2025年底，稳定币的全球市值已突破3000亿美元，在跨境支付、数字资产交易和新兴市场中的应用不断扩大。 但6年前，当Facebook（Meta前身）宣布将发行一种由一篮子法定货币支持的全球数字货币时，却迅速演变为全球金融治理的争议焦点。各国央行一方面加 强对稳定币的监管，另一方面加快推进研究央行数字货币（CentralBankDigitalCurrency，下称 CBDC）。 Libra最终失败了，但稳定币市场却开启了快速增长，这背后的原因是什么？我们不禁追问：Libra从诞生、转型再到退出舞台，科技巨头是否适合承担金融 基础设施的角色？在数字时代，金融创新又应当如何在效率与风险之间取得平衡？ Libra的诞生 商学院观察 李伟、陈剑/文 2019年6月，在硅谷的一场发布会上，Facebook推出了一款名为Libra的数字货币。这场产品发布会更像一场宣言：这家连接全球20多亿人的社交网络巨头， 正试图打造一个无国界的金融体系，让全球用户能像发送讯息一样便捷地转移资金。对马克·扎克伯格及其团队而言，Libra不只是支付工具的革新，更是重 新定义货币的一次尝试。 Facebook高层认为，社交网络的下一个阶段， ...

1月7日，随着美国中期选举进入关键倒计时，FPG财盛国际认为，当前华盛顿的政治博弈已演变为影响 全球金融市场、特别是加密货币行业走向的核心变量。特朗普近期关于"若共和党失利必遭弹劾"的言 论，不仅揭示了其个人政治生涯的严峻挑战，更折射出美国立法权力天平向哪方倾斜，将直接决定未来 几年数字资产的监管力度与法律地位。 从目前的民调数据来看，总统支持率受生活成本高企等因素拖累已滑落至 42%。FPG财盛国际表示，博 彩平台 Polymarket 的赔率显示，民主党赢得众议院控制权的概率高达 80%，这意味着即便共和党仍有 67% 的机会保住参议院，立法层面的"跛脚鸭"困境或难以避免。一旦众议院易主，民主党极有可能利用 弹劾程序作为政治杠杆，从而使特朗普此前极力推动的加密政策陷入停滞。 针对市场关注的立法进程，共和党内部在加密政策上的分歧同样值得警惕。尽管市场期待《加密市场结 构法案》能为行业带来清晰指引，但共和党保守派与领导层在"是否禁止央行数字货币（CBDC）"问题 上的裂痕，说明了政策落地的复杂性。FPG财盛国际认为，如果未来民主党成功通过弹劾议程阻碍行政 效率，那么加密领域的制度红利可能会被无限期推迟。 从目 ...

Core Viewpoint - The article discusses the collaboration between Central Bank Digital Currency (CBDC), represented by digital renminbi (e-CNY), and compliant stablecoins from Hong Kong, which is reshaping the cross-border payment paradigm [1] Group 1: Digital Currency and Stablecoin Collaboration - The collaboration aims to expand the cross-border coverage of digital renminbi and enhance its usage in real trade, promoting the internationalization of the renminbi [1] - The initiative is expected to strengthen Hong Kong's position as an international financial center, creating the world's first "CBDC + compliant stablecoin" integration hub [1] - The approach does not seek complete unification of the underlying ledgers but focuses on establishing regulated and standardized interaction interfaces for secure value exchange and circulation [1]

文 | 人民币观察 大河 图 | 微摄 2025年12月29日，中国人民银行副行长陆磊12月29日在《金融时报》发文称，已出台《关于进一步加强数字人民币管理服务体系和相关金融基 础设施建设的行动方案》（下称《行动方案》）。根据部署，新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日 正式启动实施。作为总结十年研发试点经验后的系统性制度安排，《行动方案》的出台标志着我国数字人民币发展从试点探索阶段迈入规范 化、体系化推进的全新阶段，为夯实金融强国建设的现代化货币基石提供了核心支撑。 战略背景：锚定时代需求的货币体系革新 数字人民币的稳步推进始终紧扣国家战略导向与经济社会发展需求。党的二十届四中全会审议通过的"十五五"规划建议明确提出"加快建设金 融强国""稳步发展数字人民币"，为相关工作提供了行动指南。从现实背景来看，随着经济社会数字化、智能化转型加速，实体经济与金融体 系对数字支付工具的效率、安全、场景适配性提出更高要求，而全球范围内央行数字货币（CBDC）研发竞争日趋激烈，81%的受访央行已发 行或计划发行CBDC，在此背景下，《行动方案》的出台既是对国内需求的精准回应，也是把握国 ...

Group 1 - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration have issued a notice to enhance the collaboration between commerce and finance, aiming to boost consumption through the use of digital RMB smart contract red envelopes [1] - The core advantage of using digital RMB red envelopes lies in its technological benefits, such as targeted fund distribution, scenario-specific usage, and risk avoidance, which enhance policy implementation efficiency [1] - As of September 2025, the cumulative transaction amount in digital RMB pilot areas is expected to reach 14.2 trillion yuan, with 225 million personal wallets opened, indicating a replicable application model across multiple sectors [1] Group 2 - The digital RMB is projected to evolve from retail scenarios to encompass corporate and cross-border fields, potentially becoming a foundational infrastructure for the digital economy, with transaction volumes expected to reach between 52.8 trillion and 223.6 trillion yuan by 2030 [2] - In the A-share market, banks' IT service providers are expected to benefit from system upgrade demands, while payment equipment manufacturers will experience a wave of terminal replacements due to the digital RMB's adoption [2] - The digital RMB is transitioning from a "new payment channel" to a "new fiscal tool," opening up market opportunities for enterprises involved in the G-end business within the digital currency industry chain [2]

作为诞生于二十一世纪第一个十年末的新兴事物，私人数字货币融合了密码学、分布式账本、计算机与网络通信等技术，是信息时代的组合式创新产物。 其在发展过程中主要呈现以下重要特征：一是技术与应用创新层出不穷，导致研究与监管相对滞后（Bao & David, 2022）；二是形成了体量巨大的全球性 投资市场，并逐渐成为国际金融体系的不稳定因素（Yue et al., 2021；Lyer，2022；FSB，2023）；三是与诸多非法金融活动相联系，严重冲击传统金融秩 序（Foley et al，2019；Bao et al，2022）。上述特征表明，金融风险始终贯穿于私人数字货币的发展周期之中，既构成研究领域中不可回避的核心议题， 也需根据现实演化持续加以更新。尤其是在2022年，私人数字货币领域陆续发生了第三大稳定币USTC崩盘、对冲基金三箭资本破产、借贷平台Celsius暂 停提款并重组、头部交易所FTX倒闭等重大风险事件，暴露出巨大风险隐患与监管漏洞。然而，在相关风险并未得到全面梳理与有效防控的背景下，私人 数字货币与现实经济体系之间的联系正因机构化程度的不断加深（如比特币ETF的推出）及政治力量的介入（尤其是特朗 ...

Core Insights - The rise of stablecoins like USDT and USDC has created a significant impact on the global financial system, with USDT reserves exceeding 150 billion and USDC holding 99.5% of its reserves in U.S. Treasury bonds, surpassing the foreign exchange reserves of over 70% of countries worldwide [2][4][21] - Stablecoins are seen as a modern iteration of the "narrow bank" concept, which aims to separate money creation from credit risk, but they operate outside traditional banking regulations, creating both opportunities and risks for the financial system [6][20] Group 1: Market Dynamics - The total market capitalization of stablecoins has reached 276.9 billion, with a significant portion locked in short-term U.S. Treasury bonds, leading to a liquidity crisis in traditional banking [4][7] - Stablecoins are effectively siphoning off deposits from commercial banks, with an estimated 1.2 trillion in deposits withdrawn, impacting banks' ability to lend and manage liquidity [23][25] Group 2: Regulatory Challenges - The U.S. is moving towards stricter regulations for stablecoins, such as the GENIUS Act, which mandates 100% cash or short-term Treasury bond reserves, potentially tying stablecoins more closely to U.S. debt markets [21][25] - Regulatory approaches vary globally, with Hong Kong allowing multi-currency stablecoin issuance, creating an arbitrage opportunity that could lead to increased risks in the global financial system [22] Group 3: Financial Stability Risks - The operational model of stablecoins, which requires backing every issued token with equivalent reserves, is leading to a "sterilization" of market liquidity, as these assets are often held in custodial accounts and not actively used in lending or repurchase agreements [10][12][13] - The concentration of stablecoin holdings in short-term Treasury bonds is distorting market structures, leading to historically low yield spreads between different maturities and creating potential liquidity crises in the bond market [18][20] Group 4: Future Outlook - The expansion of stablecoins is seen as both a reinforcement of U.S. dollar dominance and a catalyst for a more multipolar global currency system, with central bank digital currencies (CBDCs) emerging as alternatives that do not rely on U.S. Treasury bonds [25][29] - The rapid growth of stablecoins, projected to reach 3 trillion, contrasts with the slower adoption of CBDCs, highlighting a significant gap in the evolution of digital financial systems [26][28]

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].

Core Insights - The collaboration between Sign and the National Bank of Kyrgyzstan marks a significant step towards the development of a Central Bank Digital Currency (CBDC) called Digital SOM, which will serve over 7.2 million citizens, indicating a shift to a state-backed digital currency era [1][2] - This initiative highlights the acceleration of digitalization in sovereign nations and prompts a reevaluation of the diverse future of digital finance, where decentralized finance (DeFi) platforms like XBIT are emerging as parallel pathways [1][2] Group 1: CBDC and Stablecoin Dual-Track Experiment - Kyrgyzstan's approach represents a strategic path for many small to medium-sized economies in the digital wave, opting for a "state-led, technology outsourcing" model rather than encouraging private stablecoin issuance like the U.S. [2] - The ambitious plan to enable interoperability between the Digital SOM and the KGST stablecoin aims to create a "financial services express lane" alongside a state-backed settlement network, balancing financial security and market efficiency [2] Group 2: Decentralized Financial Autonomy - In contrast to the centralized CBDC system developed by Sign, the decentralized finance sector emphasizes openness, permissionless access, and self-custody of assets [3] - Platforms like XBIT provide users with an alternative that does not rely on any single state or corporate credit, ensuring security through audited smart contracts and distributed networks [3] Group 3: Future Landscape of Digital Finance - The partnership between Sign and Kyrgyzstan reflects a microcosm of the global evolution of digital currencies, suggesting a multi-layered digital financial ecosystem in the long term [4] - The ecosystem is expected to consist of a top layer of CBDCs for cross-border settlements, a middle layer of compliant private stablecoins for efficient services, and a bottom layer of decentralized ecosystems based on code trust [4] - The "Digital SOM" initiative signals a clear embrace of technological change by state powers, while the industry witnesses the parallel paths of state-supported digital currency infrastructure and decentralized platforms like XBIT pursuing individual financial sovereignty [4]

Core Insights - Kunshan Rural Commercial Bank successfully completed a cross-border payment of 3 million RMB for a local foreign trade enterprise using the m-CBDC Bridge platform, marking the first direct connection of the 2.5-layer currency bridge in Kunshan's financial reform zone [1] - The m-CBDC Bridge project, initiated by the People's Bank of China, Hong Kong Monetary Authority, Bank of Thailand, and Central Bank of the UAE, aims to create an efficient, low-cost, and transparent cross-border payment corridor utilizing central bank digital currencies (CBDC) [1] - The 2.5-layer currency bridge allows small and medium-sized banks to access the currency bridge network indirectly through state-owned banks or designated institutions, significantly lowering the entry barrier compared to traditional SWIFT systems [1] Company Developments - The bank's client manager identified the needs of a long-term overseas trading enterprise and quickly assembled a professional team to customize the "currency bridge" solution, ensuring efficient and secure payment processing [2] - The enterprise reported a significant reduction in cross-border payment time from several days to just a few minutes, along with lower costs, addressing major operational challenges [2] - Moving forward, Kunshan Rural Commercial Bank plans to expand application scenarios, explore more diverse uses in cross-border e-commerce and foreign exchange derivatives trading, and enhance service capabilities for small and micro enterprises with cross-border settlement needs [2]