In recent years，mobile bet365 Cryptocurrency、The development of stablecoins and central bank digital currencies is accelerating，The "currency competition" pattern of the mobile bet365 digital economy has basically taken shape。Under the current technical and institutional framework，The currency attributes of the three are in order from weak to strong。However, mobile bet365 cryptocurrency prices represented by Bitcoin fluctuate greatly，Obvious speculative attributes，The central bank’s digital currency is still in its initial development stage。During this transition period，mobile bet365 stablecoin draws on the advantages of cryptocurrency technology and continuously optimizes it，Showing the characteristics of rapid expansion，Its mobile bet365 public goods attributes have also been further strengthened。Currently，In the absence of targeted regulatory mechanisms，Major countries and regions around the world have incorporated stablecoins into existing regulatory systems，Require its investors and operators to comply with anti-money laundering and anti-terrorist financing measures、Market integration、Relevant regulations on consumer rights protection, etc.，But this is not enough to cover its potential risks。In the future，Countries around the world must strengthen the regulatory cooperation mechanism for stablecoins，Supervision first。

　　Basic categories and development status mobile bet365

The emergence of stablecoins is based on the bursting of several bubbles in the original cryptocurrency，An attempt to solve the highly unstable problem of traditional cryptocurrency prices。Stablecoins have no clear conceptual definition or legal meaning，In fact, its price is not "stable"，Just a conventional name。In the Bank for International Settlements Working Paper，Stablecoin is defined as “a digital currency whose value is pegged to a fiat currency or other asset”。The relevant work report of the Global Financial Stability Board (Financial Stability Board) believes that stablecoins are linked to specific assets in order to maintain stable value、Cryptoassets associated with an asset pool or basket of assets。2019，Facebook’s cryptocurrency project “Libra White Paper” released，Change USD、£、A basket of low-volatility assets denominated in four legal currencies of euro and yen as collateral，To pursue the relative stability of Libra’s actual purchasing power。The concept of global stable currency appears in the public eye，Defined as a stablecoin that is available and usable in multiple jurisdictions。mobile bet365 have broad application space, such as cross-border payments, etc.，And may reach huge size，Make it a systemically important cryptocurrency within a country or region or even across national borders，But it also threatens global financial stability。

From the aspects of different stabilization mechanism arrangements，Stablecoins include the following types: Asset-linked、Algorithm-based and hybrid。Asset-linked stablecoin combines stablecoins with real assets、mobile bet365 assets、Connect crypto assets and more，To maintain the relative stability of its value。Asset-linked stablecoins include currency-based ones、mobile bet365 Instruments、Subdivided categories such as commodities and crypto assets。Algorithm-based stablecoins respond to the ebb and flow of stablecoin demand through protocols，Adjust the stablecoin supply accordingly。Algorithm-based stablecoins attempt to solve the problem of traditional digital currencies being unable to adjust their supply，A situation that causes prices to fluctuate with the rise and fall of market demand，Increase or decrease supply accordingly through algorithmic mechanisms，To stabilize the value of crypto assets。

Stability mechanism arrangement is the basic feature that distinguishes stablecoins from traditional cryptocurrencies。The main difference between general stablecoins and mobile bet365 is that mobile bet365 are generally not limited to transactions within one country，But across multiple jurisdictions，So there may be a larger user base、Transaction volume and more application scenarios。The uniqueness of mobile bet365 makes it possible to bring cross-regional financial risks，There should also be higher requirements for its supervision，Needs cooperation and collaboration from global currency supervision。

According to a report released by Messari, a blockchain data analysis agency，As of August 2021，The total market value of the 27 major mobile bet365 is approximately US8 billion，An increase of 332 from 2020.23%，It can be called rapid expansion development，And the fluctuation range is huge、Continuous violent fluctuations。While expanding rapidly，The application scenarios of stablecoins are relatively limited。In the future，Stablecoin may be used as a payment tool and value store，Will have a larger user base、Transaction size，Ability to trade in more countries and regions。At that time，Stablecoins, especially mobile bet365，It may also become an important source of global financial risks。Different from digital cryptocurrencies such as Bitcoin，Stablecoins are linked to reserve assets in various countries’ financial markets，Most of these reserve assets are legal currency liquid assets，This deepens its connection with traditional financial markets，Potential threat to global financial stability。

　　Potential mobile bet365 and supervision of stable coins

The current risk transmission mechanism of mobile bet365 mainly includes the following aspects。First，Stablecoins as payment tools，In case of operation exception and interruption，Payment risk will quickly evolve into liquidity risk，And transmitted to the global financial system and even the real economy，Cause a huge impact。Therefore，In order to reduce payment risks，Need to prepare for a rainy day，Establish a more robust financial infrastructure system for mobile bet365，Continuously test the risk of payment collapse that may be caused by large volumes of transactions and deterioration of the financial environment。Second，Using stablecoins as a store of value，May cause wealth effect and its impact。Slight fluctuations in the value of stablecoins may cause large fluctuations in user wealth，Thus affecting investors’ consumption and investment decisions，And then have an impact on the real economy。Third，The mechanism arrangement of mobile bet365 will trigger risks for traditional financial institutions。Due to the special properties of stablecoins，With specific assets、Asset Pool、A basket of assets connected，Stablecoins may also need market makers、Financial institutions such as electronic wallet providers participate in the custody of relevant reserve assets。The deep involvement of financial institutions increases their risk exposure。Therefore，Market risk、The accumulation of credit risk and operational risk may be rapidly contagious and transmitted by the individual risks of financial institutions，Causing systemic risks。Fourth，The large-scale use of mobile bet365 also exacerbates market confidence fluctuations。The more powerful the stable currency becomes as a payment tool and value store，The broader the user base，The faster the transmission speed of market confidence fluctuations。The conduction direction includes two aspects，First, it is transmitted from financial institutions to stablecoins。Once financial markets start to shrink，Financial institutions such as market makers and custodians participating in stablecoin mechanism arrangements，May transmit relevant risks to investors，Weakening investor confidence in the stablecoin market，Increase risk accumulation。The second is the opposite direction，That is, from stable coins to financial institutions。Any possible collapse risk of the stablecoin mechanism，The risks will be transmitted to relevant financial institutions，Resulting in a decline in investor market confidence in these financial institutions。Fifth，The above risk transmission mechanisms may also influence each other，Mutual reinforcement。For example，Payment interruption may cause lack of market confidence，Users are selling stablecoins，Causing the value of mobile bet365 to shrink，The latter affects the real economy and sovereign currency through the wealth effect。Anyway，The more powerful the functions of mobile bet365 are，The deeper the connection with financial institutions，Its impact on the financial system will also be more profound，The greater the probability of causing systemic risks，The possibility of triggering a financial crisis is also higher。Therefore，Before mobile bet365 are widely used，It is necessary to accelerate the establishment of regulatory arrangements for mobile bet365 at the international level。

The Global Financial Stability Board’s 2020 survey of 51 countries and regions shows，Most of the countries surveyed do not issue stablecoins domestically，Stablecoins are currently available and traded in 31 countries，Most of these stablecoins are cross-border。Specifically，The stablecoin-related operations that have received the most attention from regulatory authorities，Including issuance and redemption of stablecoins、Manage Reserve Assets、Customized reserve assets、Trading Stablecoins、Save stablecoin private keys, etc.。Most existing regulatory measures fulfill regulatory responsibilities for stablecoins。2020，The Global Financial Stability Board also proposed 10 regulatory recommendations for mobile bet365，Emphasize that countries should establish appropriate regulatory tools for mobile bet365，Deploy comprehensive management measures、Risk Control Framework、Data System、Recovery plan, etc.，Provides the possibility to strengthen international collaboration and cross-border supervision。The development of financial technology such as the emergence of distributed accounting technology has also promoted the progress of the global stablecoin regulatory system。In addition，We can also use "embedded supervision"，Automated supervision by reading the ledger of the cryptocurrency market using distributed accounting technology。This regulatory model requires the implantation of technical systems，Supervisors can obtain higher quality regulatory data，Cryptocurrency operators can also avoid active collection、Procedures for validating and reporting data to supervisory authorities。Currently，Some countries and regions have implemented or are planning to launch this automatic reporting mechanism。

Future，The rapid development of the digital economy will continue to increase people’s acceptance of digital currencies，The mobile bet365 public goods attributes of stablecoins will be continuously strengthened。But currently, most countries and regions around the world have not established a supervision and management mechanism for cryptocurrencies or stablecoins，Activities related to stablecoins are mostly placed under their existing financial regulatory regime。Due to differences in the degree of perfection of regulatory systems in different countries and regions，Various functions and activities related to stablecoins，Can only be partially covered by the existing financial regulatory systems of major developed countries，Relevant supervision is still lacking in most developing countries。

　(Author’s affiliation: Institute of Finance, Chinese Academy of mobile bet365、University of Chinese Academy of mobile bet365)