#稳定币监管风暴

### **Why have stablecoins become a regulatory focus?**

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The main reasons why stablecoins have become a focal point for global regulatory agencies are as follows:

1. **Financial stability risks:** Stablecoins claim to be pegged to a certain fiat currency (such as the US dollar), but the transparency and security of their reserve assets have been widely questioned. If a large stablecoin experiences a "de-peg" or is under-collateralized, it could trigger a chain reaction affecting the broader financial market stability. The collapse of TerraUSD (UST) in 2022 is a stark lesson.

2. **Consumer protection:** Investors need to know whether the reserves backing stablecoins actually exist, whether they are sufficient, and who is holding them. Regulation aims to protect investors from fraud and opaque risks.

3. **Money laundering and terrorist financing:** The global and anonymous nature of stablecoins makes them potentially susceptible to illegal activities. Regulators seek to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) measures through regulation.

4. **Monetary sovereignty and national security:** With the rise of stablecoins, some countries are concerned that they may undermine the status of their national currencies, affect the effectiveness of monetary policy, and even threaten national financial security.

5. **Integration with traditional finance:** Stablecoins are increasingly being used in cross-border payments, DeFi, and other areas, deepening the intersection with the traditional financial system, which makes regulation more urgent.