华尔街对稳定币的拥抱引发了美国数字货币政策辩论

主要金融机构越来越多地参与稳定币市场，可能会加速美国稳定币监管的实施。贝莱德代币化基金推出美元代币（USDC）出口被视为传统金融和稳定币提供商融合的一步。 USDC 的发行人 Circle 推出了一项功能，允许贝莱德美元机构数字流动性基金（BUIDL）的投资者将其股票赎回 USDC，从而增加基金参与者的流动性。

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

华尔街对稳定币的拥抱加速了美国数字货币政策辩论

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).

纽约州纽约 - 华尔街公司对稳定币行业的参与不断升级，势将加速美国管理这些数字资产的政策的制定，有可能创造中央银行数字货币（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.

加密货币分析师 Ryan Sean Adams 表示，最近为贝莱德代币化基金推出的美元代币（USDC）出口只是传统金融和稳定币提供商持续整合的又一步。

"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).

“稳定币将会在美国出现，因为贝莱德和金融机构希望它们出现。这一点一开始可能不会被注意到，”亚当斯在 X（前身为 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 稳定币的发行人 Circle 于 4 月 11 日宣布推出一项功能，允许贝莱德美元机构数字流动性基金（BUIDL）的持有者在 Circle 赎回其股票以换取 USDC。换句话说，这一功能使代币化基金的投资者能够全天候（24/7）将其股票转换为稳定币，从而增强股东的流动性。

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.

贝莱德是 Circle 的主要投资者。 2022 年 4 月，两家公司宣布建立战略合作伙伴关系，贝莱德投资了 Circle 的 4 亿美元融资。贝莱德还管理着 Circle Reserve Fund，这是一个政府货币市场基金，Circle 是该基金的唯一合格投资者。

"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：“以太坊上新的贝莱德 BUIDL 基金是美国国债和 USDC 之间的优质带宽管道。”他补充说，Circle 即将进行的首次公开募股 (IPO) 可以进一步促进稳定币与传统市场的整合。

"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."

“银行公司将通过收购/合作/控制加密原生提供商，将自己带入稳定币领域，他们将游说稳定币立法，并一路实现这一目标。美国没有创建中央银行的政治意愿数字货币。他们实际上只是通过私人金融机构在以太坊等公共加密网络上发行稳定币来创建一种事实上的稳定币。”

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.

贝莱德目前是加密货币领域最有影响力的参与者之一。该资产管理公司是 iShares Bitcoin Strategy (IBIT) 现货比特币 ETF 的发起人，截至 4 月 10 日，该基金的价值为 185 亿美元。该公司最近推出了代币化基金 BUIDL，使投资者能够投资代表股票的代币投资于美国国库券等资产的基金。

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.

稳定币在金融领域的影响力不断上升，引起了监管机构对其对金融体系稳定性潜在影响的担忧。稳定币是与美元等法定货币价值挂钩的数字资产，通常用作支付和结算手段。

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.

一些专家认为，稳定币的广泛采用可能会削弱央行在货币政策和金融稳定中的作用。他们认为，稳定币可用于规避资本管制并从事非法活动，而且其价值可能容易受到私人行为者的操纵。

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.

为了应对这些担忧，美国政府一直在考虑开发 CBDC，这是一种由美联储发行和支持的数字货币。 CBDC 将为私人稳定币提供安全可靠的替代品，并允许央行维持对货币体系的控制。

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，创建 CBDC 需要采取重大立法行动，这可能在政治上具有挑战性。与此同时，美国政府可能会专注于监管稳定币和其他数字资产，同时监控该行业的发展并评估对 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.

华尔街公司对稳定币行业的不断参与可能会加速美国围绕数字货币的政策辩论。私营部门对稳定币的接受可能会创建事实上的 CBDC，从而绕过政府行动的需要。然而，政府在决定是否发行 CBDC 之前，需要仔细考虑稳定币和其他数字资产的风险和收益。

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.

随着稳定币行业的不断发展，政策制定者必须及时了解最新动态，并与行业利益相关者进行全面对话，以确保数字货币以安全、负责任的方式开发和使用。