富裕性的好处

Stablecoins是新数字金融系统核心的有希望的创新，助长了无摩擦的跨境支付和数字资产交易。

Stablecoins are a critical innovation at the heart of the new digital financial system, facilitating frictionless cross-border payments and digital assets transactions. However, it is crucial that evolving stablecoin regulations do not inadvertently undermine the fundamental value of this global technology through overly burdensome localisation requirements.

Stablecoins是新数字金融系统核心的重要创新，促进无摩擦跨境支付和数字资产交易。但是，至关重要的是，不断发展的Stablecoin法规不会通过过于繁重的本地化要求而无意中破坏该全球技术的基本价值。

In this blog, we will explore ways to balance regulatory priorities around consumer and market protections while preserving the benefits of internationally fungible stablecoins. We will also highlight the risks of local issuance and outline key recommendations for policymakers as the $200bn+ stablecoin market continues to boom.

在此博客中，我们将探讨如何平衡消费者和市场保护措施的监管优先级，同时保留国际上易于访问的稳定剂的好处。随着2000亿美元+ Stablecoin市场的持续发展，我们还将强调对决策者的当地发行和概述主要建议的风险。

One thing is clear: for jurisdictions that aspire to become cryptoasset and tokenisation hubs, permitting a range of high-quality stablecoins - including those issued overseas - will be a major competitive and economic advantage.

一件事很清楚：对于渴望成为加密和象征性枢纽的司法管辖区，允许一系列高质量的稳定者（包括海外发行的）是主要的竞争和经济优势。

The Unintended Consequences of Local Issuance

当地发行的意外后果

Some crypto and stablecoin regulatory frameworks, notably Markets in Crypto-Assets (MiCA) regulation, include requirements for stablecoins to be issued by a local regulated entity, with the backing assets held with locally regulated institutions. Such requirements are typically motivated by regulators’ desire to mitigate the risk of disruption to services or losses to local customers, in the event of problems in other regions.

一些加密货币和稳定的监管框架，尤其是加密资产的市场（MICA）法规，其中包括由当地监管的实体发行的稳定币的要求，并在本地监管的机构中持有后备资产。这种要求通常是由监管机构渴望减轻服务或对本地客户损失的风险的愿望而激发的​​。

However, requirements like these risk undermining the benefits of the underlying technology.

但是，这样的要求可能会破坏基础技术的好处。

One of the primary benefits of blockchain technology in financial services is that it is borderless. Much like the internet today, blockchains support the ‘internet of value’, allowing value to be delivered anywhere in the world with minimal friction.

区块链技术在金融服务中的主要好处之一是它是无边界的。与当今的互联网一样，区块链也支持“价值互联网”，从而使价值在世界任何地方都以最小的摩擦传递。

Stablecoins are a key building block of this internet of value. They are globally fungible and can be transferred between market participants, allowing value to be delivered anywhere in the world quickly and at low cost. This is more than just a feature of stablecoins; it is fundamental to their value.

Stablecoins是这种价值互联网的关键基础。它们在全球范围内具有可替代性，可以在市场参与者之间转移，从而使价值能够快速和低成本地在世界任何地方传递。这不仅仅是Stablecoins的功能。这对于他们的价值至关重要。

Requirements for local issuance introduce frictions and may reduce the benefits of stablecoins. This is because the legal claim for redemption may need to shift between entities when a transfer occurs, and backing reserves may need to flow to the local entity to ensure the local entity can meet possible redemption requests from users in that jurisdiction.

当地发行的要求引入摩擦，并可能会降低稳定的好处。这是因为在转移发生时，法律救赎的索赔可能需要在实体之间转移，而支持储备金可能需要流向本地实体，以确保本地实体可以满足该管辖区用户的可能赎回请求。

Local issuance also adds an operational burden for stablecoin issuers who generally do not have a direct relationship with end users and hence would need to rely on exchange partners to confirm the location of users. In some cases, where stablecoins are transacted using decentralised exchanges or without an intermediary, it may not be possible to trace the location of users (who in many cases may not be stationary).

本地发行还增加了对Stablecoin发行人的运营负担，他们通常与最终用户没有直接关系，因此需要依靠交换合作伙伴来确认用户的位置。在某些情况下，如果使用分散交易所或没有中介机构进行交易，则可能无法追踪用户的位置（在许多情况下，他们可能不是静止的）。

In extreme scenarios, there is a risk that locally issued stablecoins could be seen as having different risk profiles and may trade at different values. For example, if a local bank fails where the issuer’s reserves are held, it may have an outsized impact on the value of the locally issued stablecoin, whereas the impact would be diffused if the local bank was one of many banks, within and outside the region, holding the issuer’s reserves.

在极端情况下，有风险可以将本地发行的稳定币视为具有不同的风险概况，并且可能以不同的价值交易。例如，如果当地银行在持有发行人的储备金的位置失败，则可能会对当地发行的稳定股的价值产生巨大影响，而如果当地银行是许多银行之一，则会扩散局面地区，持有发行人的储备。

Ultimately, local issuance requirements are likely to increase costs for users and reduce the attractiveness of the jurisdiction as a destination for innovation and investment.

最终，本地发行要求可能会增加用户的成本，并降低管辖权作为创新和投资目的地的吸引力。

Increasing Stablecoin Fungibility

提高稳定的固定性

To understand how internationally fungible stablecoins could meet regulatory objectives, we can break down issuance into three different elements:

为了了解国际上可及格的稳定符号如何达到监管目标，我们可以将发行分解为三个不同的要素：

Technological: Even if a stablecoin has multiple issuers, it can still be one and the same from a technological point of view. This means the stablecoin is issued from the same address on the blockchain and is completely fungible from users’ point of view. For example, a smart contract or payment can transfer a stablecoin without reference to which entity issued it. This is critical for stablecoins to operate effectively, and is consistent with regulatory objectives.

技术：即使稳定币有多个发行人，从技术的角度来看，它仍然可以是一个又一个。这意味着Stablecoin是从区块链上的同一地址发出的，从用户的角度来看是完全可笑的。例如，智能合约或付款可以转移稳定的稳定性，而无需引用实体发出的。这对于Stablecoins有效运行至关重要，并且与监管目标一致。

Legal: In certain jurisdictions, local issuance may also mean that the local regulated entity is responsible for honouring claims for redemption from users in that jurisdiction. This is likely to be important for regulators, as it means they can hold the local entity responsible for ensuring it is able to meet these redemption requests at all times, including in stress scenarios.

法律：在某些司法管辖区，地方发行也可能意味着地方监管实体负责尊重该司法管辖区用户赎回的主张。这对于监管机构来说可能很重要，因为这意味着他们可以使当地实体负责确保能够始终满足这些救赎请求，包括在压力情况下。

Backing: Finally, local issuance can also mean that some of the backing for the stablecoin is held in the local jurisdiction. From a regulatory point of view, this guards against risks in meeting cross-border redemption requests, such as delays in moving funds.

支持：最后，当地发行还意味着稳定的某些支持在当地管辖区举行。从监管的角度来看，这种防御能力在满足跨境赎回请求中的风险，例如迁移资金的延误。

While the transferable nature of stablecoins is a defining feature and underpins the benefits, it also complicates the approach to local issuance, for two reasons.

虽然稳定币的可转移性质是一个定义的功能，并构成了收益的基础，但它也使当地发行的方法复杂化，原因有两个。

First, while the likely redemption requests from a local issuer in a stress scenario can be based on how much that entity has issued, this is complicated by cross-border transfers. When stablecoins are transferred into and out of the jurisdiction, the value of stablecoins held there (and therefore the possible redemption requests) may differ from net issuance. To compound the problem, because stablecoin issuers do not have a direct relationship with their users, local holdings of the stablecoin are not known and need to be estimated.

首先，尽管在压力方案中可能会从本地发行人那里提出的赎回请求可以基于该实体发行的数量，但这对跨境转移而变得复杂。当将稳定币转移到管辖权中并退出管辖区时，持有的稳定币的价值（因此，可能的赎回请求）可能与净发行量有所不同。为了使问题更加复杂，因为Stablecoin发行人与用户没有直接关系，因此尚不清楚Stablecoin的本地持有，需要估算。

Second, in meeting redemption requests, the issuer is able to draw not only

第二，在满足赎回请求时，发行人不仅能够绘制