本文来自微信公众号： 硅谷101 ，作者：斯佳，编辑：泓君、梓沁，对话：刘锋、泓君，原文标 题：《对话肖风：在香港稳定币的沸腾时刻，一些回归常识的冷思考》，题图来自：视觉中国 以下文章来源于硅谷101 ，作者硅谷101 硅谷101 . 有趣有用的商业访谈 2025年8月1日，香港《稳定币条例》正式生效，全球首个以发牌制度为核心、针对法币锚定稳定币 的监管框架正式落地。 香港稳定币发牌之际，稳定币、RWA成为中文世界超热门词汇，有"中国区块链教父"之称的 HashKey Group董事长兼CEO肖风博士与《硅谷101》主理人泓君、《Web3 101》主理人刘锋分享了 他对这股热潮一些回归常识的冷思考。 以下是这次对话内容的精选： 稳定币与RWA热潮下的冷思考 刘锋： 为什么大家这么关注香港的稳定币条例这个事情？香港的在加密货币数字资产监管方面有哪 些特别值得关注的重点？ 肖风： 我个人是觉得热得有点过头了。 我前几天在一个酒店的咖啡厅里面跟朋友喝咖啡，结果我发现周围的几张桌子都在聊稳定币。前不久 我们也去香港金管局跟官员做了有关于稳定币的交流，官员也一再地提醒我们说这个太热了，香港也 不会发很多的牌照。同时香港 ...

Group 1 - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of a regulatory framework centered on a licensing system for fiat-backed stablecoins [1] - The interest in stablecoins and Real World Assets (RWA) has surged in the Chinese-speaking world, with industry leaders discussing the implications of this trend [2][3] - The Hong Kong Monetary Authority (HKMA) is expected to be cautious in issuing licenses for stablecoins, emphasizing strict regulatory measures, particularly concerning anti-money laundering [3][6][7] Group 2 - The regulatory approach in Hong Kong contrasts with mainland China's perspective, which often views stablecoins through the lens of currency competition and the dominance of the US dollar [5][6] - The HKMA's primary concern is the potential for stablecoin issuance to create loopholes in anti-money laundering efforts, given that stablecoins operate outside traditional banking systems [6][7] - The perception of a disconnect between the public's enthusiasm for stablecoins and the regulatory body's cautious stance highlights the complexities of the market [9][10] Group 3 - The discussion around stablecoins is evolving, with a recognition that they serve as a stable pricing mechanism for volatile crypto assets rather than merely a payment method [52][53] - The emergence of stablecoins is seen as a response to the volatility of cryptocurrencies, providing a means to price and trade these assets more effectively [52][53] - The potential for Hong Kong to become a global center for digital finance is linked to its unique position within the Chinese market and its common law system, which allows for more flexible regulatory approaches [59][61] Group 4 - The conversation around RWA indicates a future acceptance of asset tokenization in mainland China, as it aligns with supporting the real economy [20][18] - The process of asset tokenization is viewed as complex, requiring a structured approach to ensure that real-world assets are accurately represented on the blockchain [29][32] - The development of decentralized physical infrastructure networks (DePIN) is suggested as a potential solution for the challenges faced in RWA tokenization [26] Group 5 - The financial market infrastructure is undergoing transformation due to blockchain technology, which enables peer-to-peer transactions without the need for intermediaries [42][43] - The efficiency and cost-effectiveness of blockchain-based systems are expected to lead to a gradual replacement of traditional financial systems [43][44] - The understanding of stablecoins and RWAs should extend beyond their surface functions to encompass the underlying technological and infrastructural innovations they represent [49][50]