曾刚：美国稳定币立法背后是区块链等基础设施标准的博弈

Core Viewpoint - Blockchain technology serves as the underlying infrastructure for stablecoins, and its standardization process directly impacts the future structure of the digital currency system [1] Group 1: Legislative Developments - Stablecoins are becoming a focal point for global financial regulation, with various countries, including the U.S. and EU, actively constructing regulatory frameworks to adapt to the digital age [2] - The emergence of stablecoins challenges traditional monetary systems and redefines the concepts of currency and monetary issuance [2] Group 2: Impact on the Dollar System - The traditional infrastructure supporting the dollar's dominance includes the SWIFT system, the U.S. banking system, and government credit guarantees, which allow the U.S. to maintain financial hegemony [3] - Stablecoins, particularly those pegged to the dollar, expand the use of the dollar globally, while also providing tools for de-dollarization, as seen in increasing use of local currencies in trade by countries like China and Russia [4] Group 3: Regulatory Strategies - The U.S. legislative strategy regarding stablecoins aims to maintain dollar hegemony by requiring issuers to be regulated financial institutions and primarily hold dollar-denominated assets [5][6] Group 4: Technical Standards and Power Dynamics - The standardization of blockchain technology is crucial for the future of the digital currency ecosystem, with major public chain platforms competing for dominance in the stablecoin space [7] - Different blockchain networks face interoperability challenges, leading to a fragmented state that limits the effectiveness of stablecoins as global payment tools [8] Group 5: Regulatory Divergence - There are fundamental differences in stablecoin regulatory philosophies among countries, reflecting varying views on financial innovation and monetary sovereignty [9] - The U.S. focuses on risk control and maintaining dollar dominance, while the EU emphasizes consumer protection and market integrity [9] Group 6: Cross-Border Regulatory Coordination - The global nature of stablecoins necessitates international coordination, but differing regulatory philosophies and geopolitical tensions complicate this process [11] Group 7: Balancing Innovation and Regulation - Finding a balance between encouraging financial innovation and preventing systemic risks is a common challenge for regulators [12] Group 8: Future of Digital Currency Landscape - The evolution of the global digital currency landscape will be influenced by technological advancements, regulatory policies, and geopolitical factors [13] Group 9: Strategic Opportunities and Challenges for China - China's digital yuan offers a strategic advantage in the digital currency space, but balancing financial stability with technological innovation remains a challenge [14] Group 10: Historical Opportunity to Reshape Financial Order - The legislative developments surrounding stablecoins represent a profound transformation of the financial order, redefining currency, issuance rights, and global payment systems [16]