英國金融當局推出 Pyxtrial 以更好地監管穩定幣

國際清算銀行（BIS）和英格蘭銀行正在運行一個項目，可以即時追蹤穩定幣儲備。

The UK financial watchdog is piloting a new system to monitor stablecoin reserves in real-time.

英國金融監管機構正在試行新系統來即時監控穩定幣儲備。

Dubbed Pyxtrial, the technology will enable UK financial authorities to directly access data from users’ systems for on-chain liability verification. The system will also apply to other tokenized products backed by Real-World Assets (RWA).

該技術被稱為 PyxTrial，將使英國金融當局能夠直接存取用戶系統中的資料以進行鏈上責任驗證。該系統也將適用於由真實世界資產（RWA）支援的其他代幣化產品。

The announcement comes amid the UK watchdog’s interest in stablecoins, which are a fast-growing sector in the crypto market. However, the sector remains largely unregulated, sparking concerns among authorities.

這項消息發布之際，英國監管機構對穩定幣很感興趣，穩定幣是加密貨幣市場中快速成長的領域。然而，該行業在很大程度上仍然不受監管，引發了當局的擔憂。

The UK watchdog has expressed skepticism over the validity of the reserves that stablecoin issuers claim to back their holdings. This follows a period of heightened scrutiny of stablecoin reserves and a wave of insolvencies in the crypto industry.

英國監管機構對穩定幣發行人聲稱支持其持有的儲備的有效性表示懷疑。在此之前，穩定幣儲備受到了嚴格審查，加密產業出現了一波破產浪潮。

In response to the fallout, some stablecoin issuers, including Tether, and even exchanges, like Binance, have engaged in self-regulation. For instance, Binance introduced a Proof-of-Reserves system to instill confidence in the exchange’s solvency.

為了應對這一影響，包括 Tether 在內的一些穩定幣發行商，甚至像幣安這樣的交易所，都進行了自我監管。例如，幣安引入了準備金證明系統，以增強人們對交易所償付能力的信心。

Meanwhile, the إفادة من قبل شركة ديفلي لاماstablecoins are a major use case for DeFi, with a market capitalization of $164.02 billion. But as the market grows, so do concerns over a lack of regulation.

同時，Devil Lama 穩定幣的聲明是 DeFi 的主要用例，市值為 1,640.2 億美元。但隨著市場的成長，對缺乏監管的擔憂也在增加。

Stablecoin usage has attracted the attention of regulators, particularly in the context of disclosures and potential instability during market stress. SEC Chair Gary Gensler has asserted that some stablecoins are likely securities.

穩定幣的使用引起了監管機構的關注，特別是在市場壓力期間的資訊揭露和潛在不穩定的背景下。美國證券交易委員會主席加里‧詹斯勒 (Gary Gensler) 斷言，某些穩定幣可能是證券。

In light of this, the regulator has proposed registration and additional oversight to address these concerns.

有鑑於此，監管機構建議進行註冊和額外監督，以解決這些問題。

For example, in 2023, the US SEC went after Binance US stablecoin (BUSD) over securities claims. This move sent shock waves throughout the market, hinting at which dollar-pegged tokens could draw regulatory attention and investigation.

例如，2023 年，美國 SEC 因證券索賠而對幣安美國穩定幣（BUSD）進行了追蹤。此舉在整個市場引發了衝擊，暗示與美元掛鉤的代幣可能會引起監管機構的關注和調查。

However, the regulator later dropped the charges after a court ruling in favor of Binance, stating that BUSD sales did not constitute a securities offering. This verdict provided a win for the stablecoin sector in the US.

然而，在法庭做出有利於幣安的裁決後，監管機構隨後撤銷了指控，稱 BUSD 銷售不構成證券發行。這項判決為美國穩定幣產業帶來了勝利。

Now, as the UK stablecoin market unfolds, Pyxtrial could pave the way for greater oversight in the UK.

現在，隨著英國穩定幣市場的發展，PyxTrial 可以為英國加強監管鋪平道路。