中国矿业大学学报（社会科学版）2025，Vol.27Issue(6)：102-113,12.DOI:10.20089/j.cnki.issn.1009-105x.2025.06.008
金融稳定法视角下稳定币审慎开放的制度构造
Institutional Structure for Prudent Opening of Stablecoins from the Perspective of Financial Stability Law
摘要
Abstract
The issuance,trading,and regulation of stablecoins have become crucial issues testing the adaptability of financial markets and legal systems in various countries.With the drafting of the Financial Stability Law underway,how to achieve prudent opening of stablecoins within a macroprudential regulatory framework is critical to the inclusiveness and institutional maturity of my country's financial legal system.The systemic risk structure of stablecoins dictates that financial regulation should adopt a tiered approach,with risk identification being key.While the macro-prudential principle upheld by the draft Financial Stability Law is compatible with the tiered logic of stablecoin risk governance,its continuation and construction of a prevention-first regulatory framework presents challenges such as institutional exclusivity and ambiguity in regulatory coordination,objectively limiting the legal space for digital financial innovations like stablecoins.Based on this,the prudent opening of stablecoins from the perspective of financial stability law must be based on the principle of achieving a dynamic balance between embracing innovation and preventing systemic risks,and should achieve the following institutional arrangements:First,establish standardized identification indicators and procedural assessment mechanisms to regularly assess financial activities with the potential to trigger systemic risks;second,form a legalized cross-departmental two-tier coordination mechanism;third,set hierarchical legal responsibilities for the different roles and functions of stablecoin issuers,custodians,and trading platforms;and finally,adopt a phased and regionally gradual opening path in terms of implementation.关键词
金融稳定法/稳定币/数字金融/宏观审慎监管Key words
financial stability act/stable coins/digital finance/macroprudential regulation分类
社会科学引用本文复制引用
LUO Weiheng..金融稳定法视角下稳定币审慎开放的制度构造[J].中国矿业大学学报（社会科学版）,2025,27(6):102-113,12.基金项目
国家社会科学基金青年项目"医疗数据市场化流动的场内外法律机制构建研究"(项目编号:24CFX070) （项目编号:24CFX070）
