【摘要】 随着中国香港与美国完成稳定币立法，稳定币从民间主体的加密货币实验发展成为合法的支付工具，必将对经济金融和公共利益产生重要影响。既有文献研究表明，稳定币执行“支付即结算”的支付工具职能，其作为价值载体仅仅体现在跨境支付而非贮藏手段。稳定币的运行机制表明，中心化发行结构、储备资产透明度不足及市场赎回机制脆弱，使其在货币稳定、金融稳定和公共利益层面存在显著风险。中国香港与美国的立法尝试，旨在通过牌照管理、储备披露和合规审计实现制度性矫正。据此，本文主张中国稳定币的抉择必须坚持价值导向与利益权谋相结合、央行主导大额支付与稳定币服务小额支付相结合、审慎实验与沙盒引进相结合的“三原则”。更多还原

【Abstract】 With the enactment of stablecoin legislation in both Hong Kong, China and the United States, stablecoins have evolved from private cryptocurrency experiments into lawful payment instruments, carrying profound implications for the economy, the finance, and public interests. Existing literature suggests that stablecoins serve as payment instruments facilitating “real time settlement” in cross-border payments with their role as a store of value being limited to cross-border payments. The operation mechanisms of stablecoins indicate that their centralized issuance structure, insufficient reserve transparency, and fragile redemption mechanisms introduce considerable risks to monetary stability, financial stability, and the broader public interests. The legislative initiatives in Hong Kong, China and the United States seek to address these issues through licensing regimes, reserve disclosure requirements, and compliance audits. Based on these developments, this paper suggests that China’s approach to stablecoin regulation should adhere to three principles: a combination of value orientation and strategic interests, the integration of central bank-led large-scale payments with stablecoin services for small-scale payments, and a balance between cautious experimentation and regulatory sandboxes.更多还原