英格蘭銀行的數字策略：在不斷變化的金融格局中駕馭穩定幣和代幣化

英格蘭銀行正在積極塑造英國的數字金融未來，優先考慮穩定幣和代幣化，以實現支付和抵押品的現代化，在創新與強有力的監管之間取得平衡。

The Bank of England's Digital Gambit: Navigating Stablecoins and Tokenization in a Shifting Financial Landscape

英格蘭銀行的數字策略：在不斷變化的金融格局中駕馭穩定幣和代幣化

The venerable Bank of England is not one to shy away from the future, even if that future involves digital currencies and asset fractionalization. Indeed, the Old Lady of Threadneedle Street is actively shaping the UK's digital finance landscape, prioritizing stablecoins and tokenization to modernize payments and collateral while ensuring robust financial stability. It's a delicate dance, balancing innovation with the bedrock principles of trust and security.

令人尊敬的英格蘭銀行並不迴避未來，即使未來涉及數字貨幣和資產碎片化。事實上，針線街的老太太正在積極塑造英國的數字金融格局，優先考慮穩定幣和代幣化，以實現支付和抵押品的現代化，同時確保穩健的金融穩定。這是一種微妙的舞蹈，平衡創新與信任和安全的基本原則。

Charting the Course: BoE's 2026 Digital Priorities

規劃路線：英國央行 2026 年數字化優先事項

Sasha Mills, the Bank of England's executive director for financial market infrastructure, recently laid out the institution's strategic playbook for 2026 at London's Tokenisation Summit. The message was clear: the UK aims to build "truly holistic digital financial markets," with three key areas taking center stage:

英格蘭銀行金融市場基礎設施​​執行董事 Sasha Mills 最近在倫敦代幣化峰會上製定了該機構 2026 年的戰略手冊。信息很明確：英國的目標是建立“真正全面的數字金融市場”，其中三個關鍵領域佔據中心地位：

• Systemic Stablecoins: Envisioned as a means to revolutionize both retail and wholesale payments, offering faster, cheaper, and more efficient transactions, complete with programmable functionalities. The Bank, in concert with the Financial Conduct Authority (FCA), is on track to finalize a comprehensive regulatory framework for these sterling-denominated digital assets by year-end, emphasizing that they must adhere to the same stringent standards as traditional money. This includes a notable proposal to cap individual stablecoin ownership, a move echoing earlier discussions around a digital pound.
• Tokenized Collateral: Beyond payments, the BoE sees significant promise in tokenizing assets used as collateral. Early pilot programs are already demonstrating tangible benefits, such as increased automation, expedited settlements, reduced operational costs, and enhanced system-wide liquidity. The Bank intends to clarify how tokenized collateral can operate within existing UK European Market Infrastructure Regulation (EMIR) rules, acknowledging the need for consistent international standards.
• Digital Securities Sandbox (DSS): A crucial testing ground, the DSS will host regulated stablecoins that meet rigorous standards. This sandbox approach allows for careful experimentation and refinement of policies, bridging the gap between emerging technologies and future permanent regulatory regimes for wholesale markets.

Tokenization: From Concept to Concrete Adoption

代幣化：從概念到具體採用

The Bank of England's proactive stance on tokenization isn't merely theoretical; it reflects a broader, accelerating trend in traditional finance. Across the Atlantic and beyond, institutions are increasingly embracing the fractionalization of real-world assets. Consider the Avalanche network, which recently reported a surge in institutional adoption of tokenized money market funds, loans, and indices in late 2025. This includes behemoths like BlackRock launching its USD Institutional Digital Liquidity Fund (BUIDL) and fintech giant FIS partnering to tokenize billions in loans for US banks. These developments underscore tokenization's potential to unlock liquidity and streamline processes, providing compelling real-world validation for the BoE's strategic focus.

英格蘭銀行對代幣化的積極立場不僅僅是理論上的；而且是現實的。它反映了傳統金融領域更廣泛、加速的趨勢。在大西洋彼岸及其他地區，機構越來越多地接受現實世界資產的分散化。以 Avalanche 網絡為例，該網絡最近報告稱，到 2025 年末，機構對代幣化貨幣市場基金、貸款和指數的採用激增。這包括貝萊德等巨頭推出美元機構數字流動性基金（BUIDL），以及金融科技巨頭 FIS 合作為美國銀行提供數十億美元的貸款代幣化。這些發展凸顯了代幣化在釋放流動性和簡化​​流程方面的潛力，為英國央行的戰略重點提供了令人信服的現實驗證。

The Unseen Risks and the All-Encompassing Mandate

看不見的風險和包羅萬象的任務

While the primary focus is on terrestrial digital assets, the Bank of England’s mandate for financial stability casts a wide net, sometimes stretching into surprisingly speculative realms. A former senior analyst, Helen McCaw, even urged contingency planning for an "ontological shock" – essentially, the destabilizing effects of confirming non-human intelligence. While a tad more sci-fi than your average banking brief, this anecdote subtly highlights the institution's profound commitment to future-proofing the financial system against any conceivable disruption to trust and legitimacy, from market quirks to cosmic revelations. It’s all part of the job, apparently.

雖然主要關注點是地面數字資產，但英格蘭銀行對金融穩定的授權撒下了一張廣泛的網，有時甚至延伸到令人驚訝的投機領域。前高級分析師海倫·麥考 (Helen McCaw) 甚至敦促針對“本體衝擊”制定應急計劃——本質上是確認非人類智能所造成的不穩定影響。雖然這則軼事比一般的銀行簡報更具科幻色彩，但它巧妙地凸顯了該機構對確保金融體系面向未來的堅定承諾，使其免受從市場怪異到宇宙啟示等任何可能對信任和合法性的破壞。顯然，這都是工作的一部分。

Global Currents and the Path Ahead

全球潮流與未來之路

The UK is not alone in its digital endeavors. Companies worldwide are pushing the boundaries of stablecoin technology, such as WeMade's "Stablenet" in Korea, designed specifically for KRW stablecoins with impressive transaction speeds and financial optimization. These global innovations serve as a reminder that the digital transformation of finance is a collective journey, and the Bank of England's engagement with international counterparts is vital for fostering coherent, resilient global markets.

英國並不是唯一致力於數字化的國家。世界各地的公司都在突破穩定幣技術的界限，例如韓國 WeMade 的“Stablenet”，專為韓元穩定幣設計，具有令人印象深刻的交易速度和財務優化。這些全球創新提醒人們，金融數字化轉型是一個集體之旅，英格蘭銀行與國際同行的接觸對於培育連貫、有彈性的全球市場至關重要。

In essence, the Bank of England is not just observing the digital revolution; it's orchestrating a significant part of it. By carefully nurturing innovation in stablecoins and tokenization while simultaneously erecting robust regulatory guardrails, the UK aims to ensure its financial future is both dynamic and undeniably secure. It’s less a leap of faith and more a meticulously planned, well-regulated stride into the digital unknown. Who knew central banking could be such an adventure?

從本質上講，英格蘭銀行不僅在觀察數字革命，還在觀察數字革命。它正在策劃其中的重要部分。通過精心培育穩定幣和代幣化方面的創新，同時建立強有力的監管護欄，英國的目標是確保其金融未來既充滿活力又絕對安全。這與其說是一次信仰的飛躍，不如說是一次精心策劃、嚴格監管的向數字未知領域的大步邁進。誰知道中央銀行業務可能是一場冒險？