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HKEJ Column

Home Research Thought Leadership HKEJ Column
Stablecoins: A Trust Anchor in the Sea of Digital Currency

Stablecoins: A Trust Anchor in the Sea of Digital Currency

2 Jul 2025
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穩定幣——數字汪洋中的信任之錨

近年環球金融市場風起雲湧,其中比特幣的價格波動猶如過山車,備受追求高回報的投資者追捧。然而,在這片浩瀚的數字海洋中,大多數企業與投資者尋求的並非冒險,而是一個投資避風港。

期間,一種名為「穩定幣」的數字資產應運而生,成為連接虛擬經濟與實體金融不可或缺的橋樑;截至2025年初,其全球總市值已悄然突破2500億美元。究竟穩定幣如何滲透傳統的資產配置?又如何牽動香港的未來發展?

穩定幣並非投資工具

要了解這個市場新貴,關鍵在於其核心追求——穩定。它是一種價值與特定資產(通常是美元等強勢主權貨幣)保持一比一掛鉤的加密貨幣,旨在克服比特幣等資產的價格波動。作為數字資產連結傳統金融的介面,穩定幣是網絡世界裡可靠的交易媒介和價值儲存手段。

市場上的穩定幣主要可分為3類。最主流的是法定貨幣儲備派,其發行機構承諾,每發行1枚穩定幣,就會存入等值的法幣現金或高流動性短期政府債券作為儲備。泰達幣(Tether)和USD Coin這兩大穩定幣是此派代表,其價值基石在於發行方儲備資產的透明度與信譽。為應對監管要求,主流發行商正主動走向合規,定期發布由知名會計師事務所審計的儲備報告。

其次是加密資產抵押派,透過在智能合約中超額抵押其他加密資產(如以太坊)來生成穩定幣,著名代表是去中心化的Dai。另有一度被寄予厚望的算法穩定幣,但已被證明風險極高。2022年,因TerraUSD崩盤,蒸發掉數百億美元市值,是金融史上一次慘痛教訓,也讓全球投資者認識到,由高品質流動性資產支持的法幣儲備穩定幣,無疑是當前最可靠的選擇。

簡而言之,法幣儲備穩定幣好比一張「數字現金收據」,可隨時換回等額現金;加密資產抵押穩定幣則有如一家「數字當舖」,透過超額抵押借出資金;而算法穩定幣則似是一個失靈的「智能調溫器」。

賦能香港成為規則制定先鋒

憑藉作為國際金融中心的競爭力優勢,香港在穩定幣這場全球金融變革中,正從積極參與者蛻變為關鍵規則制定者。繼立法會於2025年5月21日正式通過《穩定幣條例草案》,條例於8月1日生效之後,將進一步完善數字資產活動的監管框架。這標誌著香港成為首批為法幣穩定幣訂定監管法規的主要經濟體之一,而在制度創新方面走在世界前列。

此項立法的基礎是貫徹「相同風險、相同監管」的理念,明確規定任何在港發行或推廣穩定幣的機構,都必須獲得香港金融管理局(金管局)的牌照。與此同時,為了鼓勵創新並管控風險,金管局於2024年初推出「穩定幣發行人沙盒」計劃,邀請有潛力的機構在可控環境下測試其業務模式,展現出當局平衡監管與發展的智慧。

尤其值得關注的是,香港正積極探索將穩定幣落實於實體經濟的應用場景。財經事務及庫務局局長許正宇曾提到,穩定幣有望在中國推動的「一帶一路」倡議中扮演重要角色。在一些沿線國家,當地貨幣匯率波動劇烈,若能採用與港元或美元掛鉤的穩定幣進行項目投資和貿易結算,就能有效規避匯率風險,突破傳統跨境支付的瓶頸。

從避險工具邁向資產配置新核心

穩定幣的未來發展,遠不止於支付功能,其不斷增強的金融屬性,正逐漸演變為傳統投資組合中的新角色。首先,其應用場景正迅速擴展到主流金融領域。全球支付巨頭Visa和PayPal的深度整合便是最有力的證明。這些公司正積極將USD Coin、PYUSD等穩定幣用於提升跨境支付效率和減低小額匯款成本,反映穩定幣受主流金融體系逐步採納。

其次,除現金和債券之外,穩定幣正成為傳統投資組合中的新型「穩定器」和「流動性工具」。在市場動盪時,投資者可將資金暫時停泊在穩定幣中,以規避市場波動。對於機構投資者而言,配置穩定幣不僅可以對沖風險,還能提供前所未有的高流動性,以便在市場出現機會時,得以迅速部署資金。

至於革命性的影響,在於穩定幣正成為激活現實世界資產(real-world assets)代幣化浪潮的核心媒介。所謂現實世界資產代幣化,是指將股票、債券、房地產,甚至藝術品或私募股權等傳統非流動性資產,轉化為可在區塊鏈上交易的數字代幣,從而在更大程度上釋放此等資產的流動性與交易效率。權威報告預測,全球現實世界資產代幣化的市場規模有望在2030年達到16萬億美元。在這個即將來臨的龐大市場中,穩定幣將是購買和交易這些代幣化資產最主要的結算工具。

當然,穩定幣的前景也並非一片坦途。儲備金的透明度和審計問題依然是市場信心的重點。與此同時,全球監管的協調、反洗錢合規要求,以及與各國央行數字貨幣之間的競合關係,都是在穩定幣長遠發展中,必須審慎應對的挑戰。

打造永續數字資產生態圈

作為誕生於區塊鏈技術的金融創新產物,穩定幣正處於傳統金融與未來數字經濟的十字路口。它不再是一個簡單的支付工具,而是演化成一種關乎信任、效率和全球互聯的金融解決方案。

香港率先建立起世界一流的法幣穩定幣監管框架,是極具遠見的一著。這不僅能有效管理風險、保障投資者,更能吸引各地的頂尖金融科技公司落戶,圍繞港元開發穩定幣,從而將港元的貨幣主權擴充至數字領域。從上周發表的《香港數字資產發展政策宣言2.0》,足見當局銳意拓展數字資產行業的決心。

從「一帶一路」的宏大敘事,到未來萬物皆可代幣化的現實世界資產藍圖,穩定幣的巨大潛力正在逐步釋放。這場由信任之錨所引領的金融變革,故事才剛剛開始。深刻理解箇中蘊含的機遇與風險,將是每一位關注未來經濟動向者必修的重要一課。

章逸飛博士
港大經管學院經濟學高級講師 

(本文同時於二零二五年七月二日載於《信報》「龍虎山下」專欄)

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