美联储官员：稳定币增长或提振美元主导地位及国债

英格兰银行官员：稳定币增长或强化美元主导地位与国债需求

稳定币的作用可能不仅限于加速加密货币支付。周二在贝尔法斯特女王大学发表讲话时，英格兰银行金融政策委员会（FPC）成员卡罗琳·威尔金斯（Carolyn Wilkins）指出，与美元挂钩的“数字美元”兴起将进一步巩固美元在全球金融中的角色，同时也创造了一条渠道，使美国国债市场的压力可能回传至稳定币发行商。

威尔金斯强调，以美元计价的稳定币可以简化跨境结算，并将美元资产的使用范围扩展到传统美国银行体系之外。她将这种便利性归结为一个直接的市场后果：对美国国债的需求增加，特别是用于支持稳定币发行的储备金。

核心要点

增加国债需求：根据英格兰银行金融政策委员会成员卡罗琳·威尔金斯的观点，与美元挂钩的稳定币通过将储备访问权限扩展到美国境外的美元资产，可以增加对美国国债的需求。

持有规模庞大：稳定币发行商已经是美国国库券的大型持有者。数据显示，截至2025年底，Tether和Circle持有的国库券接近1,500亿美元，而在2025年期间购买了约330亿美元。

双向风险警示：Wilkins warned that the relationship works both ways: in mass redemption events, issuers could be forced to sell Treasuries, potentially amplifying volatility in an already stressed market.

Dollar dominates the market: Wilkins said that the stablecoin market is still overwhelming dominated by the dollar, which accounts for 98% of the value of the stablecoin, giving it a "first-mover advantage."

How the U.S. dollar stablecoins strengthen national debt-and the status of the U.S. dollar

Wilkins 'core argument lies in the synergy of incentives. Judging from the original design intention, the U.S. dollar stablecoin is intended to track the U.S. dollar, so expanding its use will naturally encourage wider participation in U.S. dollar settlement and acquisition of U.S. dollar-related assets. As stablecoins become a more common bridge for international transfers, demand for exposure to the U.S. dollar will rise not only among traders, but also among institutions and intermediaries that prefer simpler settlement mechanisms than traditional correspondent banks.

In her speech, Wilkins specifically pointed out the need for treasury bonds. She cited data showing that Tether's USDt (USDT) and Circle's USDC (USDC) held nearly US$150 billion in treasury bonds at the end of 2025 and purchased approximately US$33 billion worth of treasury bonds that year-indicating that for the largest issuers, treasury bonds are not marginal assets, but a core component of the positioning of dollar stablecoin reserves.

对投资者的实际启示是：当稳定币增长持续进行时，与稳定币发行相关的储备管理者对国债的需求可能成为一个持久但不断演变的增量需求来源。在一个国债流动性和融资条件可能对利率市场和抵押品市场产生广泛连锁反应的市场中，这一点至关重要。

交易的另一面：赎回与波动性风险

威尔金斯还强调，稳定币并非美元流动性单方面受益者。由于储备与市场化的美国政府债务相连，当赎回流量激增时，发行商的资产负债表动态可能成为金融稳定的变量。

她的警告方向明确：在足够大的规模下，大规模稳定币赎回可能迫使发行商出售国库券。如果这种情况发生在市场紧张时期，强制出售机制可能导致波动性加剧——鉴于国债被广泛用于抵押品和金融系统的基准，这一效应可能会被放大。

这是稳定币-储备叙事中的核心张力：支持稳定币发行和跨境便利性的同一结构，在资金流向快速逆转时可以传递流动性压力。读者应将稳定币的“稳定性”与其背后支撑市场的稳定性区分开来。

稳定币仍由美元主导——英国监管机构仍在观察

The Bank of England official sees the dominance of the dollar as a key structural feature. Remark describes the stablecoin market as closely tied to the U.S. dollar, which accounts for 98% of the value of stablecoin. Wilkins described it as a "considerable first-mover advantage," which further explains why U.S. dollar stablecoins may expand faster than other alternatives.

In the context of market size, broader adoption trends are also mentioned, including reports that stablecoins in circulation have exceeded US$300 billion. Despite continued growth, the near-complete concentration in products pegged to the dollar suggests that for now, the dollar is likely to remain the main beneficiary of global stablecoin use.

For the UK, the policy question is how-and to what extent-to develop stablecoins to capture benefits without introducing unnecessary risks. Wilkins 'comments are consistent with the regulatory and experimental steps underway in the UK to shape how these products integrate into the broader financial system.

Regulatory push in the UK: Sandbox, final rules and digital pound test

Although U.S. dollar stablecoins dominate the global landscape, the development of stablecoins denominated in sterling has been relatively slow. Still, UK regulators have taken concrete steps this year to make local issuance and experimentation easier.

The Financial Services Authority (FCA) began testing potential stablecoin issuers through a dedicated regulatory sandbox and finalized the rules for UK stablecoin issuance in June. In addition, it is reported that the Bank of England is also conducting digital currency experiments, including evaluating whether stablecoins and analog digital pounds can be used for cross-border trade payments, as part of the Bank of England interoperability testing.

Wilkins 'comments also appeared in the context of the Bank of England's adjustment of its stance. Previous reports have pointed out that industry criticism of the proposed rules has led to a softening of the UK's stablecoin regulatory policies, reflecting the policy balance between innovation and regulation.

This is important for market participants because local frameworks can influence which stablecoin projects are launched, which institutions are willing to integrate them, and how quickly alternative fiat currencies gain appeal outside the U.S. dollar.

The next question is whether the UK and broader European efforts can diversify currency exposure from stablecoin reserves-or whether the structural advantage of the dollar continues to pull most growth back into U.S. Treasuries. Equally important is monitoring redemption pressure scenarios: If large outflows occur simultaneously with nervousness in the U.S. Treasury market, Wilkins 'warnings about volatility transmission could change from theory to measurable market dynamics.