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HKEJ Column

Home Research Thought Leadership HKEJ Column
Stablecoins Advancing Steadily in Hong Kong’s Evolving Financial Landscape

Stablecoins Advancing Steadily in Hong Kong’s Evolving Financial Landscape

7 Aug 2025
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穩定幣在香港金融新生態下穩中求進

作為加密貨幣,穩定幣的價值與另一種資產掛鈎,往往是美元或其他法定貨幣,亦可由黃金、美債等金融資產支持。穩定幣的發行機制可分為中心化或去中心化模式,其供應依賴某種形式的資產或加密貨幣儲備,以維持此類掛鈎。

穩定幣並非新的金融產品,目前全球總市值逾 2390 億美元,當中超過 99% 與美元掛鈎。泰達幣和USDC是市場上佔主導地位的兩種穩定幣【圖】, 兩者都以1 比1 與美元掛鈎,合共市值規模遠高於其他所有穩定幣。PAXG 幣和泰達黃金代表與黃金掛鈎的穩定幣,EURC 則與歐元掛鈎。

圖  全球穩定幣市值

資料來源:DefiLlama.com(2025 年7 月18 日)

穩中之險不容忽視

由於穩定幣掛鈎實質資產,因此可將加密貨幣與法幣互相聯繫, 藉以降低波動,並產生一種新的數碼貨幣,結合傳統資產的穩定性與數碼資產的靈活性,更適合用於處理日常商務及交易所之間的轉帳。穩定幣既不受非掛鈎加密貨幣的波動影響,也繼承了加密貨幣的一些特性, 例如可供任何有互聯網服務的人使用,在高通脹經濟體或資本管制嚴格的地區尤具吸引力。交易過程毋需銀行帳戶,轉帳快速,費用低廉,譬如傳送上百萬美元的 USDC,轉帳費用還不到1美元,還可轉帳到難以獲得美元或當地貨幣不穩定的地方,可說是匯款到世界不同角落的理想工具。

另一方面,若掛鈎儲備的透明度和儲備品質受到質疑,卻足以對穩定幣的信用構成壓力。至於託管儲備的銀行一旦倒閉,則可能引致穩定幣面臨擠兌風險。假使大部分交易轉向非本地數碼貨幣,穩定幣或會影響貨幣政策。2020年,穩定幣佔網路非法活動的20%,比特幣約佔75%;根據2025年2月Chainalysis發表的報告,穩定幣佔整體非法交易的63%,而比特幣則接近20%,反映穩定幣也成為逃避制裁的首選數碼工具。

構築環球規管防線

各大經濟體近期相繼制定相關法例,穩定幣更成為城中熱話。本年6月17日,美國《指導與建立美國穩定幣國家創新法案》(GENIUS Act)獲參議院通過;6月10日,韓國新任總統李在明按照承諾,允許本土企業發行穩定幣;8八間韓國主要銀行計劃最遲於 2026 年推出與韓圜掛鈎的穩定幣,以減低市場對美元穩定幣的依賴。香港則更率先在5月21日通過《穩定幣條例草案》,成為全球首個對法幣穩定幣實施監管的司法管轄區,並在8 月 1 日已經啟動穩定幣發行牌照申請程序。

無庸置疑,香港是項創舉有利於完善對虛擬資產的監管框架,維持金融穩定之餘,同時驅動金融創新。香港金融管理局(金管局)表示,今年發牌數量在10個之內。目前有 50至60 家公司有意申請發行香港穩定幣的牌照,預期大部分名額將優先批予大型金融與科技企業,例如京東和滙豐。

金管局去年年初推出「穩定幣發行人沙盒」計劃,讓持牌機構在可控環境中測試創新產品,例如京東曾模擬跨境支付場景,用戶可通過與港元掛鈎的穩定幣,在10秒內完成跨境資金結算,而手續費只是傳統渠道的十分之一,具備高效率低成本的特色。

金融新貴有法可依

近月隨着穩定幣在社會廣受關注,市場冒現投機現象。例如只要有上市公司宣稱有意發行穩定幣,其股價立即應聲上揚, 股票交易量以至公司知名度亦水漲船高,而詐騙集團則假借推銷數碼資產渾水摸魚。發牌制度正好為市民大眾及投資者提供保障,《穩定幣條例》只容許由持牌發行人所發行的法幣穩定幣,方可售予零售投資者;自 8 月 1 日條例生效日起,向公眾宣傳推廣任何無牌穩定幣,均屬違法。

財經事務及庫務局表示新條例着重風險為本,營造穩健的監管環境,與國際監管要求接軌,同時推動本港虛擬資產行業的可持續發展,進一步鞏固香港作為國際金融中心的地位。金管局表示, 發牌制度設過渡期安排,以便業界能按照條例的要求申領牌照及作出適當的業務安排。該局亦指出,部分有意推出穩定幣業務的機構仍停留在概念階段,缺乏實際的應用場景,未能提供切實可行的方案。其實此等企業不妨與其他穩定幣發行機構合作,以達到進場目標。

放眼全球,各國中央銀行和金融監管機構的一大關注點,在於如何避免穩定幣淪為洗錢工具。為此,金管局已就落實條例的監管和反洗錢兩份指引,按照所接收的反饋意見適當調整指引內容;又預期在反洗錢方面會制訂更嚴謹的法規,讓香港穩定幣市場有序健康發展。

遠大前景切實可期

如前所述,穩定幣將成為支付工具的生力軍,卻須慎防最近掀起的穩定幣概念港股投資熱潮,市民不應視穩定幣為炒作對象。資產市場的數碼化是一場長途賽,穩定幣是金融市場數碼化的一環,香港在這方面起步領先於其他金融中心,預計非美元穩定幣的市場佔有率將逐漸提升,未來有望推動建立統一的國際監管制度。

《穩定幣條例》剛於本月正式生效,穩定幣市場將迎來嶄新格局。香港可致力成為美元穩定幣與港元穩定幣對接中國內地的超級聯繫人,透過雙軌監管框架強化港元地位,亦有利於人民幣國際化。再者,香港管轄權監管的穩定幣業務活動,除了在香港發行指定的穩定幣,也包括在香港以外地區發行與港元掛鈎的穩定幣。中國積極布局穩定幣市場,有助人民幣國際化注入新動能,打破美元穩定幣的壟斷地位。

謝國生教授  

港大經管學院金融學教學副教授、新界鄉議局當然執行委員

何敏淙 

香港大學附屬學院講師

(本文同時於二零二五年八月七日載於《信報》「龍虎山下」專欄)

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