穩定幣和 CBDC：對美國經濟和監管格局的影響

與美元掛鉤的穩定幣被認為對美國經濟有利：Cantor Fitzgerald 執行長 Howard Lutnick 認為，與美元掛鉤的穩定幣對美國經濟有正面貢獻。 Lutnick 表示，Tether 和 Circle 等穩定幣得到了充分的支持，在刺激美國國債需求方面發揮著至關重要的作用，同時又不構成系統性風險。

Stablecoins and CBDCs: Implications for the US Economy and Regulatory Landscape

穩定幣和 CBDC：對美國經濟和監管格局的影響

Introduction

介紹

The advent of digital currencies, particularly stablecoins and central bank digital currencies (CBDCs), has sparked significant debate on their potential impact on the US economy and financial system. Howard Lutnick, CEO of Cantor Fitzgerald, recently weighed in on the issue, expressing his support for stablecoins while raising concerns about CBDCs.

數位貨幣，特別是穩定幣和央行數位貨幣（CBDC）的出現，引發了關於其對美國經濟和金融體系潛在影響的激烈爭論。 Cantor Fitzgerald 執行長 Howard Lutnick 最近介入了這個問題，表達了他對穩定幣的支持，同時提出了對 CBDC 的擔憂。

Lutnick's Views on Stablecoins

盧特尼克對穩定幣的看法

Lutnick believes that stablecoins pegged to the US dollar, such as Tether and Circle, play a vital role in the US economy. He argues that these stablecoins stimulate demand for US Treasury notes and do not pose a systemic risk to the global financial system. Lutnick's perspective aligns with the current regulatory approach towards stablecoins, which are generally viewed as a more prudent form of digital currency than unbacked cryptocurrencies.

Lutnick 認為，Tether 和 Circle 等與美元掛鉤的穩定幣在美國經濟中發揮著至關重要的作用。他認為，這些穩定幣刺激了對美國國債的需求，不會對全球金融體系構成系統性風險。盧特尼克的觀點與目前對穩定幣的監管方法一致，穩定幣通常被視為比無支持的加密貨幣更謹慎的數位貨幣形式。

Fed Chairman Calls for Stablecoin Regulation

聯準會主席呼籲穩定幣監管

Earlier this year, Federal Reserve Chairman Jerome Powell emphasized the need for regulation in the stablecoin market. Powell's remarks came in response to concerns that stablecoins could potentially disrupt monetary policy and the stability of the financial system. The Fed's study on digital currency integration highlights the potential systemic risks posed by stablecoins and CBDCs, suggesting that monetary policy adjustments may be necessary to prevent a decrease in lending and preserve economic stability.

今年早些時候，聯準會主席鮑威爾強調了穩定幣市場監管的必要性。鮑威爾的言論是為了回應人們對穩定幣可能擾亂貨幣政策和金融體系穩定的擔憂。聯準會關於數位貨幣一體化的研究強調了穩定幣和 CBDC 帶來的潛在系統性風險，這表明貨幣政策調整可能是防止貸款減少和維護經濟穩定所必需的。

Lutnick's Concerns about CBDCs

盧特尼克對 CBDC 的擔憂

In contrast to his support for stablecoins, Lutnick expressed reservations about CBDCs. He believes that China may view a digital dollar as a surveillance tool for Americans, thereby undermining privacy and individual freedom. Lutnick's concerns stem from the potential for CBDCs to grant central banks unprecedented control over the financial system, which could be used for political or surveillance purposes.

與他對穩定幣的支持相反，盧特尼克對 CBDC 表示保留。他認為，中國可能將數位美元視為美國人的監視工具，損害隱私和個人自由。 Lutnick 的擔憂源於 CBDC 可能賦予央行對金融體系前所未有的控制權，這種控制權可用於政治或監視目的。

Study on the Impact of CBDCs

CBDC 影響研究

The Federal Reserve's study on digital currencies also examines the potential impact of CBDCs on investor behavior and the banking sector. The study suggests that digital currencies with higher interest rates could attract investors away from traditional banks, potentially affecting lending volumes and limiting the central bank's ability to respond to crises.

聯準會對數位貨幣的研究也探討了 CBDC 對投資者行為和銀行業的潛在影響。該研究表明，利率較高的數位貨幣可能會吸引投資者遠離傳統銀行，這可能會影響貸款量並限制央行應對危機的能力。

Asset Tokenization and the Future of Banking

資產代幣化與銀行業的未來

Lutnick believes that the tokenization of financial assets, including hedge funds and other complex financial instruments, will become increasingly prevalent over the next decade. This trend could have a significant impact on the banking sector, as major institutions explore the potential benefits of blockchain technology. The SEC's recent comments on asset tokenization could further accelerate this trend, as banks seek ways to remain competitive in the face of technological advancements.

盧特尼克認為，包括對沖基金和其他複雜金融工具在內的金融資產的代幣化將在未來十年變得越來越普遍。隨著主要機構探索區塊鏈技術的潛在好處，這種趨勢可能會對銀行業產生重大影響。美國證券交易委員會最近關於資產代幣化的評論可能會進一步加速這一趨勢，因為銀行在面對技術進步時尋求保持競爭力的方法。

Conclusion

結論

The emergence of stablecoins and CBDCs has raised important questions about their potential impact on the US economy and financial system. While stablecoins are generally viewed as a more stable and less risky form of digital currency, the integration of both stablecoins and CBDCs highlights the need for prudent regulation. The regulatory landscape for digital currencies is still evolving, and it is essential that policymakers strike a balance between fostering innovation and protecting the stability of the financial system.

穩定幣和 CBDC 的出現引發了關於它們對美國經濟和金融體系潛在影響的重要問題。雖然穩定幣通常被視為一種更穩定、風險更低的數位貨幣形式，但穩定幣和 CBDC 的整合凸顯了審慎監管的必要性。數位貨幣的監管環境仍在不斷發展，政策制定者必須在促進創新和保護金融體系穩定之間取得平衡。