" TSINGHUA Financial Review 清华金融购评论 前瞻全球数字资产， 把握金融秩序重构机遇 截至2025年8月，全球加密资产总市值已达3.9万亿美元，比特币占比超过56%，美国通过多项法案加速构建监管框架，欧盟《加密资产市场监管法案》 （MiCA）全面生效，我国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。这意味着，全球数字资产发展进入创新与规范并重的新阶 段，高速扩张与制度建立并进。 尽管，全球数字资产加速演进，但在技术、监管、市场等方面仍面临诸多挑战。 技术层面，安全与互操作性仍有短板，交易平台及底层协议漏洞时有发生，跨链互操作性不足，资产碎片化的分布在公链、联盟链与许可链，缺乏统一通 信标准，投资者需要依赖中心化交易所兑换，重新引入对手方风险和操作成本，数据可信性尚难以保障，链下资产信息（房产确权、碳排数据等）与链上 登记 存在偏差。监管层面，规则碎片化与跨境执法存在争议，定性分歧导致合规成本高。同一枚代币在美国可能被视为"证券"，在欧盟被归入"资产支持 代币"，在新加坡又可能仅受支付法约束，企业需要为同一业务准备多套法律结构。跨境执法与资产追回困难，私钥灭失、交易所拒 ...

历史上货币形式的演变可从商品货币与信用货币、私人货币与国家货币两个维度理解。货币形式创新的动力可能来自私人部门，而当私人部门创新发展到 具有系统性重要性时，则需政府监管来管理风险和负外部性，当前基于数字技术的货币竞争也可参照这一逻辑。过去40余年的美元国际货币体系两大基础 是全球化和金融化，但全球金融危机后，金融监管加强，贸易摩擦增加，近年来在新的地缘形势下，全球经济的逆全球化和去金融化趋势加剧，推动国际 货币体系演变。当前，应对国际上的"去美元化"趋势，美国采取的加密货币战略可看作金融与财政手段的结合，将其作为应对财政赤字和美元地位下滑的 货币化延伸渠道，但在实施过程中或面临阻力。未来国际货币体系或将从美元主导向多极化方向演变，促进人民币国际化或不必一切以资本账户开放为着 力点，应更重视实体经济的竞争力和科技创新，以贸易和实体投资的伙伴关系为抓手促进中国与其他国家在支付和金融领域的合作。相应地，平台货币的 经济属性较强、金融属性较弱，更能发挥中国在制造业和产成品贸易的规模优势。央行数字货币作为一个外生力量，有利于应对在位国际货币在市场竞争 中的内生优势，如通过多边央行数字货币合作建立跨境支付基础设施。 正文 ...

当前，数字技术已经成为重塑金融体系核心力量，全球央行数字货币研发加速，私人数字货币监管完 善，深刻影响跨境支付、货币主权与金融安全。 香港大学副校长(大学拓展)汪扬表示，中国致力构建更公平的国际贸易支付体系，而稳定币演进提供了 历史性机会，需战略布局；香港律政司"粤港澳大湾区律师顾问小组"成员余沛恒认为，需建立全球公认 监管架构，才能实现稳定币真正安全的跨链流通；摩根士丹利中国首席经济学家邢自强表示，稳定币、 RW等技术是辅助"术"，推动经济回稳、提升企业盈利才是人民币国际化"道"，二者结合才能推动人民 币国际化突破。 在全球资本流动重构与中国经济转型升级双重背景下，中国市场是否迎来新一轮增长周期，已成为全球 投资者焦点。 莲华资产管理有限公司管理合伙人洪灝预计，今年四季度中国将有更多支持政策出台，助力市场参与度 提升，并预计大宗商品市场、上游通缩预期及PPI将逐步回暖；深圳市林园投资管理有限责任公司董事 长林园建议，未来投资可聚焦人相关的精神需求领域，此类需求在产能过剩时代更稀缺。(完) 中新网广州9月25日电 (记者许青青)由凤凰卫视、凤凰网主办的"新格局新路径——凤凰湾区财经论坛 2025"，于23日至 ...

Group 1: Overview of Stablecoin Development in Hong Kong - The integration of traditional finance and digital assets is accelerating in Hong Kong, with stablecoins seen as a bridge between the two worlds [1][2] - The Hong Kong Monetary Authority (HKMA) plans to open applications for the first stablecoin issuer licenses between August 1 and September 30, 2025, with 77 entities expressing interest as of August 31 [1][8] - Regulatory bodies, including the HKMA and the Securities and Futures Commission, have issued warnings about the need for investor caution, indicating that only a few licenses will be granted initially [1][5] Group 2: Regulatory Environment and Market Reactions - The tightening of regulations is viewed as a double-edged sword, potentially increasing innovation costs for early adopters while ensuring market safety [5][6] - KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are emphasized, requiring stablecoin issuers to retain user identity information for over five years [5][6] - Some market participants believe that stricter regulations could ultimately benefit the industry by protecting participants' rights and attracting more users [7][8] Group 3: Market Opportunities and Use Cases - Stablecoins are expected to play a significant role in cross-border payments, leveraging Hong Kong's position as a trade hub [8][9] - The potential for stablecoins extends beyond payments, with possibilities for tokenizing Real World Assets (RWA), thereby enhancing liquidity and investment opportunities [15][16] - The market for stablecoins is projected to grow significantly, with estimates suggesting a market size of $500 billion to $750 billion in the coming years [10] Group 4: Digital Currency Experiments and Innovations - Hong Kong is exploring various digital currency initiatives, including the m-CBDC Bridge project for central bank digital currencies (CBDCs) and tokenized deposits [11][12] - The interplay between stablecoins and CBDCs is seen as complementary, with stablecoins addressing retail payment needs while CBDCs focus on wholesale transactions [12][14] - HSBC has launched a tokenized deposit service, marking a significant step in the integration of blockchain technology into traditional banking [12][13] Group 5: RWA Tokenization and Future Prospects - The tokenization of RWA in Hong Kong is being pursued through a model that combines mainland assets with blockchain technology, focusing on sectors like renewable energy [17][18] - The development of RWA could facilitate the internationalization of the Renminbi (RMB), with stablecoins potentially pegged to offshore RMB [21][22] - The success of RWA initiatives will depend on the standardization of underlying assets, particularly in the context of China's manufacturing and supply chain strengths [18][22]

Group 1 - The core argument is that the legalization of stablecoins does not guarantee their acceptance or success in all payment scenarios, as they are not legal tender and have specific application contexts [1][2][7] - The recent legislation in the US, Hong Kong, and the EU aims to regulate stablecoins, but existing stablecoins may not comply with the new rules, necessitating a transition period for issuers [2][4] - Stablecoins are primarily seen as payment intermediaries rather than currencies themselves, and their use is contingent on the existence of a transaction need [2][7] Group 2 - The article outlines four potential strategies for stablecoins post-legalization: maintaining existing markets while exploring new ones, reducing gray areas, integrating mainstream transactions on-chain, and identifying unique payment scenarios [8][10] - Current stablecoin applications are categorized into four types: virtual world payments, cross-border transactions to evade sanctions, usage in countries with unstable currencies, and illegal activities [8][9][10] - The main challenge for stablecoins in mainstream payment scenarios is that they do not offer advantages over legal tender in environments where the latter is readily available [10][11][13] Group 3 - Retail payment scenarios for stablecoins include general retail transactions and merchant-issued stablecoins, which face limitations in acceptance across different platforms [12][11] - In domestic and cross-border trade payments, stablecoins have not demonstrated significant advantages, as traditional currencies remain the preferred method for transactions [13][14] - The potential for stablecoins to serve as a transitional tool for companies navigating foreign exchange regulations is highlighted, particularly for businesses operating in multiple jurisdictions [15][16] Group 4 - The article discusses the concept of tokenized financial instruments, such as bills of exchange, which may be more appealing than stablecoins due to their dual function of payment and financing [19][20] - The idea of deposit tokenization is presented as a more advantageous alternative to stablecoins, as it directly links to bank deposits and offers seamless integration with existing banking systems [20] - The regulatory landscape in the US is characterized by a balance between maintaining financial order and allowing space for innovation in the cryptocurrency sector [21][22]

见解论坛"金融科技新应用与央行数字货币创新发展"简介 数字时代下，数字经济和数字金融蓬勃发展，大模型、云计算、区块链、智能合约等数字技术得到广泛 应用。央行数字货币等新型支付工具是金融科技在支付领域的重要应用，央行数字货币的创新发展正在 影响零售端和产业端货币支付体系。积极审慎地探索金融科技新应用和央行数字货币创新发展具有前瞻 性的战略意义，是加强金融竞争力、建设金融强国、更好服务实体经济的重要举措。在此背景下，"金 融科技新应用与央行数字货币创新发展"见解论坛邀请政产学研等各界嘉宾，共同围绕数字时代下金融 科技和货币支付体系发展的现状、前景与挑战等分享真知灼见并展开深入探讨。 诚挚邀请社会各界精英人士 扫码报名线下参会！ 主持人: 张伟 清华大学五道口金融学院院长助理 HANDA EXT 数字时代下,数字经济和数字金融蓬勃发展,大模型、云计算、区 块链、智能合约等数字技术得到广泛应用。央行数字货币等新型支 付工具是金融科技在支付领域的重要应用,央行数字货币的创新发 展正在影响零售端和产业端货币支付体系。积极审慎地探索金融科 技新应用和央行数字货币创新发展具有前瞻性的战略意义,是加强 金融竞争力、建设金融强国 ...

来源：军哥的杂谈 8月18日，巴基斯坦宣布与日本合作开展央行数字货币试点项目。 这一消息的发布时机耐人寻味，因为它恰逢中印高层会谈即将在新德里举行前夕。 表面上看，这是一项经济合作，但结合巴基斯坦与中国长期以来的紧密关系，以及日本在国际金融体系 中的特殊角色，这一事件背后隐藏的战略考量引发了广泛关注。 然而，过度依赖中国的标签也让巴基斯坦面临国际舆论的质疑。 此次与日本合作，被分析为一种外交多元化的尝试，意在打破单一依附关系，向外界传递其自主选择合 作伙伴的信号。 日本在数字货币技术领域并非全球领跑者。尽管日本央行近年来启动了"数字日元"试验，但相关研究仍 处于初步阶段，尚未进入大规模商用。 相比之下，中国的数字人民币已覆盖超过2亿用户，应用场景涵盖零售、交通、医疗等领域，技术成熟度 遥遥领先。 巴基斯坦选择与日本合作，可能看重的是日本在金融监管、支付清算和银行体系建设上的经验，而非单 纯的技术转让。 然而，这一选择也带来了风险。数字货币的核心是数据主权，其交易数据可能被实时记录和追踪。 如果关键技术和系统由外国企业掌控，巴基斯坦未来可能面临"数字依赖"，甚至可能在地缘政治博弈中 失去主动权。 巴基斯坦地处南 ...

Market Performance - The Shanghai Composite Index rose by 0.13% to 3771.1 points, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points. The STAR Market 50 Index increased by 0.09% to 1149.15 points. The total trading volume in the Shanghai and Shenzhen markets reached 24240.57 billion yuan [1]. Sector Movements - Digital currency concept stocks showed strong performance, with companies like Yuyin Co., Ltd. hitting the daily limit. The photovoltaic sector was also active, with companies such as Beibo Co., Ltd. reaching the daily limit [1]. Notable Stocks - Several stocks related to the photovoltaic sector, such as Shimao Energy and Zhangzhou Development, achieved daily limit gains due to factors like waste incineration power generation and state-owned enterprise reforms [6]. - Digital currency-related stocks like Tianrongxin and Sanwei Xinan also saw daily limit gains, driven by developments in digital currency and AI security [6]. Industry Insights - According to a report from CITIC Securities, central bank digital currencies (CBDCs) have advantages over traditional electronic payments, private cryptocurrencies, and stablecoins, including sovereign credit backing, strong scalability, good privacy, low costs, and fast transactions. The digital yuan possesses these advantages and has promising applications in programmability, smart contracts, cross-border payments, and promoting the internationalization of the yuan [7].

Market Overview - The market experienced fluctuations with the Shanghai Composite Index slightly up by 0.35% and the Shenzhen Component Index up by 0.45% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.57 trillion yuan, an increase of 591 billion yuan compared to the previous trading day [1] - Digital currency concept stocks surged, with multiple stocks hitting the daily limit, including Yuyin Co., which saw a 10.05% increase [1][8] Sector Performance - The digital currency sector led the gains, with stocks like Sanwei Xinan, New Morning Technology, and Zhongyou Capital also hitting the daily limit [1][8] - The oil and gas sector showed strength, with Zhun Oil Co. hitting the daily limit and other companies like Keli Co. and Beiken Energy also performing well [4][5] - The storage chip sector was active, with stocks like Zhaoyi Innovation and Demingli hitting the daily limit, driven by increasing demand for high-value DRAM products [5][7] Company Highlights - TianTai Robotics signed a historic order for 10,000 humanoid robots, marking the largest single order in the humanoid robot industry [20] - The beauty care sector saw significant gains, with companies like Jieya Co. and Huaxi Biological experiencing notable increases in stock prices [3][19] - The semiconductor industry is expected to benefit from the rise of AI applications, pushing domestic chip manufacturers towards technological upgrades [10]

据《华尔街日报》22日报道，四家央行与国际清算银行合作创建了一个样板平台，支持使用多种央 行数字货币进行国际结算，显示各国对央行数字货币研发应用布局加速。 国际清算银行创新中心以及澳大利亚、马来西亚、新加坡和南非四国央行22日宣布上述平台已经建 成。这些机构表示，该平台表明，金融机构能够用参与该平台的央行发行的数字货币直接进行交易。 这些机构在一份声明中称，这个名为Project Dunbar的平台有可能降低对中介机构的依赖，并减少 处理跨境交易的成本和时间。 在开发这个平台的过程中，这几家央行表示，它们解决了关于应该允许哪些实体使用央行发行的数 字货币进行交易的问题，以及如何解决不同国家支付监管差异的问题。 实际上，近期多国加速布局央行数字货币。 本月初，美国总统拜登签署了一项行政命令，要求美国政府机构评估建立中央银行数字货币的益处 和风险，以及其他加密货币问题。 根据拜登签署的行政命令，在私人加密货币崛起的背景下，美国将把"研发工作的最高紧迫性放在 数字货币的潜在设计和部署选项上"。 据悉，美国央行数字货币可能有潜力支持高效而低成本的交易，特别是在跨境资金转移和支付方 面，此举将促进数字货币进入金融系统， ...