专访宋敏：稳定币能否重塑全球货币

Core Viewpoint - Hong Kong's "Stablecoin Management Ordinance" marks a significant regulatory step, making it the first Asian financial center to comprehensively regulate the stablecoin market, amidst growing interest from major tech companies like JD.com and Ant Group in enhancing cross-border payment efficiency [2][3][4] Group 1: Regulatory Framework - The new ordinance requires all stablecoin transactions to occur through regulated exchanges, prohibiting direct peer-to-peer transfers between wallets, and mandates strict KYC (Know Your Customer) and KYT (Know Your Transaction) compliance [3][15] - This regulatory approach aims to enhance compliance and transparency but may compromise the decentralized nature of blockchain technology [3][15] - The ordinance is seen as a cautious yet necessary step to prevent risks associated with unregulated stablecoins, such as USDT, and serves as a potential model for mainland China's future stablecoin regulations [3][20][23] Group 2: Market Dynamics - Major tech companies are entering the Hong Kong stablecoin market primarily to improve cross-border payment efficiency and capitalize on the profit potential from stablecoin issuance [14][15] - The success of a stablecoin depends on its ability to create network effects, as user trust in its widespread adoption is crucial [15][16] - The existing dominance of USDT as a "chain-based dollar" poses challenges for new entrants, particularly in terms of user acceptance and market competition [15][16] Group 3: Asset Quality and Stability - The stability of a stablecoin is fundamentally linked to the quality of its underlying assets, with a focus on ensuring that these assets have clear ownership and predictable returns [3][10] - The introduction of real-world assets (RWA) into the stablecoin ecosystem is seen as essential for enhancing financial robustness, provided these assets are of high quality [3][10][18] - The potential for stablecoins backed by other scarce assets, such as gold or carbon credits, is increasing, reflecting a shift in market dynamics and trust in the dollar [18][19] Group 4: Global Financial Implications - Stablecoins are reshaping the international monetary system by enabling tech companies to create currency-like assets, challenging traditional banking structures [4][28] - The emergence of stablecoins as a new form of banking raises questions about regulatory frameworks and the need to redefine risk boundaries in algorithm-driven financial ecosystems [5][28][29] - The regulatory landscape varies globally, with Europe and the U.S. adopting different approaches to stablecoin regulation, which may influence the competitive dynamics of the market [16][21][22]