虽然香港正在依赖其成熟的银行网络将稳定币引入主流金融，但新加坡正在寻求让受监管的数字货币更易于使用。
While Hong Kong is betting on its established banking network to bring stablecoins into mainstream finance, Singapore is seeking to make regulated digital currencies easier to use.
两种做法反映了在构建全球加密货币中心的竞赛中各自不同的优先考量：香港正将稳定币与其现有金融体系挂钩，而新加坡则希望加强代币化资产流通和结算的基础设施。
Both approaches reflect different priorities in the race to build global cryptocurrency centres: Hong Kong is linking stablecoins to its existing financial system, while Singapore is looking to strengthen the infrastructure for circulating and settling tokenised assets.
分析人士表示，最终的检验标准将是任一监管框架是否能够支持实际且具有商业可行性的应用。
Analysts said the ultimate test would be whether either regulatory framework could support practical, commercially viable uses.
作为香港最大的银行之一，汇丰银行上个月透露了其稳定币的名称——红币（RedCoin）。该与港元挂钩的代币预计将在今年下半年推出，并将融入该行的移动银行平台。
HSBC, one of Hong Kong’s largest banks, revealed the name of its stablecoin, RedCoin, last month. The Hong Kong dollar-pegged token is expected to launch in the second half of this year and be integrated into the bank’s mobile banking platforms.
新加坡国立大学李光耀公共政策学院经济学教授拉姆基申·拉詹表示，两种框架都倾向于谨慎扩张。
Ramkishen Rajan, an economics professor at the National University of Singapore’s Lee Kuan Yew School of Public Policy, said both frameworks favoured cautious expansion.
“一个具体的区别在于银行。香港已直接为汇丰银行发放牌照，而新加坡则提出银行应通过单独获批的非银行实体发行受新加坡金融管理局（MAS）监管的稳定币，”他说。
“One concrete difference concerns banks. Hong Kong has licensed HSBC itself, while Singapore proposes that banks issue MAS-regulated stablecoins through separately licensed non-bank entities,” he said, referring to the Monetary Authority of Singapore.
稳定币是一种设计用于通过锚定参考资产（通常是法定货币，如美元）来保持稳定价值的加密货币代币。随着交易者使用它们来对冲主要价格波动，企业则采用它们进行跨境支付，稳定币的使用变得更加普遍。
Stablecoins are a type of cryptocurrency token designed to maintain a steady value by being pegged to a reference asset, typically a fiat currency such as the US dollar. They have become more prevalent as traders use them to hedge against major price swings and businesses adopt them for cross-border payments.
去年4月，香港金融管理局向汇丰银行和安聚财务（Anchorpoint Financial）— — 由渣打银行牵头的合资企业 — — 授予了稳定币发行牌照，观察人士表示，这反映了该地区的严格要求及其以银行为中心的金融生态系统。
In April last year, the Hong Kong Monetary Authority granted stablecoin issuer licences to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered, reflecting the territory’s stringent requirements and bank-centred financial ecosystem, observers said.
MAS 上月提出立法修改建议，以区分受监管和非受监管的稳定币，并引入保障措施以保护客户。对《2019 年支付服务法》的修订提案，该法确立了新加坡支付服务和稳定币的监管框架，还将允许多司法管辖区发行以及承认有限数量的外国稳定币。
MAS suggested legislative changes last month that would distinguish between regulated and non-regulated stablecoins, and introduce safeguards to protect customers. The proposed amendments to the Payment Services Act 2019, which establishes the regulatory framework for payment services and stablecoins in Singapore, would also allow multi-jurisdictional issuance and the recognition of a limited number of foreign stablecoins.
随着代币化日益普及，拥有明确的监管红线、价值稳定性和治理方面高标准的框架至关重要，MAS 副董事总经理何贤信如是说。“值得信赖且受良好监管的稳定币可以在代币化金融市场中作为可信的结算资产发挥作用，同时降低对用户和更广泛金融系统的风险，”她说。
As tokenisation gains traction, a framework with clear guardrails and high standards of value stability and governance is crucial, according to MAS deputy managing director Ho Hern Shin. “Trusted and well-regulated stablecoins can serve as a credible settlement asset in tokenised financial markets, while mitigating risks to users and the broader financial system,” she said.
莫纳什大学法学副教授曾政云表示，近年来，金融中心之间的竞争已不仅限于传统市场，而是日益扩展到数字和代币化金融领域，并补充称，两种体系均允许发行法币挂钩稳定币，并强调金融稳定性。
Competition among financial hubs had increasingly extended beyond traditional markets into digital and tokenised finance in recent years, said Tsang Cheng-Yun, an associate professor of law at Monash University, adding that both systems allowed the issuance of fiat-referenced stablecoins and emphasised financial stability.
“香港和新加坡之间的界限并不明确，也不具互斥性，”他说。“然而，它们的制度背景和新兴商业优先事项表明，在发展数字金融基础设施方面可能走向略有不同的路径。”曾政云表示，新加坡的修订提案可被解读为旨在巩固其作为全球数字资产流通和结算中心地位的努力。
“The line between Hong Kong and Singapore is not sharp and is not mutually exclusive,” he said. “Nevertheless, their institutional contexts and emerging commercial priorities suggest somewhat different pathways to developing digital financial infrastructure.”Singapore’s proposed amendments could be interpreted as an effort to strengthen its position as a global hub for the circulation and settlement of digital assets, Tsang said.
随着香港凭借其成熟的银行网络以及作为中国内地与国际市场之间门户的地位而受益，“其框架使得将可信的结算资产引入现有金融体系变得更加容易”，他补充道。
As Hong Kong stood to benefit from its established banking network and position as a gateway between mainland China and international markets, “its framework makes it easier to bring trusted settlement assets into the existing financial system”, he added.
ISEAS-Yusof Ishak Institute 区域经济研究项目副研究员林大卫表示，香港采取了更为严格的做法，为将数字资产的使用引导至适当应用奠定了基础。其金融管理局不允许零售投资者交易未获许可的稳定币 — — 例如泰达币，这是一种领先的美元支持代币。观察人士表示，不同的做法并不一定使某一枢纽成为明显的赢家。
David Lam, an associate fellow with the regional economic studies programme at the ISEAS-Yusof Ishak Institute, said Hong Kong had taken a more stringent approach, laying the foundation for channelling digital asset use towards appropriate applications. Its monetary authority does not allow retail investors to trade non-licensed stablecoins – such as Tether, a leading US dollar-backed token. The different approaches do not necessarily make one hub a clear winner, observers say.
拉詹表示，香港在将规则付诸实践方面似乎进展更快，这一点体现在汇丰银行和Anchorpoint获得许可上，但“目前还为时过早，无法判断哪种框架对增长更有优势”。
Hong Kong appeared to be further along in putting its rules into practice with the licensing of HSBC and Anchorpoint, Rajan said, but “it is too early to judge either framework superior for growth”.
他补充说，新加坡承认外国发行的稳定币的提议对跨境企业具有特殊价值，前提是各方在危机期间能够有效合作。
Singapore’s proposal to recognise foreign-issued stablecoins had particular merit for cross-border businesses, provided all parties could cooperate effectively during a crisis, he added.
曾先生警告不要用数量来衡量任一框架的成功。“我不会仅凭获批许可证的数量、发行的稳定币数量或市场采纳的速度来简单评判哪种框架更好，”他说。
Tsang cautioned against using quantities to gauge the success of either framework. “I would not judge either framework simply by the number of licences granted, the volume of stablecoins issued or the speed of market adoption,” he said.
根据专家的看法，稳定币规模化的成功最终将取决于监管可信度如何转化为商业使用 — — 包括企业是否能够以更具成本效益和可靠性进行支付。
According to the experts, success in scaling stablecoins would ultimately depend on how regulatory credibility translated into commercial use – including whether businesses could make payments more cost-efficiently and reliably.
林大卫表示，为了将稳定币引导至生产性用途 — — 例如批量支付和代币化的真实世界资产 — — 投机和非法金融等风险需要得到适当缓解。例如，香港限制稳定币转账至已验证的区块链账户，除非发行方能证明其能够有效防止洗钱。
Lam said risks such as speculation and illicit finance needed to be appropriately mitigated for stablecoins to be channelled towards productive uses, such as wholesale payments and tokenised real-world assets. Hong Kong, for example, restricts stablecoin transfers to verified blockchain accounts unless issuers can demonstrate that they can effectively prevent money laundering.
严格的要求可能会提振企业信心，但高昂的合规成本可能会削弱竞争力，使服务变得不具经济性，拉詹表示。“这是一种平衡行为。”
While stringent requirements could bolster business confidence, costly compliance obligations could dampen competitiveness and make services uneconomic, Rajan said. “It’s a balancing act.”
曾先生还表示，监管者还必须超越单个发行人的活动和风险进行审视。“最终，我认为金融中心将越来越多地围绕谁能为下一代金融市场构建值得信赖、具备流动性且可互操作的结算基础设施展开竞争。”
Regulators must also look beyond the activities and risks of individual issuers, according to Tsang. “In the end, I think financial centres will increasingly compete on who can build trusted, liquid and interoperable settlement infrastructure for the next generation of financial markets.”