#稳定币监管风暴 Stablecoin Regulatory Storm: Finding a Balance Between Innovation and Compliance

The rise of stablecoins has brought efficiency and convenience to global financial transactions, but the $6.5 billion illegal stablecoin network case exposed by the Shanghai court has sounded the regulatory alarm again. In the future, stablecoins need to achieve a balance between innovation and compliance by focusing on three dimensions:

First, build a 'programmable compliance' system at the technical level. By embedding anti-money laundering, KYC, and other regulatory logic into smart contracts, transactions can automatically meet compliance requirements on-chain, preserving the technical advantages of blockchain while eliminating regulatory blind spots.

Second, establish a 'multinational cooperative framework' at the institutional level. The cross-border nature of stablecoins means that regulation by a single country is insufficient; similar to the FATF anti-money laundering standards, a globally unified regulatory baseline needs to be formed, while allowing flexibility for countries to adjust according to their own circumstances.

Third, clarify the 'issuer's responsibility' at the subject level. Drawing on the regulatory experience of payment institutions, stablecoin issuers should be required to pay reserves and accept regular audits to ensure the transparency of the 1:1 pegged assets, preventing risks of bank runs and illegal misappropriation from the source.

China's strong law enforcement cases provide important references for international regulation, especially in demonstrating the determination to combat money laundering using stablecoins and maintain financial stability, which may accelerate the establishment of stricter compliance standards globally. However, due to the differences in financial systems among countries, completely replicating the Chinese model is unrealistic. In the future, a more likely scenario is a diversified regulatory framework that is 'compliance-based, cooperation-oriented, and technology-supported,' allowing stablecoins to play a positive role in enhancing financial efficiency within a controllable scope.