导语 在数字经济时代，支付链条正在悄然重塑：传统以SWIFT为代表的跨境体系遭遇区块链与稳定币的新挑战。本文从三类数字货币出发，剖析「稳定币vs支 付主权」的博弈格局，厘清风险与自由之间的微妙平衡。 01 稳定币的崛起：桥梁还是桎梏？ 稳定币伴随区块链技术而生，是一种市场主导、旨在维持法币价值锚定的数字金融工具。它连接数字货币与现实世界法币，使两者形成相对稳定的兑换关 系。 当前，主流稳定币多锚定美元，数字货币生态的繁荣反而进一步强化了美元在全球支付体系中的地位。同时，各国央行也在积极试点央行数字货币 （CBDC），新的资本流动图景正在形成。 区块链与支付体系的「平行」出现 随着区块链和比特币的兴起，真正的去中心化数字货币开始构建一条可能绕开传统支付通道的路径。比特币以其分布式账本、无需中心机构的特征，在全 球互联网用户间流通。 这实质上是一条与SWIFT平行的结算网络。 然而，其价格波动剧烈、缺乏稳定锚定机制，难以承担主流支付货币角色。 于是，稳定币出现：如早期的Tether（USDT）、随后受监管的USD Coin（USDC）——分别代表高效率／高风险与合规／低风险。 03 三类数字货币的生态：从自由到主 ...

Group 1 - The U.S.-led global payment system is evolving into an "invisible financial weapon," forcing countries to choose sides in a new economic confrontation [3][5] - The rapid disconnection of Visa and MasterCard from Russia during the Ukraine conflict highlighted the potential for the U.S. to use financial infrastructure as a geopolitical tool [5][6] - Countries are increasingly aware of the risks associated with reliance on U.S. payment platforms, prompting a search for alternative payment solutions [8][9] Group 2 - Europe is leading the charge to develop an independent pan-European payment standard to ensure regional trade is not subject to external interference [8][9] - Asian countries are innovating in financial technology, utilizing blockchain and digital currencies to create efficient cross-border payment solutions, such as India's UPI international version [8][9] - A global restructuring of payment sovereignty is underway, with nations striving to build a more diverse and balanced international payment ecosystem [9] Group 3 - The F-35 fighter jet exemplifies the risks of dependency on U.S. technology, as its operational control remains largely with American companies, raising concerns about potential supply chain disruptions [10] - Trump's pressure on the Federal Reserve has undermined the perceived independence of the U.S. central bank, leading to a global shift towards "de-dollarization" as countries seek to enhance their financial autonomy [11][14] - In response to U.S. control in financial, military, and monetary policies, countries are actively working to diminish U.S. dominance through technological innovation and cooperation [14]