英格兰银行的数字策略：在不断变化的金融格局中驾驭稳定币和代币化

英格兰银行正在积极塑造英国的数字金融未来，优先考虑稳定币和代币化，以实现支付和抵押品的现代化，在创新与强有力的监管之间取得平衡。

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

英格兰银行的数字策略：在不断变化的金融格局中驾驭稳定币和代币化

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.

令人尊敬的英格兰银行并不回避未来，即使未来涉及数字货币和资产碎片化。事实上，针线街的老太太正在积极塑造英国的数字金融格局，优先考虑稳定币和代币化，以实现支付和抵押品的现代化，同时确保稳健的金融稳定。这是一种微妙的舞蹈，平衡创新与信任和安全的基本原则。

Charting the Course: BoE's 2026 Digital Priorities

规划路线：英国央行 2026 年数字化优先事项

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:

英格兰银行金融市场基础设施执行董事 Sasha Mills 最近在伦敦代币化峰会上制定了该机构 2026 年的战略手册。信息很明确：英国的目标是建立“真正全面的数字金融市场”，其中三个关键领域占据中心地位：

• 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

代币化：从概念到具体采用

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.

英格兰银行对代币化的积极立场不仅仅是理论上的；而且是现实的。它反映了传统金融领域更广泛、加速的趋势。在大西洋彼岸及其他地区，机构越来越多地接受现实世界资产的分散化。以 Avalanche 网络为例，该网络最近报告称，到 2025 年末，机构对代币化货币市场基金、贷款和指数的采用激增。这包括贝莱德等巨头推出美元机构数字流动性基金（BUIDL），以及金融科技巨头 FIS 合作为美国银行提供数十亿美元的贷款代币化。这些发展凸显了代币化在释放流动性和简化​​流程方面的潜力，为英国央行的战略重点提供了令人信服的现实验证。

The Unseen Risks and the All-Encompassing Mandate

看不见的风险和包罗万象的任务

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.

虽然主要关注点是地面数字资产，但英格兰银行对金融稳定的授权撒下了一张广泛的网，有时甚至延伸到令人惊讶的投机领域。前高级分析师海伦·麦考 (Helen McCaw) 甚至敦促针对“本体冲击”制定应急计划——本质上是确认非人类智能所造成的不稳定影响。虽然这则轶事比一般的银行简报更具科幻色彩，但它巧妙地凸显了该机构对确保金融体系面向未来的坚定承诺，使其免受从市场怪异到宇宙启示等任何可能对信任和合法性的破坏。显然，这都是工作的一部分。

Global Currents and the Path Ahead

全球潮流与未来之路

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.

英国并不是唯一致力于数字化的国家。世界各地的公司都在突破稳定币技术的界限，例如韩国 WeMade 的“Stablenet”，专为韩元稳定币设计，具有令人印象深刻的交易速度和财务优化。这些全球创新提醒人们，金融数字化转型是一个集体之旅，英格兰银行与国际同行的接触对于培育连贯、有弹性的全球市场至关重要。

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?

从本质上讲，英格兰银行不仅在观察数字革命，还在观察数字革命。它正在策划其中的重要部分。通过精心培育稳定币和代币化方面的创新，同时建立强有力的监管护栏，英国的目标是确保其金融未来既充满活力又绝对安全。这与其说是一次信仰的飞跃，不如说是一次精心策划、严格监管的向数字未知领域的大步迈进。谁知道中央银行业务可能是一场冒险？