Cardano adds stablecoins and fund freezing rules

核心要点

CIP-0113 允许发行商向新发行的受监管代币添加转账控制机制。冻结和扣押权力的行使取决于各代币自身公布的设计方案。该框架主要面向稳定币、基金、债券及其他类似的受监管资产。持有者需确认在代币转入其钱包后，哪些主体拥有干预权限。

Cardano 的新框架专为具有合规义务资产而设计

Cardano 基金会宣布，其 CIP-0113 可编程代币框架已于 10 月 7 日在主网上线。该框架为稳定币、代币化基金、债券及其他受监管资产的发行商提供了一种直接对代币应用身份验证、制裁筛查及转账条件的途径。

其最直接的用例在于那些发行商在初始销售后仍面临合规义务的资产。例如，基金经理可能需要将所有权限制在合格投资者范围内，而稳定币发行商可能需要阻止被制裁的钱包地址。CIP-0113 旨在确保这些条件在资产于 Cardano 网络上易手时持续有效。

受限稳定币的工作机制

设想一家公司向经过验证的企业发行一种与美元挂钩的代币。在一位客户将其发送给另一位客户之前，该代币会检查双方的钱包地址是否符合发行商的要求。如果转账至未经验证的地址，交易可能在写入账本前失败。

When an abnormal situation occurs that requires action, if the token design includes relevant rights, the issuer can freeze the balance after receiving a sanctions alert or transfer the token through a court-ordered recovery process. Another issuer may choose a stricter model that only blocks transfers to unapproved wallets.

Therefore, the name and price of the token do not allow the holder to understand all the necessary information. Two dollar-pegged tokens may look similar in the wallet, but one is freely circulated, while the other gives the authorization manager specific intervention powers.

Transfer checks exist with assets

Ordinary Cardano native tokens can set rules when minting or destroyed, but are usually free to move during circulation. CIP-0113 extends control to this intermediate stage: verification logic runs when programmable tokens are transferred, minted, or destroyed.

The foundation believes that compliance strategies should "follow asset flows." Therefore, whether the transfer starts in a wallet, exchange, or other Cardano application, the receiving end will be subject to the same check. The development document points out that the framework leverages Cardano's existing native assets and scripting mechanisms and can be implemented without a hard network fork.

Tokens built under this framework are still Cardano-native assets, but services such as wallets, block browsers, and decentralized exchanges need to support relevant logic to ensure a smooth experience.

Significance and control over holders

• Transfer restrictions: Tokens can only be moved between wallets that meet the issuer's conditions.
• Freeze: The balance may still be visible, but the holder cannot transfer it.
• Seizure or forced transfer: Authorizing parties may transfer tokens when permitted by asset policy.
• Change permissions: Depending on implementation, a designated authority may be able to update a portion of the control system.

Holders need to know who has permissions

The CIP-0113 specification provides a sharing framework, while each token's own script defines its transfer strategy, casting conditions, and third-party operations. The issuer's implementation plan must clarify who can take action and under what circumstances a freeze or seizure can be enforced.

Before purchasing assets, the controls selected by issuers should be clear and transparent. Tokens may designate a company, multi-signature group, or other governance arrangement as an actionable subject. Its documentation should also state whether the authority has the authority to subsequently modify the control measures.

Before purchasing programmable tokens, please check the following:

• Who has the right to freeze, restore or transfer balances?
• What events allow the use of these powers?
• Are transfers limited to verified wallets?
• Can issuers or other authorities modify policies?
• Does the wallet or trading platform explicitly support the asset?

Tokenized fund shares may be restricted to verified investors, while payment tokens may be allowed to be frozen after receiving a sanctions alert. Each method has a legitimate purpose, but once the balance reaches the holder's wallet, the rights attached to those balances differ.

Regulatory access is accompanied by less freedom of transfer

These disclosures are important because the functionality of making assets suitable for use by regulated issuers also limits the extent to which holders can freely use assets. Fund or bond issuers can gain access through public blockchain infrastructure without relinquishing restrictions on investors. What the buyer then obtains is an asset with conditions that ordinary cryptocurrencies do not have.

Each transfer requires verification logic, which increases execution costs and technical complexity, while ordinary native tokens avoid these issues. Cardano's documentation presents this model as an asset solution that requires continuous compliance control, rather than a default design for all tokens.

Realistic products and clear disclosure are the next test.

The foundation said the release is supported by ecosystem services such as Eternl, GeroWallet, CardanoScan and BloxBean. Its reference implementation includes an example of a regulated stablecoin with blacklist, freezing and seizure capabilities.

在发布公告中，并未识别出任何主要的稳定币、基金或债券发行商。CIP-0113 为受监管资产使用 Cardano 开辟了一条路径；其更广泛的价值将取决于发行商是否清晰地披露了其控制权力，以及持有者是否在转账或纠纷触发这些权力之前能够理解它们。

本文仅供参考，不构成投资、法律或监管建议。代币控制和发行商权力因资产和司法管辖区而异。