全球各国有机会通过确立自己的稳定交易枢纽来加强其作为金融中心的地位

这项前瞻性政策将为金融机构带来可观的费用和外汇收入，确保对数字货币流量的适当监管

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.

全球各国有机会通过确立自己的稳定交易枢纽来加强其作为金融中心的地位。两种互补的策略，即增强国内金融机构（受监管的银行和非银行），以接收和转换外国稳定的稳定剂，并促进全球对当地签发的稳定股的接受 - 将带来可观的经济福利。

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

本文讨论了这些策略以及对政府和金融机构的政策影响。

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:

随着稳定币继续增强动力，各国将获得一个独特的机会，以整合这项技术并为其经济和金融部门带来好处。国家可以采用两种互补策略来加强其立场，因为稳定的交易枢纽是：

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

*使国内金融机构（受监管的银行和非银行）能够接收和转换外国稳定。

* Promoting global acceptance of locally issued stablecoins.

*促进全球接受本地签发的稳定的接受。

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.

这些前瞻性的政策将为金融机构带来可观的费用和外汇收入，确保对数字货币流动的适当监管，创造对政府债务的多样化需求，并加强国家在全球经济中成为创新金融中心的作用。

Inbound stablecoin conversion

入站稳定转换

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.

全球稳定的清算系统将使一个国家的金融机构能够从外国发行人那里接收稳定的机构，并以标准价值转换为当地货币。

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.

如果金融机构只能捕获假设$ 1TN的全球Stablecoin赎回流量的5％，那么这可能会为国内金融部门的年收入约为183亿美元。这将为银行和受监管的金融科技创造新的收入来源，而无需他们承担本金风险。处理通过现有的监管框架进行处理，类似于今天通过国际现金信安排处理外币支票的方式。

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.

该策略有几种法规利益。它确保所有外国稳定的稳定流入该国的流入国家通过受监管的机构进行处理，并具有强大的知识客户，反洗钱和制裁控制。它可以通过不受管制的离岸稳定平台和未固定的钱包来防止国内金融机构的分离。它为监管机构提供了进入经济的数字货币流量的可见性。

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.

该策略还为双边贸易谈判奠定了基础：“如果您为我们的工作做同样的话，我们将促进您在全国范围内接受您的稳定。”它将该国定位为具有前瞻性的管辖权，在监管护栏内包含数字货币创新，并加强了与其他金融中心犹豫不决地与数字资产互动的竞争地位。

Outbound national stablecoins

出站国家稳定

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.

促进全球对本地居民的稳定的接受会产生国际对数字货币的需求，并具有巨大的宏观经济收益。当地发行的稳定币持有海外持有的间接征收对国内政府债务的需求（作为支持资产）。这为国民货币创建了一个新的渠道，以数字形式充当储备货币，并扩大国际贸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.

考虑消费者通过全球市场从海外商人购买。这些大量的付款流可以用当地的稳定币来计数，许多海外市场卖家将愿意作为多元化货币投资组合的一部分。这会产生对国内居民资产的可持续需求，而无需立即解决卖方的当地货币。

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.

该策略扩大了该国在不断增长的数字经济中的财务影响，降低了从事全球贸易的国内企业的交易成本，并提供了互补的数字货币战略以及任何潜在的未来中央银行数字货币计划。

Policy recommendations

政策建议

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.

为了充分利用这一机会，各国应阐明代表客户接受外国稳定币的金融机构的监管处理，并与UBYX这样的清算系统互动，以确保在这一新兴基础设施中代表国家利益。

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.

他们应该与财政部，中央银行，金融监管机构和行业参与者建立跨部门工作组，以制定一项连贯的国家Stablecoin战略。该小组应考虑有针对性的激励措施，以鼓励国内金融机构发展稳定的接受能力。

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.

各国应在与国际金融中心和贸易伙伴的讨论中包括Stablecoin互操作性，同时使受监管的银行和非银行能够使用适当的风险管理框架参加公共派遣的无priment派区块链。

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.

最后，重要的是要区分监管框架中的基础设施和外包，以使金融机构能够在公共区块链上运营，并支持对稳定股的承认在适当条件下作为现金等价物。

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.

历史上通过拥抱财务创新而蓬勃发展的国家，同时确保适当的保障措施能够从稳定中受益匪浅。一种进步的政策方法代表了产生经济利益，加强监管监督并提高国家作为数字时代全球金融领导者的地位的实质性机会。

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.

通过实现本地发行的稳定股的入站转换和出站使用，各国可以将自己确立为全球数字货币景观中的关键枢纽。

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

托尼·麦克劳克林（Tony McLaughlin）是UBYX的创始人，也是受监管责任网络的发起人。

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.

麦克劳林（McLaughlin）加入了OMFIF的播客，为他的新UBYX计划提供了独家见解。您还可以在McLaughlin的白皮书中阅读有关此主题的更多信息。

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

OMFIF创建了一个工作组，以探讨更新银行法规以适合公共区块链的主题。在这里了解更多。