刘兴亮 | 稳定币与支付主权：风险控制与自由的博弈

Core Insights - The article discusses the evolving landscape of payment systems in the digital economy, highlighting the competition between traditional cross-border systems like SWIFT and emerging technologies such as blockchain and stablecoins [1][9]. Group 1: Rise of Stablecoins - Stablecoins are digital financial tools designed to maintain a peg to fiat currency, connecting digital currencies with real-world fiat, thus creating a relatively stable exchange relationship [2][4]. - The majority of mainstream stablecoins are pegged to the US dollar, which reinforces the dollar's dominance in the global payment system [4]. - Central banks are actively piloting Central Bank Digital Currencies (CBDCs), leading to a new landscape for capital flows [4]. Group 2: Parallel Payment Systems - The rise of blockchain and Bitcoin has led to the development of decentralized digital currencies that can potentially bypass traditional payment channels [4][5]. - Bitcoin's characteristics, such as distributed ledgers and lack of central authority, create an alternative settlement network parallel to SWIFT, although its price volatility limits its role as a mainstream payment currency [4][5]. - Stablecoins emerged to address these limitations, with examples like Tether (USDT) representing high efficiency and risk, while USD Coin (USDC) represents compliance and lower risk [4][5]. Group 3: Types of Digital Currencies - Digital currencies can be categorized into three types: decentralized digital currencies (e.g., Bitcoin, Ethereum), stablecoins (market-driven or regulated), and CBDCs (state-issued and centralized) [5][7]. - All three types have cross-border payment capabilities, but stablecoins are particularly advantageous in cross-border payment scenarios due to their liquidity and cost-effectiveness [7]. Group 4: Challenges and Opportunities - Stablecoins present opportunities for low-cost, efficient cross-border payments, especially in regions with inadequate traditional banking services [8]. - However, insufficient regulatory frameworks for stablecoin issuance and reserve management could pose systemic risks, potentially impacting central banks' monetary policy sovereignty and regulatory capabilities [8]. Group 5: Regulatory Landscape - The rise of stablecoins challenges national financial sovereignty and regulatory boundaries, prompting many countries to establish regulatory frameworks requiring issuers to maintain adequate reserves and conduct regular audits [5][8]. - The relationship between stablecoins and CBDCs represents not only a technological competition but also a struggle between regulatory oversight and decentralized freedom [5][8]. Group 6: Future Outlook - As the world transitions into the digital economy, the boundaries between payment sovereignty and market freedom are becoming increasingly blurred [9][10]. - The future of finance will depend on finding a new balance between freedom and order within the regulatory framework surrounding blockchain technology [10].