游杨教授：稳定币合规步入“深水区” | 香港大学经管学院深圳校区湾区未来沙龙精彩回顾
Professor You Yang: Stablecoin compliance has entered the "deep water zone" | Highlights of the Bay Area Future Salon of the Shenzhen Campus of the School of Economics and Management of the University of Hong Kong
稳定币钱潮涌来，全球各地市场随之而动。
The tide of stablecoins is coming, and markets around the world are moving with it.
中国香港特区《稳定币条例》已生效，这种价值相对稳定的数字货币纳入当地监管框架中：发行法币稳定币的业务，成为了一项须取得牌照、受监管的活动。
The "Stablecoin Ordinance" of the Hong Kong Special Administrative Region of China has come into effect, and this digital currency with relatively stable value has been included in the local regulatory framework: the business of issuing legal stablecoins has become a licensed and regulated activity.
截至2025年9月11日，据香港金融管理局官网，尚未出现合规持牌的稳定币发行人。据香港金管局消息，发牌将是个持续进行的过程，机构如果认为已准备充分，应于9月30日前提交相关申请。
As of September 11, 2025, according to the official website of the Hong Kong Monetary Authority, there have been no compliant and licensed stablecoin issuers. According to the Hong Kong Monetary Authority, licensing will be a continuous process. If the institution thinks it is fully prepared, it should submit the relevant application before September 30th.
美国、新加坡等地，合规稳定币亦在探路中。
In the United States, Singapore and other places, compliant stablecoins are also exploring the way.
港大经管学院金融学助理教授、香港金融管理局CBDC（央行数字货币）专家组成员游杨正在关注稳定币上述进展。8月24日，港大经管学院深圳校区“湾区未来沙龙”系列品牌活动第四期，游杨教授以“稳定币钱潮：合规与创新”为主题进行分享。
You Yang, assistant professor of finance at the School of Economics and Management of HKU and a member of the CBDC (Central Bank Digital Currency) expert group of the Hong Kong Monetary Authority, is paying attention to the above-mentioned progress of stablecoins. On August 24, Professor You Yang shared the theme of "Stablecoin Tide: Compliance and Innovation" in the fourth phase of the "Bay Area Future Salon" series of brand activities of the Shenzhen Campus of the School of Economics and Management of HKU.
图/游杨教授
Photo/Professor You Yang
“一旦套在传统的金融监管框架里，其实很难找到一个合适的壳，把稳定币、Web3以及很多链上的业务装进去。”在游杨教授看来，监管是一个全球协作的课题。
"Once it is put in the traditional financial regulatory framework, it is actually difficult to find a suitable shell to fit stablecoins, Web3 and many on-chain businesses." In Professor You Yang's view, supervision is a topic of global collaboration.
游杨教授同时是香港促进Web3发展专责小组生态系统及基建分组委员会成员，并带领港大经管学院深圳校区区块链与智能合约实验室；研究领域涵盖加密货币与智能合约、去中心化金融、发展经济学，研究成果发表于《经济研究评论》《金融经济学杂志》等。
Professor Yau Yang is also a member of the Ecosystem and Infrastructure Subcommittee of the Hong Kong Task Force on Promoting Web3 Development, and leads the Blockchain and Smart Contract Lab of the Shenzhen Campus of the School of Economics and Management of HKU; His research fields cover cryptocurrency and smart contracts, decentralized finance, and development economics. The research results are published in "Economic Research Review" and "Journal of Financial Economics".
Q币是稳定币吗？
Is Q Coin a stablecoin?
稳定币，“币如其名”，与比特币等价格波动如过山车般的传统加密货币不同，币值相对稳定。它通过与现实世界中的稳定资产挂钩，来实现币值稳定的目标，资产目前主要集中在法定货币上。
Stablecoins, "coins are as their names suggest", are relatively stable in value unlike traditional cryptocurrencies such as Bitcoin, whose prices fluctuate like a roller coaster. It achieves the goal of currency stability by linking to stable assets in the real world, which are currently mainly concentrated in fiat currencies.
凭借着价值稳定、效率高、成本低等特性，稳定币逐渐在跨境支付等领域落地，应用前景也获得全球主要经济体持续关注。
Relying on the characteristics of stable value, high efficiency, and low cost, stablecoins have gradually landed in cross-border payments and other fields, and their application prospects have also attracted continuous attention from major economies around the world.
目前，在内地唯一可以使用并且合法交易的稳定币，就是中国人民银行的数字人民币。
Currently, the only stablecoin that can be used and legally traded in the mainland is the digital renminbi of the People's Bank of China.
稳定币并非新鲜事物。
Stablecoins are nothing new.
腾讯2002年就在腾讯生态中发行了Q币，Q币的价值与在岸人民币实行1:1锚定，充值1元即为1个Q币。Q币通过绑定QQ会员、腾讯游戏等腾讯系应用，成为其体系内的唯一支付方式。
Tencent issued Q coins in the Tencent ecosystem in 2002. The value of Q coins is anchored at 1: 1 to the onshore RMB, and a recharge of 1 yuan is 1 Q coin. Q coin becomes the only payment method in its system by binding Tencent applications such as QQ members and Tencent games.
“Q币相当于最早的人民币稳定币。”Q币允许用户充值，在腾讯系应用中，也可以做到自由转移与支付，在游杨教授看来，正是在某种程度上解决了当时互联网支付不完善、用户缺乏在线支付渠道的问题。
"Q coin is equivalent to the earliest RMB stablecoin." Q coin allows users to recharge, and it can also be freely transferred and paid in Tencent applications. In Professor You Yang's view, it was to some extent that it solved the problem at that time. The problems of imperfect Internet payment and users lacking online payment channels.
更进一步，Q币还能够用来购买线下物品，甚至发放工资；同时，网吧开始普遍提供Q币充值以及兑换人民币的服务，逐渐形成了Q币提现人民币的产业逻辑。
Furthermore, Q coins can also be used to buy offline items and even pay wages; At the same time, Internet cafes began to generally provide Q coin recharge and RMB exchange services, gradually forming the industrial logic of Q coin withdrawal of RMB.
直到2007年，腾讯的“人民币稳定币”发展史结束。2007年2月15日，多部门联合印发《关于进一步加强网吧及网络游戏管理工作的通知》，其中提到，中国人民银行要加强对网络游戏中的虚拟货币的规范和管理，防范虚拟货币冲击现实经济金融秩序。
Until 2007, the development history of Tencent's "RMB stablecoin" ended. On February 15th, 2007, multi-departments jointly issued the Notice on Further Strengthening the Management of Internet Cafes and Online Games, which mentioned that the People's Bank of China should strengthen the regulation and management of virtual currency in online games to prevent virtual currency from impacting the real economic and financial order.
具体而言，要严格区分虚拟交易和电子商务的实物交易；消费者如需将虚拟货币赎回为法定货币，其金额不得超过原购买金额；严禁倒卖虚拟货币。由此，实质上阻止了Q币与人民币的兑换。
Specifically, it is necessary to strictly distinguish between virtual transactions and physical transactions of e-commerce; If consumers need to redeem virtual currency into legal tender, the amount shall not exceed the original purchase amount; Reselling virtual currency is strictly prohibited. As a result, the exchange of Q currency and RMB is essentially prevented.
“本质是科技公司做了银行转账的事。”游杨教授认为，如今稳定币的“创新”，一点也不新，Q币与稳定币最主要的区别就在于Q币没有上链。上链后，正如现在的稳定币，全球流通、匿名开户并持有，它的数据库服务器以及所有的节点验证是全球化的。
"The essence is that technology companies have done bank transfers." Professor You Yang believes that the "innovation" of stablecoins today is not new at all. The main difference between Q coins and stablecoins is that Q coins are not on the chain. After being uploaded to the chain, just like the current stablecoin, it is circulated globally, anonymously opened and held, and its database server and all node verification are global.
8月27日，中国人民银行原行长周小川在《多维度审视稳定币》一文中指出，稳定币支付业务在KYC（know-your-customer）和合规性方面尚有明显缺陷。在其看来，目前央行的担忧至少有两点：一是“滥发货币”，即发行方在缺乏真实100%准备金的情况下发行稳定币，也就是超发；二是出现高杠杆放大，即发行后的运转会产生货币派生的乘数放大效应。
On August 27, Zhou Xiaochuan, former governor of the People's Bank of China, pointed out in the article "A Multi-Dimensional Review of Stablecoins" that the stablecoin payment business still has obvious shortcomings in KYC (know-your-customer) and compliance. In its view, the central bank currently has at least two concerns: first, "excessive currency issuance", that is, the issuer issues stablecoins in the absence of real 100% reserves, that is, over-issuance; Second, there is high leverage amplification, that is, the operation after issuance will produce the multiplier amplification effect of currency derivation.
稳定币话题于今年逐渐引发公众关注与讨论，原因之一就是全球各经济体监管及合规策略正在进行多样性探索。目前，全球尚未形成合作或协调机制，也未达成共识。
The topic of stablecoins has gradually attracted public attention and discussion this year. One of the reasons is that the regulatory and compliance strategies of various economies around the world are undergoing diversified exploration. At present, no cooperation or coordination mechanism has been formed globally, and no consensus has been reached.
“每当新的技术出现，不可避免地会对传统监管提出挑战。”游杨教授分析，例如稳定币USDT、USDC，发行是完全中心化的，但转账和交易是去中心化的，很多核心的应用发展很快，就会演变为中心化与去中心化的结合。对全球的监管者而言，动态地理解区块链上在做什么，是个很痛苦的过程，监管负担随之大幅上升，因此需要良性的制度设计。
"Whenever new technologies emerge, they will inevitably challenge traditional supervision." Professor You Yang analyzed that for example, stablecoins USDT and USDC are completely centralized in issuance, but transfers and transactions are decentralized. Many core applications are developing rapidly and will evolve into a combination of centralization and decentralization. For global regulators, dynamically understanding what is being done on the blockchain is a very painful process, and the regulatory burden has increased significantly, so benign institutional design is needed.
稳定币合规探路
Stablecoin compliance exploration
美国、新加坡、香港特区、欧盟、中东地区等地，正在推进稳定币的布局与合规。
The United States, Singapore, Hong Kong SAR, the European Union, the Middle East and other places are promoting the layout and compliance of stablecoins.
中国人民银行原行长周小川在前述文章中指出，有些关于传统跨境支付系统在技术上“非常昂贵”的说法可能是夸大的——较多的成本因素不是技术性的，而是涉及到外汇管制，其背后关联着国际收支平衡、汇率、货币主权等诸多制度问题。稳定币介入跨境支付的吸引力，并非想象中那么大。
Zhou Xiaochuan, former governor of the People's Bank of China, pointed out in the aforementioned article that some claims that the traditional cross-border payment system is technically "very expensive" may be exaggerated-more cost factors are not technical, but involve foreign exchange control, which is related to many institutional issues such as international balance of payments, exchange rate and monetary sovereignty. The attraction of stablecoins to intervene in cross-border payments is not as great as imagined.
“监管实际上是在跟进这些业务——已经大量存在的、处于非合规地带的业务，需要系统性的理解和思考，把它从非合规向合规转变。”游杨教授认为，一旦套在传统的金融监管框架里，其实很难找到一个合适的壳，把稳定币、Web3以及很多链上的业务装进去。
"Supervision is actually following up on these businesses-businesses that already exist in large numbers and are in the non-compliance zone require systematic understanding and thinking to transform them from non-compliance to compliance." Professor You Yang believes that once In the traditional financial regulatory framework, it is actually difficult to find a suitable shell to fit stablecoins, Web3 and many on-chain businesses.
7月29日，香港金管局官网发布了稳定币发行人发牌制度文件，并在新闻稿中称，鼓励有意愿申请机构于8月31日或之前联系监管，了解监管期望并适当获得反馈。发牌将是一个持续进行的过程，已准备充分并希望尽早获得考虑的机构，应于9月30日或之前提交申请。
On July 29, the official website of the Hong Kong Monetary Authority released a document on the licensing system for stablecoin issuers, and stated in a press release that willing applicants are encouraged to contact the regulatory authorities on or before August 31 to understand regulatory expectations and obtain appropriate feedback. Licensing will be an ongoing process and institutions that are well prepared and wish to be considered at the earliest opportunity should submit their applications on or before 30 September.
据中信证券研究部，“整体推进节奏略慢于我们预期，反映了金管局审慎稳健的监管态度，我们预期明年初首批稳定币发行人牌照有望落地”。香港金管局总裁余伟文此前发文，稳定币发行人须有实实在在的应用场景，须具备充分配套、关键的能力和经验。预计在初阶段只会批出数个牌照。
According to the research department of CITIC Securities, "the overall pace of advancement is slightly slower than we expected, reflecting the prudent and prudent regulatory attitude of the HKMA. We expect that the first batch of stablecoin issuer licenses will be implemented early next year." Yu Weiwen, president of the Hong Kong Monetary Authority, previously issued a document stating that stablecoin issuers must have real application scenarios and must have sufficient supporting, key capabilities and experience. It is expected that only a few licences will be granted at the initial stage.
在游杨教授看来，区块链是权力和生产关系的重塑，稳定币作为基于区块链技术的加密数字货币，遵循同一套逻辑。
In Professor You Yang's view, blockchain is the reshaping of power and production relations. As an encrypted digital currency based on blockchain technology, stablecoin follows the same logic.
“稳定币涉及一个核心问题是，到底只是金融机构可以参与，还是非金融机构也可以参与？”游杨教授表示，区块链技术的应用，为全球合规和资本流动带来了巨大的挑战——很难回避，是一种合规与非合规竞争的叙事。
"A core question involved in stablecoins is, can only financial institutions participate, or can non-financial institutions also participate?" Professor You Yang said that the application of blockchain technology has brought huge challenges to global compliance and capital flows-it is difficult to avoid, and it is a narrative of compliance and non-compliance competition.
同时，亦有监管思路提及，要防止区块链技术的金融脱媒，意即新技术的发展对传统的金融系统是一种冲击。
At the same time, there are also regulatory ideas mentioning the need to prevent the financial disintermediation of blockchain technology, which means that the development of new technologies has an impact on the traditional financial system.
目前，全球主要经济体更多的是从既有的证券法、金融法角度考虑监管，而不是从技术、功能的角度。游杨教授认为，合规稳定币的发展，会伴随着商业场景落地与监管合规要求的动态博弈，在不断的沟通调整之后，最终达成一种新的有限度的“监管宽松”状态，合规稳定币发展之路尚需时日。
At present, the world's major economies consider supervision more from the perspective of existing securities laws and financial laws, rather than from the perspective of technology and function. Professor You Yang believes that the development of compliant stablecoins will be accompanied by a dynamic game between the implementation of business scenarios and regulatory compliance requirements. After continuous communication and adjustment, a new state of limited "regulatory easing" will eventually be reached. The development of stablecoins will take time.
区块链与黄金的共同点：去中心化
What Blockchain and Gold Have in Common: Decentralization
9月5日，据《金融时报》，稳定币发行商泰达（Tether）已经与整个黄金产业链的潜在标的就相关投资展开了讨论，范围涵盖采矿、提炼、交易和特许权收入公司。
On September 5, according to the Financial Times, stablecoin issuer Tether has started discussions with potential targets in the entire gold industry chain on related investments, covering mining, refining, trading and royalty income companies.
这家头部稳定币USDT的发行商，投资方向瞄向了黄金产业链。
The issuer of the leading stablecoin USDT is investing in the gold industry chain.
黄金作为实物价值储存手段，已有数千年历史，而比特币自2009年才作为数字工具出现。不过，稳定币行业高管对黄金的喜爱似乎日益加深。
Gold has been used as a physical store of value for thousands of years, while Bitcoin has only appeared as a digital tool since 2009. Still, stablecoin industry executives appear to be increasingly fond of gold.
泰达首席执行官Paolo Ardoino将黄金比作“天然比特币”。“我知道人们认为比特币是’数字黄金’，”他在今年5月的一次演讲中说，“我更喜欢用比特币来思考——我认为黄金是我们自然的源泉。”
TEDA CEO Paolo Ardoino compared gold to "natural Bitcoin". "I know people think of Bitcoin as'digital gold, '" he said in a speech in May this year. "I prefer to think in terms of Bitcoin-I think gold is our natural source."
黄金与区块链有共通之处。
Gold and blockchain have something in common.
区块链应用的实例，比特币，全球流通、去中心化，任何人可挖掘、买卖或使用，交易记录公开透明。截至9月9日，一枚比特币价格超过11万美元。
An example of blockchain application, Bitcoin, is globally circulated and decentralized. Anyone can mine, buy, sell or use it, and the transaction records are open and transparent. As of September 9, the price of a bitcoin exceeded $110,000.
比特币的价格并非锚定在特定资产上。在游杨教授看来，持有比特币多、时间久、流动慢的一方，对比特币价格更有支撑力。
The price of Bitcoin is not anchored to a specific asset. In Professor You Yang's view, the party that holds more Bitcoin for a long time and has a slow flow has more support for the price of Bitcoin.
类似的，黄金的价格也是在动态博弈中形成的，各国央行以黄金作为底层储备，有央行的共识。
Similarly, the price of gold is also formed in a dynamic game. Central banks of various countries use gold as their bottom reserve, which is the consensus of central banks.
“黄金与区块链的逻辑相似，本质上都是去中心化的。”游杨教授说，正如没有人能说清全球比特币的持有与分布情况，黄金亦如此，二者的价格共识机制是一致的。而且，二者在某种程度上能够被赋予抗通胀的意义，稳定且耐久。
"The logic of gold and blockchain is similar, and they are both decentralized in nature." Professor You Yang said that just as no one can tell clearly the holdings and distribution of Bitcoin in the world, so does gold. The price consensus mechanism of the two is consistent. Moreover, to some extent, the two can be endowed with the significance of anti-inflation, stability and durability.
借助区块链技术，黄金市场正在迎来数字化变革。
With the help of blockchain technology, the gold market is ushering in digital transformation.
9月初，世界黄金协会（WGC）宣布，计划于2026年初在伦敦试行黄金权益池（PGI），该计划将允许黄金实现分散所有权和实时结算，即“数字黄金”。与加密货币不同，数字黄金与实体市场紧密相连，每个PGI单位代表存储在金库中的特定重量的黄金，交易记录在区块链上确保可追溯性。
In early September, the World Gold Council (WGC) announced plans to pilot a gold equity pool (PGI) in London in early 2026, which will allow decentralized ownership and real-time settlement of gold, known as "digital gold". Digital gold, unlike cryptocurrencies, is closely linked to the physical market, with each PGI unit representing a specific weight of gold stored in a vault, and transactions are recorded on a blockchain to ensure traceability.
稳定币流通量越来越大|观众问答
Stablecoin circulation is increasing | Audience Q&A
游杨教授的分享启发了观众的思考，在问答环节，来自RWA、券商、投资机构、互联网大厂等多名观众，围绕出海贸易、稳定币性质等话题进行了提问与深入探讨。
Professor You Yang's sharing inspired the audience's thinking. During the question-and-answer session, many audiences from RWA, securities firms, investment institutions, Internet companies, etc. asked questions and conducted in-depth discussions on topics such as overseas trade and the nature of stablecoins.
“我们看到稳定币在链上的清算量已经越来越大。”游杨教授说，当下无法避免的事实是，部分企业已选择无监管环境开展金融业务，再通过区块链、代币、钱包，向全球区块链公链用户提供服务。传统金融系统需要依托实体，如银行柜台、手机APP、中心化服务器等方可开展，但是区块链技术的出现，令金融交易首次得以在去中心化的环境中发生。
"We see that the liquidation volume of stablecoins on the chain has become increasing." Professor You Yang said that the inevitable fact at present is that some enterprises have chosen an unregulated environment to carry out financial business, and then provide services to global blockchain public chain users through blockchain, tokens and wallets. Traditional financial systems need to rely on entities, such as bank counters, mobile apps, centralized servers, etc., but the emergence of blockchain technology has enabled financial transactions to take place in a decentralized environment for the first time.
国际清算银行（BIS）也在今年7月表示，稳定币的迅速扩张，正在给各国金融监管部门带来新的政策挑战，并指出，稳定币的流通量越来越大，和传统金融体系的结合也越来越深，但由于其无国界且具有伪匿名性质等特点，因此需要更严格的监管审查。
The Bank for International Settlements (BIS) also stated in July this year that the rapid expansion of stablecoins is bringing new policy challenges to the financial regulatory authorities of various countries, and pointed out that the circulation of stablecoins is increasing, and the integration is getting deeper and deeper, but due to its borderless and pseudo-anonymous nature, it requires stricter regulatory scrutiny.
合规金融系统，首次需要与非合规金融体系竞争——区块链技术使得去中心化系统无法被取缔，而全球的监管尚未适应这种挑战。稳定币的合规与创新仍在探路中。
For the first time, compliant financial systems need to compete with non-compliant financial systems-blockchain technology makes decentralized systems impossible to be banned, and global regulation has not yet adapted to this challenge. The compliance and innovation of stablecoins are still being explored.
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