In recent years，Global cryptocurrency、The development of stablecoin and digital currency of the central bank is accelerating，The "currency competition" pattern of the global digital economy is basically formed。Under the current technology and institutional framework，The currency attributes of the three are from weak to strong in turn。But the global cryptocurrency price represented by Bitcoin fluctuates a lot，Obvious speculative attributes，and the central bank's digital currency is still in the preliminary development stage。During the transition period，Global Stable Coins drawn the advantages of cryptocurrency technology and continue to optimize，Development characteristics of rapid expansion，Its global public product attributes have also been further strengthened。Current，With the lack of targeted supervision mechanisms，Major countries and regions around the world will include stable coins into the existing regulatory system，It is required that investors and operators must abide by anti -money laundering and anti -terrorist financing measures、Market integration、Related regulations for the protection of consumer rights, etc.，But this is not enough to cover its potential risk。​​In the future，countries around the world must strengthen the cooperation between stable currency supervision and cooperation，Supervision first。

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The emergence of stable currency is based on the bursting of the original cryptocurrency several times.，It is a kind of attempt to solve the problem of the height of the price of traditional cryptocurrencies。Stable currency does not have a clear concept definition or legal meaning，In fact, bet365 best casino games the price is not "stable"，It's just a titling of a convention。In the work report of the International Clearance Bank，Stable currency is defined as "digital currency linked to legal currency or other assets"。The Global Financial Stability Commission (Financial Stability Board) related work reports that stablecoins are to maintain stable value and specific assets、Crypto assets associated with assets or a basket of assets。2019，Facebook cryptocurrency project "Libra White Paper" release，The dollar、Pound、A basket of low volatility assets for pricing of four legal currencies of the euro and yen as a mortgage，The relative stability of the pursuit of Libra's actual purchasing power。The concept of global stablecoin appears in the public's field of vision，It is defined as a stable currency that can be available and available in multiple jurisdictions。Global stable currency has broad application space such as cross -border payment，and it may reach a huge volume，Make it a systematic importance cryptocurrency，But it will threaten global financial stability。

From the arrangement of different stability mechanisms，Stablecoin includes the following types: asset connection (asset-linked)、Algorithm-based and hybrid。Asset connection stable coins will be stable coins and physical assets、Financial assets、Crypto assets, etc.，To maintain the relative stability of its value。Asset connection stablecoin includes currency -based、Financial Tools、Products and encrypted assets such as subdivisions。Stable currency based on algorithm -based stable coins reaches the rise and fall of stable currency demand through the agreement，Adjust the supply of stable currency accordingly。Stable currency -based stable currency trying to solve traditional digital currencies because it cannot adjust the supply，The situation that makes the price fluctuate Bet365 app download with market demand，Correspondingly increased or reduced supply through the algorithm mechanism，Value of stable encryption assets。

Stability mechanism arrangement is the basic feature of distinguishing stablecoins and traditional cryptocurrencies。The difference between general stablecoins and global stable coins is mainly that global stablecoins are generally not limited to trading within one country，Instead, it spans multiple judicial areas，Therefore, there may be a larger user base、transaction volume and more application scenarios。The uniqueness of the global stable coin makes it possible to bring cross -regional financial risks，It should also have higher requirements for its supervision，Need the cooperation and collaboration of global monetary supervision。

Report released by Messari according to the blockchain data analysis agency，As of August 2021，27 major global main stable currency total market value is about 118 billion US dollars，increased 332.23%over 2020，It can be called rapid expansion development，and the fluctuation amplitude huge、Continuous fluctuations。While expanding rapidly，The application scenario of stablecoin is relatively limited。​​In the future，Stable currency may be used as a payment tool and value storage method，It will have a larger user base、Transaction scale，Can be traded in more countries and regions。At that time，Stable coins, especially global stablecoin，It may also become an important source of global financial risks。Different digital cryptocurrencies such as Bitcoin，Stablecoin is associated with reserve assets in the financial markets of various countries，Most of these reserve assets are legal currency liquidity assets，thus deepened its association with the traditional financial market，Potential threats to global financial stability。

　　Potential risks and supervision of stable currency

Bet365 app download At present, the risk transmission mechanism of the global stable currency mainly includes the following aspects。First，Stable currency as a payment tool，Once operating abnormalities and interruptions，Payment risk will quickly evolve into liquidity risk，and transmitted to the global financial system and even the real economy，Caused a huge impact。Therefore，To reduce payment risk，Need to pay ahead，Establish a more stable financial infrastructure system for global stablecoin，Continuously test the risk of payment crashes that may cause large volume transactions and the deterioration of the financial environment。2，Put the stable currency as a value storage method，It may cause wealth effect and its impact。The slight ups and downs of stable currency value may cause a large fluctuation of user wealth，thus affecting investor consumption and investment decisions，Then affect the real economy。third，Global stable coin mechanism arrangement will trigger risk of traditional financial institutions。Due to the special attributes of stablecoin，is with specific assets、Asset pool、Connection of a basket of assets，Stable currency may also need to be a city merchant、Electronic wallet suppliers and other financial institutions participating in the custody of related reserve assets。The in -depth participation of financial institutions has increased its risk exposure。From this，Market risk、Credit risk and operating risk accumulation may be quickly transmitted and transmitted by individual risks of financial institutions，Treatment of systemic risks。Fourth，The large -scale use of global stablecoin also exacerbates bet365 live casino games market confidence fluctuations。Stablecoin as a payment tool and value storage means, the stronger the more powerful，The broader the user foundation，The transmission speed of market confidence fluctuations is faster。The conduction direction includes two aspects，The first is transmitted from financial institutions to stable currency。Once the financial market starts to shrink，Financial institutions involved in the arrangement of stable currency mechanisms, such as city merchants and custodian institutions，It may transmit relevant risks to investors，It may transmit relevant risks to investors，Increase risk accumulation。Followed by the opposite direction，is from stable currency transmission to financial institutions。Any possibility of collapse in the stable currency mechanism，All will infect risks to relevant financial institutions，Causes investors to fall in market confidence in these financial institutions。Fifth，The above risk transmission mechanism may still affect each other，Strengthening each other。For example，Payment interrupt may cause insufficient market confidence，Users have sold stablecoins in one after another，As a result, the value of the global stable currency shrinks，The latter also affects the real economy and sovereign currency through the wealth effect。In short，The stronger the functions of the global stablecoin，The deeper the connection with the financial institution，It will have a deeper impact on the financial system，The greater the probability of a systemic risk，The possibility of triggering the financial crisis is also higher。Therefore，Global stable currency is widely used，The international level is necessary to accelerate the construction of regulatory arrangements for global stablecoins。

The Global Financial Stability Committee surveyed in 51 countries and regions in 2020，Most of the surveyed countries have not issued stable currency in their domestic，Stable coins can be obtained and traded in 31 countries，Most of these stablecoins are bet365 best casino games cross -border。Specifically，The operating link related to the stable coin with the most attention to the regulatory authorities，Including issuance and redemption stabilizer、Management Reserve Assets、Trusted Reserve Assets、Transaction stablecoin、Save stable coin private key, etc.。Most existing regulatory measures have fulfilled the supervision responsibility for stablecoin。2020，The Global Financial Stability Committee also proposed 10 regulatory suggestions for global stable currency，Emphasizing that countries should establish a suitable supervision tool for global stable currency，Comprehensive management measures for deployment、Risk control framework、Data system、Recovery plan, etc.，Provide possible for strengthening international cooperation and cross -border supervision。The development of financial technology, such as distributed accounting technology, has also promoted the progress of the global stabilization currency regulatory system。other，We can also use "embedding supervision"，The accounts of the cryptocurrency market using distributed bookkeeping technology through reading were originally automatically supervised。This regulatory mode requires implantation technology system，Supervisors can get higher -quality regulatory data，cryptocurrency operators can also avoid active collection、Confirmation and procedures for reporting data to the regulatory authorities。Current，Some countries and regions have implemented or are planning to launch this automatic report mechanism。

Future，The rapid development of the digital economy will continue to increase people's acceptance of digital currency，Global public product attributes of stablecoin will be continuously strengthened。But most countries and regions in the world have not established a supervision and management mechanism Bet365 app download for cryptocurrencies or stable currencies，Most of the activities related to stable coins are placed under its existing financial regulatory system。Different degrees of improvement due to the supervision system of different countries and regions，Various functions and activities related to stable currency，It can only be covered by the existing financial regulatory system in major developed countries，The relevant supervision of most developing countries is still lacking。

　(Author Unit: Institute of Finance of the Chinese Academy of Social Sciences、University of Chinese Academy of Social Sciences)