文/《清华金融评论》 杨曦 随着2 0 2 5年美国《GENIUS法案》完成国会立法程序、香港《稳定币发 行监管条例》正式实施，稳定币监管已形成覆盖发行准入、储备管理及风 险控制的系统性制度框架。这些制度突破不仅为市场注入确定性，更通过 与实物资产链上代币化（RWA）的技术耦合构建新价值范式，而稳定币 作为底层流动性中枢，正驱动"资产数字化-结算高效化-配置结构化"的增 强循环体系。 今年来，依托区块链技术的加密资产市场呈现快速发展态势。其中，稳定币凭借其锚定价值的相 对稳定性，已成为数字货币领域的一项关键创新，在跨境支付、去中心化金融（ DeFi）等场景中 获得了广泛应用 。 与此同时，在数字经济时代，数据资产作为核心生产要素的重要性日益提升。真实世界资产（ RWA）上链模式为数据资产开拓了交易与流通的新途径，通过将实体资产进行数字化处理并与区 块链技术相结合。在此背景下，各国正逐步构建针对稳定币的监管 框架，一旦落地， RWA数字 资产业态有望加速迎来蓬勃发展新阶段。 全球稳定币法规逐步落地 作为国际金融枢纽，香港在平衡金融创新与风险管控方面始终处于全球领先地位。历经三年的研 讨论证， 2025年5月，《 ...

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]