英格蘭銀行的金融政策委員會（FPC）在2025年4月的記錄中表示，儘管Stablecoins繼續規模增長和相關性

英格蘭銀行的金融政策委員會（FPC）在2025年4月的記錄中表示，儘管Stablecoins繼續規模增長和相關性

The Financial Policy Committee (FPC) of the Bank of England continues to keep an eye on the burgeoning stablecoin sector, noting that while these tokens are becoming more prominent, poor oversight and inappropriate asset backing could pose new risks to UK financial stability.

英格蘭銀行的金融政策委員會（FPC）繼續關注新興的Stablecoin行業，並指出，儘管這些令牌變得越來越突出，但貧困的監督和不適當的資產支持可能對英國的金融穩定構成新的風險。

The committee’s April 2025 record, published on Wednesday, saw it reaffirm that the BoE and the Financial Conduct Authority (FCA) are actively developing regulatory regimes for both systemic and non-systemic stablecoins.

該委員會於週三發布的2025年4月的記錄證明，BOE和金融行為管理局（FCA）正在積極開發針對系統性和非系統性穩定的法規制度。

This is to ensure these tokens can meet redemption requests reliably and maintain parity with the currency they’re pegged to even in volatile market conditions.

這是為了確保這些代幣可以可靠地滿足贖回請求，並與他們在動蕩的市場條件下固定的貨幣保持平等。

A central concern raised by the FPC is the quality of assets backing stablecoins, particularly sterling-denominated tokens issued offshore.

FPC提出的一個核心問題是支持穩定的資產質量，尤其是在海上發行的以純化的代幣。

According to the committee, if these coins are backed by illiquid or risky assets, or if the risks associated with those assets are not well-managed, they may trigger fire sales during periods of market strain. Such spillovers could affect core financial markets in the UK.

根據委員會的說法，如果這些硬幣得到了流動性或風險的資產的支持，或者與這些資產相關的風險尚未妥善管理，則可能在市場疲勞期間觸發燃油銷售。這樣的溢出可能會影響英國的核心金融市場。

The FPC also highlighted the growing use of stablecoins denominated in foreign currencies, such as US dollar-backed tokens, which could lead to “currency substitution” in domestic economies.

FPC還強調了用外幣計價的穩定幣的日益增長的使用，例如美元支持的令牌，這可能導致國內經濟體中的“貨幣替代”。

While adoption remains limited for now, the committee noted that greater household and SME use of foreign stablecoin for cross-border retail payments may increase macro-financial vulnerabilities.

雖然目前的收養仍然有限，但委員會指出，對外國穩定的家庭和中小型企業用於跨境零售付款可能會增加宏觀金融脆弱性。

On the wholesale side, the committee warned that settlement of transactions outside of central bank money could increase counterparty credit risk, reduce central banks’ ability to manage liquidity and dampen volatility during stress events.

在批發方面，委員會警告說，在中央銀行貨幣以外的交易結算可能會增加交易對手信用風險，降低中央銀行在壓力事件中管理流動性和衰減波動的能力。

The UK joins a growing list of jurisdictions, including the US, developing tailored stablecoin regulations. The FPC said it supports global efforts to set standards, citing the Financial Stability Board’s (FSB) recommendations on regulating crypto markets and stablecoins.

英國加入了越來越多的司法管轄區，包括美國製定了量身定制的Stablecoin法規。 FPC表示，它支持全球製定標準的努力，理由是金融穩定委員會（FSB）關於調節加密貨幣市場和穩定的建議。

The central bank will continue monitoring the stablecoin sector’s size, usage, and interconnectedness with the broader financial system, which has remained “relatively limited” but is expected to grow.

中央銀行將繼續監視與更廣泛的金融體系的規模，用法和相互聯繫的人，該系統仍然“相對有限”，但有望增長。

The FPC’s next steps will focus on ensuring that stablecoins, particularly those used in payments, can operate safely without undermining monetary sovereignty or financial resilience.

FPC的下一步將集中於確保穩定幣，尤其是付款中使用的穩定者可以安全地運作，而不會破壞貨幣主權或財務彈性。