近来有关稳定币的话题比较火。原原本本研读美国参众两院通过的并由美国总统于2025年7月18日签署的已经成为 美国法律的《2025年美国稳定币指导与国家创新法案》（Guiding and Establishing National Innovation for U.S. Stablecoins of 2025），并从中得到启示，对理解稳定币发展和把握国际货币体系改革走向颇有帮助。 美国稳定币法案由16条组成 第4条，稳定币发行要求。第4条对此作了详细规定。包括：一般规定，如稳定币发行方应维持其流通中支付稳定 币的储备金，储备金与稳定币的比例至少为1:1，再如公开披露发行方的赎回政策；禁止再抵押，明确储备金不得 用于质押、再抵押或再使用，但为满足合理的支付稳定币赎回需求而创造流动性的情况除外；月度认证，每月接 受注册公共会计师事务所对发行方披露信息和报告的审查；资本、流动性和风险管理要求；许可支付稳定币发行 方的活动限制；货币监理署的监管要求等等。 第5条，受保存款机构子公司和联邦合格非银行支付稳定币发行方的批准。从申请，到评估，到决定或驳回等作了 详尽规定。 第6条，对受保存款机构子公司和监理署监管实体的监督与 ...

来源：市场资讯 （来源：吴说） 美国众议院共和党人在国防预算法案（H.R. 3838） 中加入了 禁止央行数字货币（CBDC） 的条款。该 修正案禁止美联储以任何名义测试、开发或实施 CBDC，唯一例外是"任何以美元计价、开放、无需许 可、私密，且能完全保障美元硬币和纸币隐私保护的货币"。（Decrypt） ...

面对美国在稳定币立法上的迅速推进，欧盟正在重新评估并加速其数字欧元计划，以捍卫欧元的竞争力 和欧洲的金融主权。 据英国《金融时报》8月22日报道，参与讨论的人士透露，美国国会上月通过的旨在监管2880亿美元稳 定币市场的《Genius Act》法案，已在布鲁塞尔和法兰克福引发震动。该法案促使欧盟官员产生紧迫 感，认为必须加快行动。 欧盟官员近期一直在"重新考虑数字欧元的计划"。知情人士表示，美国这项法律的快速通过"让很多人 感到震惊"，并补充道："他们在说，'让我们加快速度，让我们努力'。" 同时，这一紧迫感正推动一个重大的技术路线转变。欧盟官员现在正更认真地考虑在以太坊或Solana等 公共区块链上运行数字欧元。此举与此前因隐私顾虑而倾向于使用私有区块链的预期形成鲜明对比。 美元主导的担忧 美国在稳定币领域的立法进展，加剧了欧洲决策者对美元主导地位的长期忧虑。目前，稳定币市场绝大 部分由美元计价的代币构成，由Circle和Tether等加密货币公司运营，而花旗和摩根大通等美国传统金融 巨头也在考虑发行自己的稳定币。 欧洲央行执行董事会成员Piero Cipollone在今年四月曾警告，美国政府对美元支持的稳 ...

四、法律文本的独特考量与实务分析 由于区块链债券在科技、流动性与法律合规等方面的不确定性，法律文本的撰写方向对区块链债券和数码债券格外重要。尽管全球对于区块链债券的监管格 局依然呈现碎片化特征，行业整合依赖国际清算银行、学界、业界及各国政府的共同推动，但以中国香港地区、欧盟地区为代表的主要金融中心已初步形成 较为清晰的监管框架。例如，欧盟的MiFIDII、《欧盟招股说明书条例》（2017/1129）及《分布式账本技术试点制度》（2022/858），以及香港证监会有关 中介人从事代币化证券相关活动的通函、适用于虚拟资产交易平台营运者的指引、数字资产托管指引等，都明确了区块链债券发行和流通的监管关注重点。 总体来看，数码债券的法律框架虽大体沿袭传统债券规则（尤其是在无实物化账本登记方面），但其核心法律文件的处理和披露逻辑则展现出诸多创新与差 异。下文将从招债书、交易文件和可持续商业计划三个维度进行实务分析。 （一）招债书（Offering Circular/Prospectus） 内容提要 近年来，区块链技术在境外资本市场中的应用愈发深入，相关的实践样本和学术共识也得到了进一步的巩固。国际资本市场协会（ICMA） ...

BOSS Wallet 8月16日讯，数字人民币应用场景迎来重大扩展，央行正式宣布将试点范围扩大至28个省级行政区。最新数据显示，数字人民币累计交易额已 突破2.5万亿元人民币，开立个人钱包数量超过4.5亿个，商户覆盖率在试点城市达到85%以上。本轮扩展重点聚焦跨境交易、智能合约和产业链金融等高价 值场景，标志着数字人民币从技术验证阶段迈入规模化应用阶段。市场分析师认为，数字人民币的加速推广将对传统体系和金融市场产生深远影响，有望成 为中国金融科技发展的重要引擎。 数字人民币在多个领域展现出独特优势。在零售方面，数字人民币支持"双离线交易"功能，即使在没有网络信号的环境下也能完成交易，这一特性在偏远地 区和网络不稳定区域尤为重要。在跨境领域，数字人民币已与香港、澳门、泰国和阿联酋等地区开展跨境试点，交易处理时间从传统的T+2缩短至几分钟内 完成，成本降低超过60%。此外，数字人民币智能合约功能的引入，为定向交易、条件触发交易等场景提供了技术基础。XBIT去中心化交易所平台密切关 注数字人民币发展，已开始探索与数字人民币生态的潜在对接方案，为用户提供更加多元化的交易选择。 图片来源:BOSS Wallet BO ...

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong is expected to revolutionize digital currency, but the stringent licensing requirements have dampened market sentiment and limited the number of approved issuers to a few local financial institutions and banks, delaying the issuance of licenses until early 2026 [1][2][6]. Regulatory Environment - The Hong Kong regulatory framework for stablecoins emphasizes strict compliance and security, prioritizing the prevention of financial crimes such as money laundering and ensuring that issuers can identify users and track transactions [2][3][4]. - Non-local companies, including mainland enterprises, can apply for stablecoin licenses, but they must comply with both Hong Kong and mainland regulations, particularly regarding data security [2][3]. Market Implications - The high barriers to entry for internet giants like JD.com and Ant Group create a "high wall" that favors traditional financial institutions with established compliance capabilities, making it difficult for innovative platforms to participate [4][6]. - The stringent requirements for stablecoin issuance, including high reserve requirements and user identification protocols, position Hong Kong's stablecoin as a regulated digital currency rather than a decentralized cryptocurrency [4][5]. Strategic Objectives - Hong Kong's move to introduce stablecoins is seen as a defensive strategy to mitigate the dominance of the US dollar in global finance while also seeking to enhance its own position in the future monetary system [6][7]. - The regulatory approach aims to balance financial stability and innovation, although it may limit user privacy and flexibility, making it challenging for Hong Kong stablecoins to compete with established dollar-pegged stablecoins like USDT [6][7].

Core Points - The "Genius Act" establishes a federal regulatory framework for the issuance of dollar-pegged stablecoins in the U.S., marking the first formal legislation on this matter [1][5] - The act aims to solidify the dominance of the U.S. dollar in the digital currency space by allowing only licensed financial institutions to issue stablecoins [5][8] Summary by Sections Legislation Details - The "Genius Act" specifies that only federally or state-licensed financial institutions can issue stablecoins, preventing non-financial tech companies from bypassing regulations [5] - It mandates a "100% reserve requirement," meaning all issued stablecoins must be backed by an equivalent amount of U.S. cash or Treasury securities [5] - The act includes a bankruptcy protection mechanism, ensuring user funds are separated from company operational funds, granting users priority in case of issuer bankruptcy [5] - A "no digital dollar clause" is included, prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) to prevent government surveillance of financial transactions [5] Context and Timing - Stablecoins, which are pegged to fiat currencies or commodities, have gained significant market traction since their emergence around 2014, with total circulation surpassing $150 billion [7] - The lack of specific legislation has led to regulatory ambiguity, prompting concerns over transparency and user fund protection as the market expanded [7][8] - Geopolitical financial competition has intensified, with stablecoins evolving into a "digital extension" of the U.S. dollar, necessitating regulatory action to maintain control over the financial landscape [7][8] Political Consensus - Bipartisan support for the "Genius Act" emerged as Republicans view stablecoins as a blend of technological innovation and dollar strength, while Democrats seek orderly regulation to mitigate risks [8] - The act passed with significant support in both the Senate (68-30) and House (308-122), indicating a rare consensus on stablecoin regulation [8] Implications for the Financial System - The act is expected to attract more fintech and blockchain companies to operate in the U.S., fostering advancements in payment, settlement, and asset custody [12] - By establishing a regulatory framework, the U.S. positions dollar-pegged stablecoins as a new standard for global payments and savings, enhancing the dollar's influence in international capital flows [12] - The requirement for stablecoin issuers to hold U.S. cash or Treasury securities as reserves is likely to increase global demand for U.S. debt, potentially lowering financing costs for the U.S. government [12] Global Reactions and Future Outlook - Other countries are anticipated to accelerate their regulatory frameworks for stablecoins in response to the U.S. legislation, aiming to protect their monetary systems from excessive dollar influence [13] - The introduction of the "Genius Act" may pose challenges to local currencies and capital flow management, particularly in emerging markets [13]

Core Viewpoint - The Bank of England is considering postponing the creation of a digital pound due to growing skepticism about the project's benefits [1] Group 1 - The Bank of England has been privately urging the banking sector to accelerate payment system innovations [1] - The aim is to achieve similar benefits without creating a central bank digital currency (CBDC) for consumers [1]

Core Viewpoint - The Bank of England is considering pausing its digital pound initiative due to increasing skepticism about the project's benefits, reflecting a global decline in enthusiasm for government-backed digital currencies [1] Group 1: Digital Currency Initiative - The Bank of England officials are contemplating a delay in the public rollout of the digital pound project [1] - There is a growing concern regarding the effectiveness and benefits of the central bank digital currency (CBDC) [1] - The central bank has privately urged the banking sector to accelerate payment innovations to achieve similar benefits without launching a CBDC [1] Group 2: Future Considerations - The Bank of England aims to retain the capability to launch a CBDC if necessary [1] - The central bank is willing to step back if the private sector continues to introduce new electronic payment technologies and if the perceived benefits of advancing the digital pound diminish [1]

Group 1 - The core viewpoint of the article is that the Trump administration aims to use stablecoins as a tool to enhance the strength of the US dollar and create demand for US Treasury bonds, while opposing central bank digital currencies (CBDCs) that may challenge the dollar's dominance [1][2][5] Group 2 - On July 18, President Trump signed the "Genius Act," marking the implementation phase of US stablecoin regulatory legislation [1][2] - Trump stated that the signing of the act would clear obstacles for the issuance and circulation of stablecoins, which are digital currencies pegged to stable assets like the dollar, thereby enhancing market trust and promoting industry growth [2] - The dollar index has dropped over 10% this year, from a high of 110 to around 98, prompting Trump to emphasize the importance of maintaining the dollar's status [2][5] Group 3 - The Trump administration's strategy is to leverage privately issued stablecoins to strengthen, rather than replace, the dollar [5] - Trump asserted that if the dollar loses its reserve currency status, it would be akin to the US losing a war [5] - The "Genius Act" is expected to create demand for US Treasury bonds as issuers of stablecoins must hold corresponding dollar assets as reserves [5]