稳定币增长；政策挑战和方法

Stablecoin growth – policy challengesand approaches Iñaki Aldasoro, Matteo Aquilina, Ulf Lewrick and Sang Hyuk Lim 11 July 2025 BIS Bulletins are written by staff members of the Bank for International Settlements, and from time to timeby other economists, and are published by the Bank. The papers are on subjects of topical interest and aretechnical in character. The views expressed in them are those of their authors and not necessarily the viewsof the BIS. The authors are grateful to Sebastian Doerr, Jon Frost, Tirupam Goel, Pablo Hernández de Cos,Priscilla Koo Wilkens, Dan Rees, Costas Stephanou, Christian Upper and Phil Wooldridge for helpfulcomments, to Giulio Cornelli and Ilaria Mattei for excellent analysis and research assistance, and to NicolaFaessler and Maja Viscek for administrative support. The editor of the BIS Bulletin series is Hyun Song Shin. This publication is available on the BIS website (www.bis.org). ©Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced ortranslated provided the source is stated. Stablecoin growth – policy challenges and approaches Key takeaways •Stablecoins’ linkages with the traditional financial system are growing, which raises policychallenges ranging from preserving financial integrity to mitigating financial stability risks.•Broader use of foreign currency-denominated stablecoins could raise concerns about monetarysovereignty and, in some jurisdictions, erode the effectiveness of existing foreign exchangeregulations.•The principle of “same risks, same regulation” faces limitations in the context of stablecoins,highlighting the need for tailored regulatory approaches that address the nature and specificfeatures of stablecoins. Stablecoins are cryptoasset tokens that circulate mainly on public permissionless blockchains and striveto maintain a stable value relative to a reference asset. Most stablecoins are pegged to the US dollar,promising redeeming investors one dollar for each stablecoin on demand, much like other forms of moneyor money-like claims, such as bank deposits or money market fund (MMF) shares. Major stablecoin issuersback their tokens primarily with fiat-denominated short-term assets such as Treasuries, repurchaseagreements and bank deposits. In the light of their rapid growth, stablecoins have become a focal pointin policy debates about the future of money in an increasingly digitalised financial system. Stablecoins’ rising market capitalisation and increasing interconnections with the traditional financialsystem have reached a stage where potential spillovers to that system can no longer be ruled out. Inresponse, many jurisdictions have introduced, or are in the process of developing or updating, bespokeregulatory frameworks for cryptoassets and stablecoins, building on the high-level principles establishedby international standard setters.1The latest BIS survey of central banks on digital currencies, coveringdata as of end-2024, suggests that almost 70% of responding jurisdictions already had or were developingregulatory frameworks for stablecoins (Illes et al (2025)). Many of these frameworks focus on asset backing,disclosures, financial stability, consumer/investor protection and countering illicit activities. This Bulletin takes stock of the current state of the stablecoin market and assesses the key policychallenges surrounding the circulation of stablecoins in public blockchains. Although stablecoins bearsome resemblance to conventional financial products (such as MMFs, or money market exchange-tradedfunds), they present a unique set of challenges given their borderless and pseudonymous nature. In thisregard, the principle of “same risks, same regulation” faces inherent limitations: since “same risks” doesnot apply, the prescription “same regulation” has only limited bite. The policy response will need moretailored approaches that target the nature and specific features of stablecoins. For example, it could leverage the traceability of their history and provenance on public blockchains to design more effectiveintegrity rules against illicit use, especially at points of contact with the regulated financial system. Stablecoin growth: taking stock Stablecoins have experienced rapid growth in recent years and remain predominantly centred around theUS dollar. The number of stablecoins in active use has soared from around 60 in mid-2024 to over 170today (Graph 1.A). Equally striking is the sharp increase in market capitalisation, which has grown from$125 billion less than two years ago to around $255 billion today. While this is equivalent to around 1.5%of US bank deposits, it amounts to about 4% of the assets held by government money market funds(GMMFs) in the United States. Despite the proliferation in the number of stablecoins, the market remainshighly concentrated, with around 90% of market capitalisation accounted for by just two issuers(Graph 1.B). The market is also overwhelmingly domina