加密货币和稳定币的存在越来越多，促使英国监管机构警告货币体系的稳定性危险。

英国的监管机构对稳定的影响越来越不安，加密货币行业可能对金融稳定和货币政策产生。

The increasing presence of cryptocurrencies and stablecoins is prompting UK regulators to warn of possible dangers to the stability of the monetary system.

加密货币和稳定币的存在越来越多，促使英国监管机构警告货币体系的稳定性危险。

As reported by the Financial Times, members of the Financial Policy Committee (FPC) at the Bank of England (BoE) are growing increasingly uneasy about the effects stablecoins and the broader crypto industry may have on financial stability and monetary policy.

据《金融时报》报道，英格兰银行（BOE）的金融政策委员会（FPC）的成员对Stablecoins的影响越来越不安，并且更广泛的加密货币行业可能对金融稳定性和货币政策产生。

At the FPC meetings on April 4 and 8, regulators pointed out that despite the growing interconnectedness of unbacked crypto markets with the economy, the rapid rise of stablecoins and crypto markets in the past year has intensified regulatory concern.

在4月4日至8日的FPC会议上，监管机构指出，尽管未回国的加密市场与经济的相互联系日益增加，但过去一年中，稳定股和加密货币市场的迅速上升加剧了监管问题。

The UK, its central bank, and the Financial Conduct Authority have made developing stablecoin frameworks to enhance financial resilience a priority.

英国，中央银行和金融行为当局已制定了制定StableCoin框架，以提高财务弹性。

The committee believes it has established the factors that contribute to a stablecoin’s resilience.

该委员会认为，它已经确定了有助于稳定的弹性的因素。

“A key determinant of the resilience of stablecoins was the liquidity, credit and market risks of their backing assets, which were in place to ensure that redemptions can be met in a timely manner at par, even in periods of stress.”

“稳定币的弹性的关键决定因素是其支持资产的流动性，信贷和市场风险，这些资产的存在是为了确保即使在压力时期，也可以及时兑现赎回。”

The committee raised alarm over the “greater issuance of sterling offshore stablecoins with inappropriate backing assets.”

该委员会对“以不适当的支持资产发行了斯特林离岸稳定币的更大发行”发出了警报。”

The committee pointed out that this has implications for UK financial markets, emphasizing that, “even with appropriate regulation, greater use of stablecoins denominated in foreign currencies could make some economies vulnerable to the currency substitution.”

该委员会指出，这对英国金融市场有影响，强调：“即使适当的监管，更多地使用以外币为数字的稳定币也可能使一些经济体易受货币替代的攻击。”

Committee members are concerned that if stablecoin adoption grows beyond crypto settlements, it could affect cross-border payments in both retail and wholesale sectors.

委员会成员担心，如果采用稳定的采用超出加密定居点，它可能会影响零售和批发部门的跨境支付。

Retail use of stablecoins by households and SMEs for cross-border payments could cause currency substitution, which would elevate counterparty risk.

家庭和中小型企业零售使用稳定的人用于跨境支付可能会导致货币替代，这将提高对手风险。

This statement followed reports about the expanding use of stablecoins in emerging markets, with a focus on Africa, extending beyond just crypto remittances.

该声明遵循有关在新兴市场中扩展使用Stablecoins的报道，重点是非洲，扩展了不仅仅是加密汇款。

Stablecoins now make up close to half of all transaction volume in Sub-Saharan Africa, as per a recent report by Chainalysis.

根据Chainalysis最近的一份报告，Stablecoins现在占撒哈拉以南非洲所有交易量的近一半。

In late 2024, a report noted that a number of African emerging markets have the potential to position themselves as digital asset hubs.

2024年下半年，一份报告指出，许多非洲新兴市场有可能将自己定位为数字资产中心。

Yet, experts have not reported such trends in developed economies where financial infrastructure is readily available.

然而，专家尚未报告在发达经济体中可以随时获得金融基础设施的趋势。

Experts attribute the adoption of dollar-backed stablecoins and cryptocurrencies in developing countries, especially in Africa, to the scarcity of banking services and the volatility of local currencies.

专家将在发展中国家，尤其是非洲的美元支持的稳定币和加密货币归因于银行服务的稀缺性和当地货币的波动。

Alongside the UK, other nations are equally concerned about the potential impact of stablecoins and the broader cryptocurrency industry on monetary stability.

与英国一起，其他国家同样关注Stablecoins和更广泛的加密货币行业对货币稳定的潜在影响。

According to the European Securities and Markets Authority (ESMA), the growing influence of crypto and its integration with traditional finance will increasingly undermine the stability of financial markets. ESMA’s executive director, Natasha Cazenave, commented:

根据欧洲证券和市场管理局（ESMA）的说法，加密货币及其与传统金融的融合日益增长的影响将越来越破坏金融市场的稳定性。 ESMA的执行董事Natasha Cazenave评论说：

“We cannot rule out that future sharp drops in crypto prices could have knock-on effects on our financial system.”

“我们不能排除未来的加密价格急剧下跌可能会对我们的金融体系产生连锁反应的影响。”

Local regulators have already started taking actions to address these concerns.

当地监管机构已经开始采取行动来解决这些问题。

To mitigate risks for policyholders, the European Union’s insurance regulator proposed in late March that insurance firms must maintain capital equivalent to their crypto holdings.

为了减轻保单持有人的风险，欧盟的保险监管机构在3月下旬提议，保险公司必须维持与加密货币持有的资本。

Recently, the European Central Bank has advocated for shielding Europe from the expanding hold of U.S. dollar-backed stablecoins.

最近，欧洲中央银行倡导屏蔽欧洲免受美元支持的稳定股的扩大。

Piero Cipollone, an ECB executive, highlighted the U.S.’s increasingly crypto-friendly stance and its push to broaden the global presence of dollar stablecoins, which he considers worrisome.

欧洲央行高管皮耶罗·奇波隆（Piero Cipollone）强调了美国越来越友好的立场，并推动了扩大美元stablecoins的全球存在，他认为这令人担忧。

In response, Cipollone suggests that launching a digital euro could curb the influence of foreign currency stablecoins as a prevalent form of exchange in the eurozone.

作为回应，Cipollone认为，推出数字欧元可以遏制外币稳定币作为欧元区中普遍的交流形式的影响。