金融安全视角下稳定币的合作型治理研究OA

Stablecoins are a key hub connecting digital finance and traditional finance,and their governance path selection is related to a country's fi-nancial security.The global,mixed,and technology driven characteristics of stablecoins have led to multiple threats such as algorithmic and technologi-cal failures,erosion of monetary policy sovereignty,cross-border flow of financial data,and systemic risk transmission.Under the current financial reg-ulatory system,the decentralization of regulatory powers due to segmented supervision has led to a lack of supervision,the backwardness of regulatory technology has exacerbated the failure of risk monitoring,and domestic ban governance has hindered cross-border collaboration,all of which constitute institutional obstacles to the security and controllability of stablecoins.At the international level,adopting a collaborative governance approach for sta-blecoins has become a consensus,with major jurisdictions incorporating the concept of collaboration to varying degrees.The core elements include di-versified collaboration among governance entities,complementary governance rules,and technological empowerment of governance tools.The local gov-ernance of stablecoins should adhere to the priority orientation of financial security,prudently implement the"limited cooperation"strategy,build a collaborative relationship of"central coordination,departmental collaboration,industry assistance,and data-driven"through governance authority allo-cation internally,actively participate in international governance framework collaboration and rule making externally,and further deepen cross-border collaboration to address stablecoin risks and challenges.