Core Viewpoint - Stablecoins have become a focal point in the global financial sector, especially following regulatory developments in Hong Kong and the U.S. The International Bank for Settlements (BIS) has highlighted that while stablecoins show potential in tokenization, they currently fail to meet the requirements to be a pillar of the monetary system, performing poorly in three key tests: singularity, elasticity, and integrity [1][2][4]. Group 1: Performance in Key Tests - Stablecoins exhibit structural flaws in singularity, elasticity, and integrity, limiting their role to that of an auxiliary rather than a foundational currency [2][4]. - In terms of singularity, asset-backed stablecoins resemble digital promissory notes, lacking the necessary attributes to pass the singularity test, as they are tied to specific issuers and do not guarantee uniform value [2][3]. - The elasticity test reveals that stablecoins cannot flexibly adjust supply based on market demand due to their prepayment mechanism, which restricts their ability to provide liquidity in times of need [4][5]. Group 2: Integrity and Compliance Issues - Stablecoins face significant integrity challenges, particularly in compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, as they can easily be used for illicit activities due to their anonymous nature [5][6]. - The reliance on decentralized wallets and mixing services complicates the enforcement of KYC regulations, making it difficult to monitor transactions effectively [5][6]. - While some measures exist to freeze accounts and track illicit transactions, these are insufficient for the scale of daily transactions, leaving stablecoins vulnerable to misuse by criminal organizations [6]. Group 3: Future of Tokenization - The report emphasizes that tokenization of central bank reserves, deposits, and government securities could serve as a foundation for the next-generation monetary and financial system, with central banks playing a catalytic role [1][9]. - The "Pine Project" initiated by the New York Federal Reserve and BIS showcases the potential advantages of a fully tokenized financial system, including improved operational efficiency and automated backend processes [9][10]. - However, transitioning to a fully tokenized system presents challenges, particularly in ensuring interoperability between existing account-based systems and new tokenized infrastructures [10].

Group 1 - The Hong Kong government aims to establish itself as a global innovation hub in the digital asset sector through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [1] - The declaration emphasizes building a trustworthy and innovative digital asset ecosystem, prioritizing risk management and investor protection while delivering tangible benefits to the real economy and financial markets [1] - A unified and comprehensive regulatory framework for digital asset service providers is being developed, covering exchanges, stablecoin issuers, trading service providers, and custodians [1] Group 2 - The government plans to regularize the issuance of tokenized government bonds and clarify stamp duty arrangements for tokenized exchange-traded funds to enhance liquidity and accessibility [2] - A licensing mechanism for stablecoin issuers will be implemented on August 1, facilitating the development of practical application scenarios [2] - The government is committed to collaborating with industry and academia to foster talent development, positioning Hong Kong as a center for digital asset knowledge sharing and international cooperation [2]

【导读】稳定币热度持续飙升，国际清算银行发出"降温"信号 根据国际清算银行的定义，稳定币被设计为通往加密生态系统的门户，承诺在公链上运行， 并相对于法定货币（主要是美元）保持稳定的价值。 国际清算银行认为，稳定币未能通过构建货币体所需的三项关键测试，因此无法达到成为货 币体系支柱的要求。 这三项关键测试分别是：货币的单一性、弹性和完整性。 报告称，作为无边界公链上的数字不记名工具，稳定币缺乏央行提供的结算功能，因此，稳 定币的交易汇率经常变化，从而破坏了单一性。 在弹性方面，稳定币通常由名义上等值的资产支持，任何额外发行都需要持有人全额预付 款，这通过施加预付现金的限制而破坏了弹性。 中国基金报记者 王思文 在稳定币市场热度持续飙升的背景下，素有"央行的央行"之称的国际清算银行发出了"降 温"信号。 近日，国际清算银行发布年度经济报告称，建议各国央行加快推动代币化进程，稳定币在代 币化方面展现出一些前景，但在单一性、弹性和完整性这三个关键测试中表现不佳，未能达 到成为货币体系支柱的要求。 与此同时，国际清算银行认为稳定币引发了许多其他担忧。稳定币的不记名性质使其能够在 不受发行人监管的情况下流通，这引发了人们 ...

Core Insights - The report by the Bank for International Settlements (BIS) expresses concerns about the risks associated with stablecoins, highlighting their potential in tokenization but indicating they do not meet the necessary criteria to become a pillar of the monetary system [1][2][3] - The future role of stablecoins in the monetary system remains uncertain, as their poor performance in key tests suggests they may only serve an auxiliary role [2] Group 1: Key Tests for Stablecoins - Stablecoins fail to meet the three critical tests of singularity, elasticity, and integrity required for a robust monetary system [2] - The lack of central bank settlement functionality undermines the singularity of stablecoins, as their exchange rates fluctuate, leading to instability [2] - The anonymity of stablecoins facilitates illegal activities due to the absence of traditional financial system standards like Know Your Customer (KYC) [2] Group 2: Concerns and Risks - Stablecoins face inherent contradictions between their promise of stable value and the demands of their business models, which involve liquidity or credit risks [2] - The potential loss of monetary sovereignty and capital flight poses significant concerns, particularly for emerging markets and developing economies [2] - The report warns that the growth of stablecoins could lead to financial stability risks, including the tail risk of safe asset sell-offs [2] Group 3: Regulatory Challenges - Effective regulation of stablecoins is complicated by their operation on permissionless public blockchains, which limits the regulatory scope compared to traditional intermediaries [3] - The cross-border nature of stablecoins presents significant challenges for national regulatory frameworks, making it difficult to manage cross-border risks without international coordination [3] - The report suggests that central banks must play a catalytic role in providing new forms of currency to meet the evolving needs of the monetary and financial system [3]

Core Insights - The report from the Bank for International Settlements indicates that stablecoins have not met the requirements for single currency, resilience, and integrity within the monetary system [1] - The future role of stablecoins remains unclear, although they show potential in tokenization [1] - The report suggests that stablecoins may only serve as auxiliary instruments due to significant limitations [1] Regulatory Recommendations - Implementation of technology-neutral regulations is necessary to ensure the stability and integrity of the financial system [1] - The central bank's critical role in tokenized systems is emphasized, highlighting the need for tokenized central bank reserves and government securities as potential foundations for future monetary systems [1]

Core Viewpoint - The Hong Kong government aims to establish the region as a global innovation hub for digital assets through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" which introduces the "LEAP" framework focusing on legal and regulatory optimization, expanding tokenized product varieties, advancing use cases and cross-sector collaboration, and talent and partnership development [1][10] Group 1: Legal and Regulatory Optimization - The policy declaration outlines a comprehensive regulatory framework for digital asset service providers, including trading platforms, stablecoin issuers, and custodians, with the Hong Kong Securities and Futures Commission (SFC) as the main regulatory body [3][5] - The government will conduct a thorough review of existing laws to facilitate the tokenization of real-world assets and financial instruments, including the issuance and trading of tokenized bonds [3][11] - Hong Kong will continue to implement international standards related to digital assets, aligning with recommendations from various global financial regulatory bodies [3][4] Group 2: Expansion of Tokenized Products - The government has issued tokenized green bonds totaling approximately HKD 6.8 billion, showcasing the benefits of tokenization and plans to regularize the issuance of tokenized government bonds [8] - Tax exemptions for tokenized ETFs will be clarified to encourage market development, with proposals for tax relief expected to take effect in the 2025/2026 tax year [8] - The government aims to promote broader tokenization of assets and financial instruments across various sectors, including precious metals and renewable energy [8] Group 3: Advancing Use Cases and Cross-Sector Collaboration - A licensing mechanism for stablecoin issuers will be implemented on August 1, aimed at fostering practical applications of digital assets [9] - The government will enhance collaboration among regulatory bodies, law enforcement, and technology providers to develop digital asset infrastructure [9] - Initiatives such as the Digital Port's blockchain and digital asset pilot funding program will support projects with significant market impact [9] Group 4: Talent and Partnership Development - The government is committed to collaborating with industry and academia to foster talent development in the digital asset space [9] - Hong Kong aims to position itself as a center for knowledge sharing in digital assets and promote international cooperation through joint research initiatives [9][12]

Core Insights - The International Bank for Settlements (BIS) report highlights the transformative potential of tokenization in the evolution of the monetary and financial system, emphasizing the need for a triad of central bank digital reserves, commercial bank digital currencies, and tokenized government bonds as foundational elements of the future financial system [1][2][4] Group 1: Tokenization and Financial System - Tokenization represents a significant innovation in the monetary and financial system, transferring asset rights from traditional ledgers to programmable platforms, enabling integrated operations for information transfer, reconciliation, and asset transfer [2] - The core advantage of tokenization lies in its ability to execute conditions automatically, reducing counterparty risk and minimizing custody requirements through mechanisms like Delivery versus Payment (DvP) [3] Group 2: Central Bank's Role and Stablecoins - Central banks are positioned as catalysts for the transformation of the financial system, with BIS outlining four ways they can drive change [4] - Stablecoins have been evaluated against three critical tests: - They failed the unitary test, as they represent liabilities of specific issuers rather than a stable monetary unit [4] - They failed the elasticity test, as their issuance is constrained by the need for full upfront payment from holders, limiting liquidity support [4] - They failed the integrity test, as their use in public blockchains can facilitate illicit activities due to anonymity [4] Group 3: Market Dynamics and Regulatory Framework - The stablecoin market is rapidly growing but is highly concentrated, with USDT and USDC dominating the market, accounting for over 99% of stablecoins being dollar-denominated [5] - BIS emphasizes the need for a regulatory framework to ensure the safe development of tokenized finance, including compliance with anti-money laundering and counter-terrorism financing regulations [10]

香港发表数字资产发展政策宣言2.0。 6月26日，香港特区政府发表《香港数字资产发展政策宣言 2.0》（以下简称《政策宣言 2.0》），重申 特区政府致力将香港打造成数字资产领域中的全球创新中心。新一份政策宣言建基于2022年10月的首份 政策宣言所提出的举措。 《政策宣言 2.0》阐明特区政府构建一个值得信赖和着重创新的数字资产生态圈的愿景，以风险管理及保 障投资者为先，同时致力为实体经济和金融市场带来实质效益。新一份政策宣言提出LEAP框架，重点包 括优化法律与监管，以及扩展代币化产品种类。 在优化法律与监管（Legal and regulatory streamlining）方面，香港特区政府正构建统一及全面的数字 资产服务提供者监管框架，涵盖数字资产交易平台、稳定币发行人、数字资产交易服务提供者及数字资产 托管服务提供者。其中，证券及期货事务监察委员会（香港证监会）将会就日后的数字资产交易服务提供 者及数字资产托管服务提供者发牌机制担当主要监管机构。与此同时，财经事务及库务局（财库局）和香 港金融管理局将牵头进行全面的法例检讨，以促进现实世界资产及金融工具代币化。该检讨将全面检视代 币化债券发行及交易 ...

Core Viewpoint - Stablecoins have potential in tokenization but fail to meet the key standards of singleness, elasticity, and integrity, preventing them from becoming a pillar of the monetary system [1][2][6]. Group 1: Key Standards - **Singleness**: All currency units must have a unified value, but different stablecoins may not be exchangeable at a 1:1 ratio, leading to a lack of uniformity [3][9]. - **Elasticity**: Currency supply should flexibly expand or contract based on economic needs, but stablecoins require full collateralization, limiting their ability to create money like traditional banks [3][10]. - **Integrity**: The monetary system must prevent crime and maintain public trust, yet stablecoins lack adequate KYC mechanisms, raising concerns about their use in illegal activities [3][9]. Group 2: Current Monetary System - The existing dual-layer monetary system, centered around central banks, is deemed superior for ensuring currency applicability, despite having room for improvement [11][12]. - Central banks provide the highest form of currency, ensuring stability and credibility, while commercial banks support economic activities by providing payment means [11][12]. Group 3: Future of Monetary Systems - BIS acknowledges the transformative potential of tokenization, which could enhance the current system and pave the way for new arrangements in cross-border payments and securities markets [14][15]. - The concept of tokenization involves recording physical or financial assets on programmable platforms, integrating operations into a seamless process [15].

Core Viewpoint - The Hong Kong government aims to establish the city as a global innovation hub in the digital asset sector through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," which builds on the initiatives proposed in the first declaration from October 2022 [1] Group 1: Legal and Regulatory Streamlining - The government is constructing a unified and comprehensive regulatory framework for digital asset service providers, including trading platforms, stablecoin issuers, and custodians, with the Securities and Futures Commission (SFC) as the main regulatory body for licensing [2] - A comprehensive review of legislation will be conducted by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority to facilitate the tokenization of real-world assets and financial instruments [2] Group 2: Expanding Tokenized Products - The government plans to regularize the issuance of tokenized government bonds and provide incentives for the tokenization of real-world assets, aiming to enhance liquidity and accessibility [3] - There will be a push for broader tokenization of assets and financial instruments across various sectors, including precious metals and renewable energy [3] Group 3: Advancing Use Cases and Cross-Sectoral Collaboration - A licensing mechanism for stablecoin issuers will be implemented on August 1, which will help advance practical application scenarios [4] - The government is committed to enhancing collaboration among regulatory bodies, law enforcement, and technology providers to develop digital asset infrastructure [4] Group 4: People and Partnership Development - The government aims to collaborate with industry and academia to promote talent development, positioning Hong Kong as a center for digital asset knowledge sharing and international cooperation [4] - The government will cultivate a sustainable talent pool by nurturing a new generation of entrepreneurs, researchers, and technology experts [4]