英格兰银行的金融政策委员会（FPC）在2025年4月的记录中表示，尽管Stablecoins继续规模增长和相关性

英格兰银行的金融政策委员会（FPC）在2025年4月的记录中表示，尽管Stablecoins继续规模增长和相关性

The Financial Policy Committee (FPC) of the Bank of England continues to keep an eye on the burgeoning stablecoin sector, noting that while these tokens are becoming more prominent, poor oversight and inappropriate asset backing could pose new risks to UK financial stability.

英格兰银行的金融政策委员会（FPC）继续关注新兴的Stablecoin行业，并指出，尽管这些令牌变得越来越突出，但贫困的监督和不适当的资产支持可能对英国的金融稳定构成新的风险。

The committee’s April 2025 record, published on Wednesday, saw it reaffirm that the BoE and the Financial Conduct Authority (FCA) are actively developing regulatory regimes for both systemic and non-systemic stablecoins.

该委员会于周三发布的2025年4月的记录证明，BOE和金融行为管理局（FCA）正在积极开发针对系统性和非系统性稳定的法规制度。

This is to ensure these tokens can meet redemption requests reliably and maintain parity with the currency they’re pegged to even in volatile market conditions.

这是为了确保这些代币可以可靠地满足赎回请求，并与他们在动荡的市场条件下固定的货币保持平等。

A central concern raised by the FPC is the quality of assets backing stablecoins, particularly sterling-denominated tokens issued offshore.

FPC提出的一个核心问题是支持稳定的资产质量，尤其是在海上发行的以纯化的代币。

According to the committee, if these coins are backed by illiquid or risky assets, or if the risks associated with those assets are not well-managed, they may trigger fire sales during periods of market strain. Such spillovers could affect core financial markets in the UK.

根据委员会的说法，如果这些硬币得到了流动性或风险的资产的支持，或者与这些资产相关的风险尚未妥善管理，则可能在市场疲劳期间触发燃油销售。这样的溢出可能会影响英国的核心金融市场。

The FPC also highlighted the growing use of stablecoins denominated in foreign currencies, such as US dollar-backed tokens, which could lead to “currency substitution” in domestic economies.

FPC还强调了用外币计价的稳定币的日益增长的使用，例如美元支持的令牌，这可能导致国内经济体中的“货币替代”。

While adoption remains limited for now, the committee noted that greater household and SME use of foreign stablecoin for cross-border retail payments may increase macro-financial vulnerabilities.

虽然目前的收养仍然有限，但委员会指出，对外国稳定的家庭和中小型企业用于跨境零售付款可能会增加宏观金融脆弱性。

On the wholesale side, the committee warned that settlement of transactions outside of central bank money could increase counterparty credit risk, reduce central banks’ ability to manage liquidity and dampen volatility during stress events.

在批发方面，委员会警告说，在中央银行货币以外的交易结算可能会增加交易对手信用风险，降低中央银行在压力事件中管理流动性和衰减波动的能力。

The UK joins a growing list of jurisdictions, including the US, developing tailored stablecoin regulations. The FPC said it supports global efforts to set standards, citing the Financial Stability Board’s (FSB) recommendations on regulating crypto markets and stablecoins.

英国加入了越来越多的司法管辖区，包括美国制定了量身定制的Stablecoin法规。 FPC表示，它支持全球制定标准的努力，理由是金融稳定委员会（FSB）关于调节加密货币市场和稳定的建议。

The central bank will continue monitoring the stablecoin sector’s size, usage, and interconnectedness with the broader financial system, which has remained “relatively limited” but is expected to grow.

中央银行将继续监视与更广泛的金融体系的规模，用法和相互联系的人，该系统仍然“相对有限”，但有望增长。

The FPC’s next steps will focus on ensuring that stablecoins, particularly those used in payments, can operate safely without undermining monetary sovereignty or financial resilience.

FPC的下一步将集中于确保稳定币，尤其是付款中使用的稳定者可以安全地运作，而不会破坏货币主权或财务弹性。