華爾街對穩定幣的擁抱引發了美國數位貨幣政策辯論

主要金融機構越來越多地參與穩定幣市場，可能會加速美國穩定幣監管的實施。貝萊德代幣化基金推出美元代幣（USDC）出口被視為傳統金融和穩定幣提供者融合的一步。 USDC 的發行人 Circle 推出了一項功能，允許貝萊德美元機構數位流動性基金（BUIDL）的投資者將其股票贖回 USDC，從而增加基金參與者的流動性。

Wall Street's Embrace of Stablecoins Accelerates U.S. Digital Currency Policy Debate

華爾街對穩定幣的擁抱加速了美國數位貨幣政策辯論

New York, NY - The escalating involvement of Wall Street corporations in the stablecoin industry is poised to hasten the development of policies governing these digital assets in the United States, potentially creating a private alternative to a central bank digital currency (CBDC).

紐約州紐約 - 華爾街公司對穩定幣產業的參與不斷升級，勢將加速美國管理這些數位資產的政策的製定，有可能創造中央銀行數位貨幣（CBDC）的私人替代品。

According to crypto analyst Ryan Sean Adams, the recent launch of off-ramps in USD Coin (USDC) for BlackRock's tokenized fund is merely another step in the ongoing integration of traditional finance and stablecoin providers.

加密貨幣分析師 Ryan Sean Adams 表示，最近為貝萊德代幣化基金推出的美元代幣（USDC）出口只是傳統金融和穩定幣提供者持續整合的又一步。

"Stablecoins will happen in the U.S. because BlackRock and the financial institutions want them to happen. This may not be noticeable at first," Adams said on X (formerly Twitter).

「穩定幣將會在美國出現，因為貝萊德和金融機構希望它們出現。這一點一開始可能不會被注意到，」亞當斯在 X（前身為 Twitter）上表示。

Circle, the issuer of the USDC stablecoin, announced on April 11 the launch of a feature that allows holders of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) to redeem their shares for USDC at Circle. In other words, this feature enables investors in the tokenized fund to convert their shares into stablecoins on a 24/7 basis, thus enhancing shareholder liquidity.

USDC 穩定幣的發行人 Circle 於 4 月 11 日宣布推出一項功能，允許貝萊德美元機構數位流動性基金（BUIDL）的持有者在 Circle 贖回其股票以換取 USDC。換句話說，這項功能使代幣化基金的投資者能夠全天候（24/7）將其股票轉換為穩定幣，從而增強股東的流動性。

BlackRock is a major investor in Circle. In April 2022, the companies announced a strategic partnership that involved BlackRock investing in Circle's $400 million funding round. BlackRock also manages the Circle Reserve Fund, a government money market fund in which Circle is the sole eligible investor.

貝萊德是 Circle 的主要投資者。 2022 年 4 月，兩家公司宣佈建立戰略合作夥伴關係，貝萊德投資了 Circle 的 4 億美元融資。貝萊德也管理著 Circle Reserve Fund，這是一個政府貨幣市場基金，Circle 是該基金的唯一合格投資者。

"The new BlackRock BUIDL fund on Ethereum is a superior bandwidth pipeline between U.S. Treasuries and USDC," Adams observed, adding that Circle's pending initial public offering (IPO) could further facilitate the integration of stablecoins with traditional markets.

Adams 表示：「以太坊上新的貝萊德BUIDL 基金是美國國債和USDC 之間的優質頻寬管道。」他補充說，Circle 即將進行的首次公開募股(IPO) 可以進一步促進穩定幣與傳統市場的整合。

"The banking corporations will backdoor themselves into stablecoins – by acquiring/partnering/controlling crypto native providers – and they'll lobby for stablecoin legislation and make it happen along the way. The U.S. doesn't have the political will to create a central bank digital currency. They're just going to create one de facto through private financial institution issued stablecoins on public crypto networks like Ethereum."

「銀行公司將透過收購/合作/控制加密原生供應商，將自己帶入穩定幣領域，他們將遊說穩定幣立法，並一路實現這一目標。美國沒有創建中央銀行的政治意願數位貨幣。他們實際上上只是透過私人金融機構在以太坊等公共加密網路上發行穩定幣來創建一種事實上的穩定幣。”

BlackRock is currently one of the most influential players in the crypto sector. The asset manager is the sponsor of the iShares Bitcoin Strategy (IBIT) spot Bitcoin ETF, which had a value of $18.5 billion as of April 10. The firm recently launched its tokenized fund, BUIDL, which enables investors to invest in tokens that represent shares in a fund that invests in assets such as U.S. Treasury bills.

貝萊德目前是加密貨幣領域最有影響力的參與者之一。該資產管理公司是iShares Bitcoin Strategy (IBIT) 現貨比特幣ETF 的發起人，截至4 月10 日，該基金的價值為185 億美元。該公司最近推出了代幣化基金BUIDL，使投資者能夠投資代表股票的代幣投資於美國國庫券等資產的基金。

The rising influence of stablecoins in the financial landscape has raised concerns among regulators about their potential impact on the stability of the financial system. Stablecoins are digital assets that are pegged to the value of a fiat currency, such as the U.S. dollar, and are often used as a means of payment and settlement.

穩定幣在金融領域的影響力不斷上升，引起了監管機構對其對金融體系穩定性潛在影響的擔憂。穩定幣是與美元等法定貨幣價值掛鉤的數位資產，通常用作支付和結算手段。

Some experts argue that the widespread adoption of stablecoins could undermine the role of central banks in monetary policy and financial stability. They contend that stablecoins could be used to circumvent capital controls and engage in illicit activities, and that their value could be vulnerable to manipulation by private actors.

一些專家認為，穩定幣的廣泛採用可能會削弱央行在貨幣政策和金融穩定中的作用。他們認為，穩定幣可用於規避資本管制並從事非法活動，而且其價值可能容易受到私人行為者的操縱。

In response to these concerns, the U.S. government has been considering the development of a CBDC, which would be a digital currency issued and backed by the Federal Reserve. A CBDC would provide a safe and reliable alternative to private stablecoins and would allow the central bank to maintain its control over the monetary system.

為了回應這些擔憂，美國政府一直在考慮開發 CBDC，這是由聯準會發行和支援的數位貨幣。 CBDC 將為私人穩定幣提供安全可靠的替代品，並允許央行維持對貨幣體系的控制。

However, the creation of a CBDC would require significant legislative action, which could prove to be politically challenging. In the meantime, the U.S. government is likely to focus on regulating stablecoins and other digital assets, while monitoring the development of the industry and assessing the need for a CBDC.

然而，創建 CBDC 需要採取重大立法行動，這可能在政治上具有挑戰性。同時，美國政府可能會專注於監管穩定幣和其他數位資產，同時監控該行業的發展並評估對 CBDC 的需求。

The escalating involvement of Wall Street corporations in the stablecoin industry is likely to accelerate the policy debate surrounding digital currencies in the United States. The private sector's embrace of stablecoins could potentially create a de facto CBDC, bypassing the need for government action. However, the government will need to carefully consider the risks and benefits of stablecoins and other digital assets before making a decision on whether to issue a CBDC.

華爾街公司對穩定幣產業的持續參與可能會加速美國圍繞數位貨幣的政策辯論。私營部門對穩定幣的接受度可能會創造事實上的 CBDC，從而繞過政府行動的需要。然而，政府在決定是否發行 CBDC 之前，需要仔細考慮穩定幣和其他數位資產的風險和收益。

As the stablecoin industry continues to evolve, it is imperative for policymakers to stay abreast of the latest developments and to engage in a comprehensive dialogue with industry stakeholders to ensure that digital currencies are developed and used in a safe and responsible manner.

隨著穩定幣產業的不斷發展，政策制定者必須隨時了解最新動態，並與產業利益相關者進行全面對話，以確保數位貨幣以安全、負責任的方式開發和使用。