立法者和行业专家讨论了以美元支持的稳定的重要性

听证会解决了由稳定币引起的潜在利益，并批评了CBDC的有害特征。

Lawmakers and industry experts gathered on March 11 for a hearing to discuss the role of US dollar-backed stablecoins in the financial system and the need for a regulatory framework.

立法者和行业专家于3月11日聚集在一起，进行听证会，讨论了美元支持的Stablecoins在金融体系中的作用以及对监管框架的需求。

The hearing, titled “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency,” was convened by the US House Committee on Financial Services.

听证会“浏览数字支付生态系统：检查美国中央银行数字货币的付款稳定框架和后果的联邦框架”，美国金融服务众议院委员会召集。

It also discussed concerns surrounding a potential central bank digital currency (CBDC) in the US.

它还讨论了有关美国潜在的中央银行数字货币（CBDC）的担忧。

Stablecoins vs. CBDCs

Stablecoins与CBDCS

The hearing addressed the potential benefits stemming from stablecoins and criticized the harmful traits of CBDCs. House Financial Services Committee chairman French Hill argued that stablecoins offer advantages over a CBDC by fostering competition and innovation.

听证会解决了稳定币带来的潜在好处，并批评了CBDC的有害特征。众议院金融服务委员会主席法国希尔（French Hill）辩称，通过促进竞争和创新，Stablecoins提供了比CBDC的优势。

According to Hill:

根据希尔的说法：

“Unlike stablecoins, which operate in a competitive market, a CBDC would concentrate financial power within the federal government, restrict consumer choice, and undermine the innovation that has made US financial markets the strongest in the world.”

“与在竞争市场中运作的Stablecoins不同，CBDC将集中财务权力，限制消费者选择，并破坏使美国金融市场成为世界上最强大的创新。”

Hill further emphasized that when properly regulated, stablecoins can enhance US dollar dominance and modernize payment systems without excessive government control.

希尔进一步强调，如果受到适当的监管，Stablecoins可以提高美元的统治地位，并在没有过多的政府控制的情况下对支付系统进行现代化化。

Representative Bill Huizenga (R-MI) echoed the potential of stablecoins, stating they could simplify the US payment system.

代表Bill Huizenga（R-MI）回应了Stablecoins的潜力，并指出他们可以简化美国支付系统。

Additionally, Congressman Andy Barr (R-KY) highlighted that stablecoins are crucial in maintaining the US dollar’s status against competitors, including foreign CBDCs like the digital yuan.

此外，国会议员安迪·巴尔（Andy Barr）（R-KY）强调，稳定币对于维持美元对竞争对手（包括数字元素等外国CBDC）的地位至关重要。

Charles Cascarilla, CEO of Paxos, stated that a CBDC would not provide benefits that a stablecoin does not already offer.

Paxos首席执行官Charles Cascarilla表示，CBDC不会提供Stablecoin尚未提供的好处。

“Historically, innovation in the U.S., both in the technology and in the financial system, has come from the private sector and that is what we should continue to embrace,” said Cascarilla.

卡斯卡里拉说：“从历史上看，在技术和金融体系中，美国的创新都来自私营部门，这就是我们应该继续接受的。”

Congressman Tom Emmer (R-MN) expressed his support for prohibiting CBDCs in the US, saying he is “grateful to President Donald Trump for understanding this” and signed an executive order banning them.

国会议员汤姆·埃默（Tom Emmer）（R-MN）表示支持在美国禁止CBDC，称他“感谢唐纳德·特朗普总统的理解”，并签署了禁止他​​们的行政命令。

Emmer is referencing the order Trump signed on Jan. 23, establishing a framework to drive the growth of stablecoins. The order also directs federal agencies to cancel plans to create a CBDC.

埃默（Emmer）提到特朗普于1月23日签署的命令，建立了一个框架来推动稳定的人的成长。该命令还指示联邦机构取消计划创建CBDC的计划。

Regulatory considerations

监管考虑

The hearing highlighted the growing consensus that stablecoins require a clear legal framework to ensure their stability and adoption without excessive government intervention.

听证会强调，稳定币需要明确的法律框架以确保其稳定和采用而没有过多的政府干预，这一共识越来越多。

Representative William Timmons (R-SC) expressed the priority of regulatory clarity, noting that digital asset innovators remain vulnerable to administrative actions that could drive innovation offshore without clear legislation.

威廉·蒂蒙斯（William Timmons）代表（R-SC）表示，监管清晰度的优先事项，并指出数字资产创新者仍然容易受到行政行动的影响，而行政行动可能会在没有明确立法的情况下将创新驱动到海上。

The STABLE Act, which aims to regulate digital payment instruments like stablecoins, was a central topic of discussion. The bill proposes allowing both banks and nonbanks to issue stablecoins, with varying levels of supervision based on the amount of capital issued.

旨在调节诸如Stablecoins之类的数字支付工具的稳定法案是讨论的核心主题。该法案提议允许银行和非银行签发Stablecoins，并根据签发的资本数量的监督水平变化。

It also mandates that stablecoins be fully backed by US dollars or other specifically approved assets, guarantees the public enforcable redemption of stablecoins, and subjects issuers to varying degrees of supervision, similar to how banks are supervised.

它还规定，稳定的稳定币以美元或其他特定批准的资产的全部支持，保证公众可执行的固定币，以及在不同程度的监督下发行人的主题发行人，类似于银行的监督方式。

Caroline Butler, global head of digital assets at BNY Mellon, emphasized the importance of the asset segregation framework outlined in the STABLE Act, stating that client assets should never be commingled with firm assets.

BNY Mellon的全球数字资产负责人卡罗琳·巴特勒（Caroline Butler）强调了《稳定法案》中概述的资产隔离框架的重要性，并指出，客户资产绝不应与企业资产混乱。

Cascarilla reinforced this point of view, arguing that legal protections for the reserve holding are paramount to sustaining a stablecoin’s value.

卡斯卡里拉（Cascarilla）加强了这一观点，认为对储备金持有的法律保护对于维持稳定的价值至关重要。

Randall Guynn, Chairman of Davis Polk & Wardwell’s Financial Institutions Group, noted that the STABLE Act’s requirements to ensure a stablecoin’s backing could make these assets a “no questions asked” type of money.

戴维斯·波尔克（Davis Polk＆Wardwell）的金融机构集团董事长兰德尔·盖恩（Randall Guynn）指出，稳定的法案要求确保稳定的支持者的支持可以使这些资产成为“无问题”类型的钱。

Carole House, a senior fellow at the Atlantic Council’s GeoEconomics Center, recognized the STABLE Act’s provisions for cybersecurity. She highlighted their importance in securing digital financial infrastructure, especially considering the increasing sophistication of cyber threats.

大西洋理事会地球经济中心的高级研究员Carole House认可了《稳定法案》的网络安全规定。她强调了他们在确保数字金融基础设施中的重要性，尤其是考虑到网络威胁的成熟程度不断增加。

Stablecoins and financial inclusion

稳定币和金融包容性

Beyond regulatory considerations, the hearing also touched upon the role of stablecoins in financial inclusion.

除了监管方面的考虑之外，听证会还谈到了稳定币在金融包容中的作用。

Cascarilla pointed out that stablecoins offer a means for unbanked individuals to access digital dollars through smartphone wallets. This, he said, would open up financial participation for the billions of people worldwide who lack traditional banking access.

卡斯卡里拉（Cascarilla）指出，稳定者为没有银行的个人提供了通过智能手机钱包获得数字美元的手段。他说，这将为全球数十亿人缺乏传统银行业务的人提供财务参与。

Executives from large banks also highlighted a role for financial institutions in the stablecoin ecosystem. Butler stated that financial institutions could bring trust and confidence, and that they are needed to ensure stablecoin payment mechanisms evolve in parallel with traditional payment rails.

来自大型银行的高管还强调了Stablecoin生态系统中金融机构的角色。巴特勒表示，金融机构可以带来信任和信心，并且需要它们来确保与传统支付轨道并行发展的稳定付款机制。