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Following英格兰银行官员警告：稳定币热潮或进一步巩固美元主导地位
英格兰银行金融政策委员会（FPC）成员卡罗琳·威尔金斯（Carolyn Wilkins）近日表示，稳定币的快速增长可能会进一步巩固美元作为全球主要储备货币的地位。她在贝尔法斯特女王大学发表讲话时指出，以美元计价的稳定币流通量的增加，其影响将远远超出数字资产市场本身。
稳定币强化美元实力
威尔金斯指出，锚定美元的稳定币（如Tether的USDT和Circle的USDC）正在提高跨境结算的效率，并扩大全球范围内对美元相关资产的获取渠道。她解释说，这一趋势推高了美国国债的需求，因为这些资产常被用作稳定币的储备支持。
威尔金斯引用的数据显示，截至2025年底，主要稳定币发行商共持有近1500亿美元的美国国债，并在当年购买了约330亿美元的政府债务。这些数据凸显了稳定币发行商在全球金融领域日益增长的影响力。
Wilkins also emphasized that this phenomenon strengthens the dollar's "significant first-mover advantage." The total amount of stablecoins in circulation currently exceeds US$300 billion, 98% of which is denominated in US dollars. She highlighted that the digital dollar is expected to further strengthen the dollar's global role, as dollar-denominated stablecoins make it easier for individuals and institutions outside the United States to settle and hold dollar-linked assets.
Risk of rapid redemptions and market volatility
Although dollar-denominated stablecoins bring many conveniences, Wilkins warned that the relationship between stablecoins and financial markets may be two-sided. In the event of a massive redemption, stablecoin issuers could be forced to quickly sell large amounts of U.S. Treasurys, exacerbating market volatility during times of financial stress.
On a sufficiently large scale, large-scale redemption of stablecoins could force issuers to sell treasury bonds, amplifying volatility in an already stressed market.
The slow progress of pound-denominated stablecoins
In sharp contrast to the dominance of dollar-denominated stablecoins, the adoption rate of pound-denominated stablecoins has been low. British regulators have taken a series of measures this year to promote its development, aiming to improve the competitiveness of local digital assets in the UK.
The UK's Financial Conduct Authority (FCA) has launched a regulatory sandbox that allows stablecoin issuers to test their products under close supervision. In June this year, the FCA established a regulatory framework for stablecoin issuance, aiming to provide legal clarity and investor protection for UK-based projects.
英格兰银行也在探索数字货币和支付系统的未来。最近的实验测试了英镑计价稳定币是否能在跨境支付中与模拟的数字英镑相互作用。
这种立场的转变此前曾受到行业领导者的批评，他们曾认为严格的监管会抑制英国数字金融领域的创新。此后，英格兰银行采取了更加灵活的方法，这是更广泛努力的一部分，旨在为稳定币打造一个稳健的监管环境。
名词解释
金融政策委员会（Financial Policy Committee, FPC）：英格兰银行下属的一个独立委员会，负责识别、监测和应对英国金融系统中的系统性风险。
