Abstract:
Stablecoin is the product of the development of financial technology and blockchain finance.Because of its stable price, it becomes an important means of payment in cryptocurrency trading markets and the infrastructure of blockchain finance.According to the different stability mechanisms, stablecoins can be divided into two categories: mortgage stablecoins and algorithmic stablecoins.The two types of stablecoins have different stability mechanisms and risk performance.The current research has made some achievements in the exploration of connotation, the classification of stablecoins, and the risk and regulation of legal currency mortgage stablecoins.But there are also major deficiencies, including the understanding of the risk, legal attribute and regulation of stablecoins, the existing research perspective is relatively single, and foreign research is generally keeping ahead.In this regard, domestic scholars need to further deepen the understanding of the risk of stablecoins, regard stablecoins as foreign currency tokens or financial instruments with payment functions， and put forward countermeasures to improve stablecoins’ regulatory framework from five aspects of active supervision: functional supervision, technical supervision, judicial supplementary regulation and collaborative supervision.
