管涛：稳定币在货币体系中将扮演何种角色仍待观察

Core Viewpoint - The U.S. has officially regulated stablecoins through the "Genius Act," while China continues to promote its central bank digital currency (CBDC) initiative, highlighting differing approaches to digital currency regulation and innovation [1][2]. Group 1: Stablecoins and Regulation - The "Genius Act" signed by President Trump incorporates stablecoins into regulatory frameworks, reflecting a growing focus on stablecoins in the market [1]. - Stablecoins are defined as cryptocurrencies pegged to fiat currencies or assets, which aim to enhance cross-border payment efficiency and user experience [1]. - According to the Bank for International Settlements, stablecoins have not met the key requirements for a robust international monetary system, suggesting their future role may be limited to a supportive function [1]. Group 2: China's Digital Currency Initiatives - As of July 2024, the digital yuan has been implemented in 26 pilot areas across 17 provinces, with 180 million personal wallets opened and a total transaction volume of 7.3 trillion yuan [2]. - China is a founding member of the "Multi-Central Bank Digital Currency Bridge" project, which aims to enhance cross-border payment scenarios using blockchain technology [2]. - The project has transitioned from sandbox testing to formal operations, involving multiple central banks and commercial banks across various jurisdictions [2]. Group 3: Cross-Border Payment Innovations - Third-party payment institutions in China have made significant advancements in cross-border payments since the pilot program began in September 2013, enabling 24/7 rapid transactions [2]. - The "Cross-Border Payment Link" launched in June 2023 connects mainland China's online payment systems with Hong Kong's rapid payment system, improving transaction efficiency and reducing costs [4]. - There is an openness to exploring stablecoin payment tools, with a focus on leveraging their advantages while ensuring compliance and fostering competition in the cross-border payment sector [4].