全球各國有機會通過確立自己的穩定交易樞紐來加強其作為金融中心的地位

這項前瞻性政策將為金融機構帶來可觀的費用和外匯收入，確保對數字貨幣流量的適當監管

Countries worldwide have an opportunity to strengthen their positions as financial centres by establishing themselves as hubs for stablecoin transactions. Two complementary strategies—enabling domestic financial institutions (regulated banks and non-banks) to receive and convert foreign stablecoins, and promoting global acceptance of locally issued stablecoins—would bring substantial economic benefits.

全球各國有機會通過確立自己的穩定交易樞紐來加強其作為金融中心的地位。兩種互補的策略，即增強國內金融機構（受監管的銀行和非銀行），以接收和轉換外國穩定的穩定劑，並促進全球對當地簽發的穩定股的接受 - 將帶來可觀的經濟福利。

This article discusses these strategies and the policy implications for governments and financial institutions.

本文討論了這些策略以及對政府和金融機構的政策影響。

As stablecoins continue to gain momentum, countries are presented with a unique opportunity to integrate this technology and reap the benefits for their economies and financial sectors. Two complementary strategies that nations can adopt to strengthen their positions as hubs for stablecoin transactions are:

隨著穩定幣繼續增強動力，各國將獲得一個獨特的機會，以整合這項技術並為其經濟和金融部門帶來好處。國家可以採用兩種互補策略來加強其立場，因為穩定的交易樞紐是：

* Enabling domestic financial institutions (regulated banks and non-banks) to receive and convert foreign stablecoins.

*使國內金融機構（受監管的銀行和非銀行）能夠接收和轉換外國穩定。

* Promoting global acceptance of locally issued stablecoins.

*促進全球接受本地簽發的穩定的接受。

These forward-looking policies would generate significant fee and foreign exchange revenue for financial institutions, ensure proper regulatory oversight of digital currency flows, create diversified demand for government debt and reinforce a nation’s role as an innovative financial centre in the global economy.

這些前瞻性的政策將為金融機構帶來可觀的費用和外匯收入，確保對數字貨幣流動的適當監管，創造對政府債務的多樣化需求，並加強國家在全球經濟中成為創新金融中心的作用。

Inbound stablecoin conversion

入站穩定轉換

A global stablecoin clearing system would enable a country’s financial institutions to receive stablecoins from foreign issuers and convert them to local currency at par value.

全球穩定的清算系統將使一個國家的金融機構能夠從外國發行人那裡接收穩定的機構，並以標準價值轉換為當地貨幣。

If financial institutions were able to capture just 5% of the hypothetical $1tn global stablecoin redemption flow, this could generate approximately $1.83bn in annual gross revenue for the domestic financial sector. This would create a new revenue stream for banks and regulated fintechs without requiring them to take principal risk. Processing occurs through existing regulatory frameworks similar to how foreign currency cheques are handled today through international cash letter arrangements.

如果金融機構只能捕獲假設$ 1TN的全球Stablecoin贖回流量的5％，那麼這可能會為國內金融部門的年收入約為183億美元。這將為銀行和受監管的金融科技創造新的收入來源，而無需他們承擔本金風險。處理通過現有的監管框架進行處理，類似於今天通過國際現金信安排處理外幣支票的方式。

There are several regulatory benefits to this strategy. It ensures all foreign stablecoin flows into the country are processed through regulated institutions with robust know-your-customer, anti-money laundering and sanctions controls. It prevents disintermediation of domestic financial institutions by unregulated offshore stablecoin platforms and unhosted wallets. And it provides regulators with visibility into digital currency flows entering the economy.

該策略有幾種法規利益。它確保所有外國穩定的穩定流入該國的流入國家通過受監管的機構進行處理，並具有強大的知識客戶，反洗錢和製裁控制。它可以通過不受管制的離岸穩定平台和未固定的錢包來防止國內金融機構的分離。它為監管機構提供了進入經濟的數字貨幣流量的可見性。

This strategy also creates a foundation for bilateral trade negotiations: ‘We’ll facilitate acceptance of your stablecoins on a national level if you’ll do the same for ours.’ It positions the country as a forward-thinking jurisdiction embracing digital currency innovation within regulatory guardrails, and strengthens its competitive position against other financial centres hesitant to engage with digital assets.

該策略還為雙邊貿易談判奠定了基礎：“如果您為我們的工作做同樣的話，我們將促進您在全國范圍內接受您的穩定。”它將該國定位為具有前瞻性的管轄權，在監管護欄內包含數字貨幣創新，並加強了與其他金融中心猶豫不決地與數字資產互動的競爭地位。

Outbound national stablecoins

出站國家穩定

Promoting global acceptance of locally denominated stablecoins creates international demand for digital national currency, with significant macroeconomic benefits. Locally issued stablecoins held overseas indirectly generate demand for domestic government debt (as backing assets). This creates a new channel for the national currency to act as a reserve currency in digital form and broadens the utility of the domestic currency in international trade and cross-border transactions.

促進全球對本地居民的穩定的接受會產生國際對數字貨幣的需求，並具有巨大的宏觀經濟收益。當地發行的穩定幣持有海外持有的間接徵收對國內政府債務的需求（作為支持資產）。這為國民貨幣創建了一個新的渠道，以數字形式充當儲備貨幣，並擴大國際貿易和跨境交易的效用。

Consider consumers purchasing from overseas merchants through global marketplaces. These substantial payment flows could be denominated in local stablecoins, which many overseas marketplace sellers would willingly hold as part of a diversified currency portfolio. This creates sustainable foreign demand for domestically denominated assets without requiring immediate settlement back to the seller’s local currency.

考慮消費者通過全球市場從海外商人購買。這些大量的付款流可以用當地的穩定幣來計數，許多海外市場賣家將願意作為多元化貨幣投資組合的一部分。這會產生對國內居民資產的可持續需求，而無需立即解決賣方的當地貨幣。

This strategy extends the country’s financial influence in the growing digital economy, reduces transaction costs for domestic businesses engaged in global trade and provides a complementary digital currency strategy alongside any potential future central bank digital currency initiatives.

該策略擴大了該國在不斷增長的數字經濟中的財務影響，降低了從事全球貿易的國內企業的交易成本，並提供了互補的數字貨幣戰略以及任何潛在的未來中央銀行數字貨幣計劃。

Policy recommendations

政策建議

To make the most of this opportunity, countries should clarify the regulatory treatment of financial institutions receiving foreign stablecoins on behalf of clients and engage with clearing systems like Ubyx to ensure national interests are represented in this emerging infrastructure.

為了充分利用這一機會，各國應闡明代表客戶接受外國穩定幣的金融機構的監管處理，並與UBYX這樣的清算系統互動，以確保在這一新興基礎設施中代表國家利益。

They should establish a cross-sector working group with the finance ministry, central bank, financial regulators and industry participants to develop a coherent national stablecoin strategy. This group should consider targeted incentives to encourage domestic financial institutions to develop stablecoin acceptance capabilities.

他們應該與財政部，中央銀行，金融監管機構和行業參與者建立跨部門工作組，以製定一項連貫的國家Stablecoin戰略。該小組應考慮有針對性的激勵措施，以鼓勵國內金融機構發展穩定的接受能力。

Countries should include stablecoin interoperability in discussions with international financial centres and trade partners, while enabling regulated banks and non-banks to participate in public-permissionless blockchains with appropriate risk management frameworks.

各國應在與國際金融中心和貿易夥伴的討論中包括Stablecoin互操作性，同時使受監管的銀行和非銀行能夠使用適當的風險管理框架參加公共派遣的無priment派區塊鏈。

Finally, it is important to distinguish between infrastructure and outsourcing in regulatory frameworks to allow financial institutions to operate on public blockchains, as well as support accounting recognition of stablecoins as cash equivalents under appropriate conditions.

最後，重要的是要區分監管框架中的基礎設施和外包，以使金融機構能夠在公共區塊鏈上運營，並支持對穩定股的承認在適當條件下作為現金等價物。

Nations that have historically thrived by embracing financial innovation while ensuring appropriate safeguards stand to benefit significantly from stablecoins. A progressive policy approach represents a substantial opportunity to generate economic benefits, strengthen regulatory oversight and enhance a country’s position as a global financial leader in the digital age.

歷史上通過擁抱財務創新而蓬勃發展的國家，同時確保適當的保障措施能夠從穩定中受益匪淺。一種進步的政策方法代表了產生經濟利益，加強監管監督並提高國家作為數字時代全球金融領導者的地位的實質性機會。

By enabling both inbound conversion and outbound usage of locally-issued stablecoins, nations can establish themselves as pivotal hubs in the global digital currency landscape.

通過實現本地發行的穩定股的入站轉換和出站使用，各國可以將自己確立為全球數字貨幣景觀中的關鍵樞紐。

Tony McLaughlin is Founder of Ubyx and the originator of the Regulated Liability Network.

托尼·麥克勞克林（Tony McLaughlin）是UBYX的創始人，也是受監管責任網絡的發起人。

McLaughlin joined OMFIF’s podcast to give exclusive insights into his new Ubyx initiative. You can also read more about this subject in McLaughlin’s white paper.

麥克勞林（McLaughlin）加入了OMFIF的播客，為他的新UBYX計劃提供了獨家見解。您還可以在McLaughlin的白皮書中閱讀有關此主題的更多信息。

OMFIF has created a working group to explore the topic of updating bank regulations to fit with public blockchains. Learn more here.

OMFIF創建了一個工作組，以探討更新銀行法規以適合公共區塊鏈的主題。在這裡了解更多。