编者按 2025年9月25日，在"大金融思想沙龙（总第264期）：稳定币的风险、挑战与中国对策"研讨会上， 中 央财经大学法学院教授、金融科技法治研究中心主任邓建鹏围绕 "稳定币的风险、挑战与中国对策"做 主题报告。报告首先解释了稳定币的内涵与特征，介绍了当前稳定币的风险与挑战，接着探讨了美国 《GENIUS法案》，介绍了美国的稳定币监管框架与潜在冲击以及数字货币主权博弈及稳定币的影响， 最后提出了政策建议。稳定币是连接传统金融与加密金融的桥梁，影响力深远。中国亟需改变当前禁止 导致的"制度真空"状态，以更加开放和审慎的态度进行研究与监管，化挑战为机遇。 以下为报告全文： 01 稳定币的基本内涵和特征 稳定币与所锚定法币保持1：1相对稳定兑换比例，不过其"稳定"是相对的。以泰达币或 USDC 为例， 多数情况下在二级市场交易或线下购物时可等额视为1美元，但也可能略高于1美元，极端情况下会低于 1美元甚至归零。稳定币的Token在区块链公有链上运行，交易者在同一区块链账本记账，账本包括以太 网、比特币网络、Solana网络等。区块链是全球一体化账本，点对点交易无需中间环节，到账快，但若 发送数额错误，因无第三方 ...

Core Viewpoint - The article discusses the ongoing trend of stablecoins and the regulatory developments in Hong Kong, highlighting the opportunities and risks in the virtual asset trading market as new policies come into effect [1][24]. Group 1: Regulatory Developments - The "Stablecoin Regulation" in Hong Kong will take effect on August 1, 2023, allowing the Hong Kong Monetary Authority to start accepting license applications [1]. - As of June 30, 2023, there are 11 licensed virtual asset trading platforms in Hong Kong, including prominent institutions like OSL and HashKey [5]. - HashKey Exchange has become the largest licensed virtual asset trading platform in Hong Kong, allowing retail investors to trade Bitcoin and Ethereum [6][12]. Group 2: Investment Opportunities - The virtual asset market in Hong Kong is diversifying, with various financial products available, including direct trading of digital currencies and derivatives like spot and futures ETFs [15][16]. - The first Bitcoin and Ethereum spot ETFs were launched in Hong Kong in April 2024, significantly lowering the entry barrier for investors [17][18]. - As of May 2023, the total asset management scale of spot ETFs exceeded 3.8 billion HKD [20]. Group 3: Market Dynamics - Bitcoin has seen a significant price surge, reaching over $110,000 and a total market capitalization exceeding $2.1 trillion, making it the fifth-largest asset globally [25][27]. - The global stablecoin issuance has surpassed $235 billion, with Tether's USDT being the most prominent stablecoin, holding nearly two-thirds of the market share [30]. - Stablecoins are expected to reshape the global payment landscape, providing stable investment opportunities compared to volatile cryptocurrencies [31]. Group 4: Challenges and Risks - Chinese residents are prohibited from participating in virtual asset trading through licensed financial institutions in Hong Kong [22][23]. - Regulatory differences and uncertainties pose challenges for the virtual currency market, with Hong Kong being the first region to comprehensively regulate fiat-backed stablecoins [36]. - The investment in stablecoins carries risks, particularly related to the issuers, emphasizing the importance of choosing regulated and compliant issuers [38][39].

Core Viewpoint - The ongoing trend of stablecoins is highlighted, with Hong Kong's new stablecoin regulations set to take effect on August 1, 2023, allowing the Hong Kong Monetary Authority to start accepting license applications [1][27]. Group 1: Regulatory Developments - The Hong Kong Financial Services and Treasury Bureau announced that the stablecoin regulations will officially come into effect on August 1, 2023, marking a significant regulatory framework for stablecoins [1][27]. - As of June 30, 2023, there are 11 licensed compliant virtual asset trading platforms in Hong Kong, including prominent institutions like OSL and HashKey [3]. - The Hong Kong Securities and Futures Commission (SFC) mandates that investors can only trade virtual assets on licensed platforms [2]. Group 2: Market Opportunities - The introduction of compliant trading channels is expected to provide safer and more transparent avenues for investors to engage in virtual asset trading [8]. - The market for virtual currency financial products is diversifying, with direct trading of digital currencies and derivatives like spot and futures ETFs becoming available [16][18]. - The total asset management scale of spot ETFs in Hong Kong has exceeded 3.8 billion HKD as of late May 2023, indicating growing investor interest [20]. Group 3: Stablecoin Market Dynamics - The global stablecoin issuance has surpassed 235 billion USD, with Tether's USDT being the first mainstream stablecoin, currently holding a market share of nearly two-thirds [27]. - Stablecoins are seen as pivotal in reshaping the global payment landscape, presenting significant market opportunities [28]. - Investment strategies for stablecoins differ from volatile cryptocurrencies, focusing on stable returns through decentralized lending platforms and arbitrage opportunities [29]. Group 4: Future Projections - The digital asset market in Hong Kong is projected to grow from 112 billion HKD in 2024 to over 150 billion HKD in 2025, with a compound annual growth rate of over 35% [33]. - The global cryptocurrency spot market capitalization reached 3.26 trillion USD as of June 27, 2025, indicating substantial growth potential for the Hong Kong market [34].