摘要
随着全球金融数字化进程加速,稳定币正以“美元—国债—链上资产”的层叠式结构重塑国际金融秩序,对现有主权货币体系形成系统性挑战。各国围绕稳定币展开政策竞速,全球稳定币治理呈现出以规则引导为主、监管分化加剧的趋势,制度博弈色彩日益凸显。随着全球稳定币治理体系加速分化,跨境稳定币对我国金融控制力在支付通道、资本监管、制度法理等多个维度产生系统性冲击。建构以人民币为核心的区域支付体系,中国应从被动防御转向主动塑造以重塑世界数字货币竞争格局,以现实基础为支撑推动人民币跨境网络加速成型,以双轨体系与协定嵌入回应美元稳定币体系外溢挑战,以制度治理体系的突破巩固人民币清算主权地位,以多边互联与机制创新构建“一带一路”金融整合支点。
As the global financial digitalization process accelerates,stablecoins are reshaping the international financial order with a hierarchical structure of“US dollar-government bonds-on-chain assets”,posing a systemic challenge to the sovereign currency system.Countries are engaged in a policy race around stablecoins.The global governance of stablecoins has shown a trend of being dominated by rule guidance and intensifying regulatory differentiation,with the color of institutional game becoming increasingly prominent.As the global stablecoin governance system accelerates its differentiation,cross-border stablecoins have brought about numerous systemic impacts on China’s financial control in multiple dimensions such as payment channels,capital regulation,and institutional legal principles.To build a regional payment system centered on the RMB,China should shift from passive defense to active shaping to reshape the global digital currency competition pattern.It should accelerate the formation of a cross-border RMB network supported by the current foundation,respond to the spillover challenges of the US dollar stablecoin system with a dual-track system and agreement integration,and consolidate the sovereign status of the RMB in clearing through breakthroughs in the institutional governance system.Build a financial integration fulcrum for the Belt and Road Initiative through multilateral connectivity and mechanism innovation.
出处
《中州学刊》
2025年第9期28-35,共8页
Academic Journal of Zhongzhou
基金
中国社会科学院创新工程项目“面向‘十五五’高质量发展的重大会计财务问题研究”(zgskygjs2025)。
关键词
稳定币
金融主权
跨境清算体系
数字货币竞争
stablecoin
financial sovereignty
cross-border clearing system
competition of digital currencies
作者简介
时杰,男,中国社会科学院新时代财政与财务管理研究中心研究员。
