专访宋敏：稳定币能否重塑全球货币

Core Viewpoint - The introduction of real assets is crucial for the future development of stablecoins, as the stability of stablecoins fundamentally depends on the quality of the underlying assets [1][3]. Regulatory Framework - The Hong Kong Stablecoin Management Ordinance, effective from August 1, 2025, marks Hong Kong as the first Asian financial center to comprehensively regulate the stablecoin market [2][5]. - The 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][17]. - This regulatory approach, while enhancing compliance, may undermine the decentralized advantages of blockchain technology [3][17]. Market Dynamics - Major Chinese tech companies like JD.com and Ant Group are actively entering the Hong Kong stablecoin market, primarily to enhance cross-border payment efficiency and capitalize on the stablecoin's profit model [16][18]. - The dominance of USDT and USDC in the global market creates challenges for new entrants, as user acceptance is heavily influenced by existing network effects [16][19]. Asset Quality and Stability - The stability of stablecoins is directly linked to the quality of the underlying assets; assets with clear ownership and predictable cash flows, such as fiat currencies or gold, provide greater stability [11][19]. - The potential for tokenizing real-world assets (RWA) hinges on the clarity of ownership and the ability to generate reliable cash flows [11][12]. Global Financial Implications - Stablecoins are reshaping the international monetary system, allowing tech companies to create currency-like assets, which poses significant challenges to traditional financial frameworks [4][30]. - The reliance on the US dollar as the primary backing for most stablecoins is due to the large offshore dollar market, but this dominance may not be permanent [19][20]. Future Considerations - The relationship between stablecoins and central bank digital currencies (CBDCs) is complex, with potential models suggesting that CBDCs could serve as a foundation for stablecoins issued by tech companies [26][27]. - The balance between innovation and regulation remains a critical issue, as overly stringent regulations may stifle technological advancements in the stablecoin space [23][30].