WSJ:稳定币是创新,还是 19 世纪金融「管道」的现代翻版?

深潮Опубліковано о 2025-07-30Востаннє оновлено о 2025-07-31

在《Genius 法案》下,稳定币不再信任区块链,而是美国。

原文:WSJ

编译:Odaily 星球日报 Golem

稳定币:当代的「窄银行」

华盛顿再次承诺以代码重塑货币,美国新通过的《Genius 法案》背后的政治逆风为这一反复出现的幻想赋予了新的活力,即技术最终可以消除金融核心的不稳定性。这一承诺虽然诱人,但现实却很残酷:我们可以让货币现代化,但我们仍在以 19 世纪建成的「管道」输送它。

这种美好的想法部分源于 2023 年硅谷银行的倒闭。这不是次级抵押或任何奇异衍生产导致的新麻烦,而是银行业中最古老隐患的重演:期限错配(maturity mismatch)。储户,尤其是那些没有保险的储户,可以根据需求撤回存款,但银行要进行长期投资。当利率飙升但信任破裂时,用户提款随之而来,资产被低价出售,政府不得不再次介入。

「窄银行」曾被视为解决方案,该机构仅持有现金或短期国债。(Odaily 注:「窄银行」概念最早源于 20 世纪 30 年代美国大萧条后,是一种只接受存款、并将这些存款全部或几乎全部投资于极高流动性、超低风险资产(如短期政府债券或央行准备金)的银行模式)

「窄银行」虽然安全系数很高,但是缺乏活力,无法创造信贷,没有贷款,也没有增长。

稳定币就是「窄银行」在科技时代的再创作:私人数字代币,与美元挂钩,并称由一对一流动性储备支持。例如 Tether 和 USDC 声称提供可编程、无国界、防篡改的存款,减去了监管负担。

但剥开数字的华丽外衣,金融古老的脆弱性依然存在,即这些代币仍完全依赖于信任。但储备金通常是不透明的,托管人可能已经离岸,审计是选择性的,赎回依旧只是一个承诺。

因此当信任动摇时,整个系统就会崩溃。稳定币 TerraUSD 在 2022 年崩溃,因为它试图使用算法而不是真实的储备来维护其与美元的挂钩。它的价值依赖于另一个可兑换的代币 Luna。但是,当信心瓦解时,投资者急于赎回 TerraUSD,向市场抛售了大量 Luna。由于没有可靠的抵押品且事态不断升级,这两种代币在几天内都崩溃了。除了这种极端情况外,如今即使是所谓的「完全抵押」的稳定币,当市场质疑其储备背后的真实性时,价格也会出现波动。

《Genius 法案》助长美元的「过度特权」

《Genius 法案》是华盛顿试图建立稳定币秩序的成果。它创建了正式的「支付稳定币」类别,禁止稳定币发行方支付利息以强调稳定币的实用价值而不是投机,并要求发行方使用现金或国债进行全额抵押。发行人必须获得许可,在美国注册,并接受新的认证制度。外国参与者需要获得美国许可,并且必须遵守美国规则,否则就出局。

该法案的优势很明确:没有花里胡哨的算法,没有不受监管的随机因素,也没有将投机功能和支付功能混合。了他们许多愿望的实现。它提供消费者保护,优先考虑破产的赎回,并承诺每月储备披露。批评加密混乱的学者终于实现了心愿。

但清晰并不意味着安全。该法案将稳定币正式定性为「窄银行」。这意味着稳定币不会出现期限错配,但也取消了信任中介,金融业的核心引擎(将储蓄转化为投资)被绕过,防风险资金变成了闲置资金。

同时,该法案还留下了战略漏洞。 资产规模低于 100 亿美元的发行人可以选择州级监督,这会鼓励监管套利。如果出现危机,赎回稳定币的需求可能会引发国债的抛售,从而扰乱支撑它们的避险资产市场。

一些经济学家警告称,通过将稳定币锚定在国债上,我们只是将系统性风险转移到了一个新角落,虽然这个角落在政治上受欢迎,但在运营上还没有经过大规模测试。但支持者也在高唱地缘政治上的好处。该法律确保稳定币与美元挂钩,由美元储备(如国债)支持,并通过美国机构结算。随着非美元稳定币仍停滞不前,美国支持的数字代币将成为全球支付、储蓄和跨境转账的默认工具。

这是布雷顿森林体系与硅谷的交汇,一场旨在将美元的「过度特权」延伸至互联网时代的监管博弈。《Genius 法案》可能比美联储任何货币互换协议或贸易协定都更能巩固美元的主导地位。

还有另一个值得注意的好处是,通过提供监管清晰度,该法案可能有助于将加密货币创新重新引回美国本土。近年来,美国法律的不确定性导致区块链人才和资本的流失。尽管稳定币存在诸多不足,但它可能成为让更广泛的数字金融实验在美国机构内部而非外部进行的立足点。

稳定币并未超越银行业

但信任不能外包给代码。它是由机构,审核和规则创造的。具有讽刺意味的是,区块链这项诞生于反抗金融监管的技术,如今正试图通过它曾经试图逃避的信息披露和监管来获得合法性。《Genius 法案》提供了这种清晰度,但权衡的代价已经完全显现。

在金融领域,就像寓言故事中所说的一样,强大的力量往往掩盖着更大的脆弱性。如果稳定币融入日常交易,那么一旦它们失败,影响将不会仅局限于加密世界,它将成为家庭、企业和纳税人面临的共同问题。

该法案还为大型科技公司或商业巨头在相对宽松的规则下进入支付领域打开了大门,引发了在由规模而非安全性主导的数字美元基础设施中,对隐私、竞争和市场集中度的担忧。

尽管持续被炒作,但稳定币并未超越银行业。它们只是以新的形式复制了银行业的矛盾。区块链的真正愿景是结束信任依赖。然而,我们现在却在联邦监管下加倍依赖信任。

金钱仍然是一种社会契约:保证某人在某个地方会弥补你的损失的承诺。无论多少代码或抵押品都无法消除这一承诺的可信性需求。同时,监管的任何行为也无法废除金融中的基本权衡:安全是以牺牲效率为代价的。如果忘记这一点,就会招致下一次危机。

稳定币将旧风险重新包装为创新。危险不在于它们是什么,而在于我们假装它们不是什么。

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