立法者和行業專家討論了以美元支持的穩定的重要性

聽證會解決了由穩定幣引起的潛在利益，並批評了CBDC的有害特徵。

Lawmakers and industry experts gathered on March 11 for a hearing to discuss the role of US dollar-backed stablecoins in the financial system and the need for a regulatory framework.

立法者和行業專家於3月11日聚集在一起，進行聽證會，討論了美元支持的Stablecoins在金融體系中的作用以及對監管框架的需求。

The hearing, titled “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency,” was convened by the US House Committee on Financial Services.

聽證會“瀏覽數字支付生態系統：檢查美國中央銀行數字貨幣的付款穩定框架和後果的聯邦框架”，美國金融服務眾議院委員會召集。

It also discussed concerns surrounding a potential central bank digital currency (CBDC) in the US.

它還討論了有關美國潛在的中央銀行數字貨幣（CBDC）的擔憂。

Stablecoins vs. CBDCs

Stablecoins與CBDCS

The hearing addressed the potential benefits stemming from stablecoins and criticized the harmful traits of CBDCs. House Financial Services Committee chairman French Hill argued that stablecoins offer advantages over a CBDC by fostering competition and innovation.

聽證會解決了穩定幣帶來的潛在好處，並批評了CBDC的有害特徵。眾議院金融服務委員會主席法國希爾（French Hill）辯稱，通過促進競爭和創新，Stablecoins提供了比CBDC的優勢。

According to Hill:

根據希爾的說法：

“Unlike stablecoins, which operate in a competitive market, a CBDC would concentrate financial power within the federal government, restrict consumer choice, and undermine the innovation that has made US financial markets the strongest in the world.”

“與在競爭市場中運作的Stablecoins不同，CBDC將集中財務權力，限制消費者選擇，並破壞使美國金融市場成為世界上最強大的創新。”

Hill further emphasized that when properly regulated, stablecoins can enhance US dollar dominance and modernize payment systems without excessive government control.

希爾進一步強調，如果受到適當的監管，Stablecoins可以提高美元的統治地位，並在沒有過多的政府控制的情況下對支付系統進行現代化化。

Representative Bill Huizenga (R-MI) echoed the potential of stablecoins, stating they could simplify the US payment system.

代表Bill Huizenga（R-MI）回應了Stablecoins的潛力，並指出他們可以簡化美國支付系統。

Additionally, Congressman Andy Barr (R-KY) highlighted that stablecoins are crucial in maintaining the US dollar’s status against competitors, including foreign CBDCs like the digital yuan.

此外，國會議員安迪·巴爾（Andy Barr）（R-KY）強調，穩定幣對於維持美元對競爭對手（包括數字元素等外國CBDC）的地位至關重要。

Charles Cascarilla, CEO of Paxos, stated that a CBDC would not provide benefits that a stablecoin does not already offer.

Paxos首席執行官Charles Cascarilla表示，CBDC不會提供Stablecoin尚未提供的好處。

“Historically, innovation in the U.S., both in the technology and in the financial system, has come from the private sector and that is what we should continue to embrace,” said Cascarilla.

卡斯卡里拉說：“從歷史上看，在技術和金融體系中，美國的創新都來自私營部門，這就是我們應該繼續接受的。”

Congressman Tom Emmer (R-MN) expressed his support for prohibiting CBDCs in the US, saying he is “grateful to President Donald Trump for understanding this” and signed an executive order banning them.

國會議員湯姆·埃默（Tom Emmer）（R-MN）表示支持在美國禁止CBDC，稱他“感謝唐納德·特朗普總統的理解”，並簽署了禁止他​​們的行政命令。

Emmer is referencing the order Trump signed on Jan. 23, establishing a framework to drive the growth of stablecoins. The order also directs federal agencies to cancel plans to create a CBDC.

埃默（Emmer）提到特朗普於1月23日簽署的命令，建立了一個框架來推動穩定的人的成長。該命令還指示聯邦機構取消計劃創建CBDC的計劃。

Regulatory considerations

監管考慮

The hearing highlighted the growing consensus that stablecoins require a clear legal framework to ensure their stability and adoption without excessive government intervention.

聽證會強調，穩定幣需要明確的法律框架以確保其穩定和採用而沒有過多的政府乾預，這一共識越來越多。

Representative William Timmons (R-SC) expressed the priority of regulatory clarity, noting that digital asset innovators remain vulnerable to administrative actions that could drive innovation offshore without clear legislation.

威廉·蒂蒙斯（William Timmons）代表（R-SC）表示，監管清晰度的優先事項，並指出數字資產創新者仍然容易受到行政行動的影響，而行政行動可能會在沒有明確立法的情況下將創新驅動到海上。

The STABLE Act, which aims to regulate digital payment instruments like stablecoins, was a central topic of discussion. The bill proposes allowing both banks and nonbanks to issue stablecoins, with varying levels of supervision based on the amount of capital issued.

旨在調節諸如Stablecoins之類的數字支付工具的穩定法案是討論的核心話題。該法案提議允許銀行和非銀行簽發Stablecoins，並根據簽發的資本數量的監督水平變化。

It also mandates that stablecoins be fully backed by US dollars or other specifically approved assets, guarantees the public enforcable redemption of stablecoins, and subjects issuers to varying degrees of supervision, similar to how banks are supervised.

它還規定，穩定的穩定幣以美元或其他特定批准的資產的全部支持，保證公眾可執行的固定幣，以及在不同程度的監督下發行人的主題發行人，類似於銀行的監督方式。

Caroline Butler, global head of digital assets at BNY Mellon, emphasized the importance of the asset segregation framework outlined in the STABLE Act, stating that client assets should never be commingled with firm assets.

BNY Mellon的全球數字資產負責人卡羅琳·巴特勒（Caroline Butler）強調了《穩定法案》中概述的資產隔離框架的重要性，並指出，客戶資產絕不應與企業資產混亂。

Cascarilla reinforced this point of view, arguing that legal protections for the reserve holding are paramount to sustaining a stablecoin’s value.

卡斯卡里拉（Cascarilla）加強了這一觀點，認為對儲備金持有的法律保護對於維持穩定的價值至關重要。

Randall Guynn, Chairman of Davis Polk & Wardwell’s Financial Institutions Group, noted that the STABLE Act’s requirements to ensure a stablecoin’s backing could make these assets a “no questions asked” type of money.

戴維斯·波爾克（Davis Polk＆Wardwell）的金融機構集團董事長蘭德爾·蓋恩（Randall Guynn）指出，穩定的法案要求確保穩定的支持者的支持可以使這些資產成為“無問題”類型的錢。

Carole House, a senior fellow at the Atlantic Council’s GeoEconomics Center, recognized the STABLE Act’s provisions for cybersecurity. She highlighted their importance in securing digital financial infrastructure, especially considering the increasing sophistication of cyber threats.

大西洋理事會地球經濟中心的高級研究員Carole House認可了《穩定法案》的網絡安全規定。她強調了他們在確保數字金融基礎設施中的重要性，尤其是考慮到網絡威脅的成熟程度不斷增加。

Stablecoins and financial inclusion

穩定幣和金融包容性

Beyond regulatory considerations, the hearing also touched upon the role of stablecoins in financial inclusion.

除了監管方面的考慮之外，聽證會還談到了穩定幣在金融包容中的作用。

Cascarilla pointed out that stablecoins offer a means for unbanked individuals to access digital dollars through smartphone wallets. This, he said, would open up financial participation for the billions of people worldwide who lack traditional banking access.

卡斯卡里拉（Cascarilla）指出，穩定者為沒有銀行的個人提供了通過智能手機錢包獲得數字美元的手段。他說，這將為全球數十億人缺乏傳統銀行業務的人提供財務參與。

Executives from large banks also highlighted a role for financial institutions in the stablecoin ecosystem. Butler stated that financial institutions could bring trust and confidence, and that they are needed to ensure stablecoin payment mechanisms evolve in parallel with traditional payment rails.

來自大型銀行的高管還強調了Stablecoin生態系統中金融機構的角色。巴特勒表示，金融機構可以帶來信任和信心，並且需要它們來確保與傳統支付軌道並行發展的穩定付款機制。