九間歐洲大型銀行宣佈成立聯盟，根據EU《加密資產市場法規》(MiCA) 推出歐洲最具野心的歐元穩定幣項目。
該聯盟是歐洲對美元穩定幣主導局面的最協調回應，銀行巨頭瞄準2026年下半年，致力成為首個由主要銀行支持、全面受監管的歐元數碼貨幣。
此舉令歐洲金融機構直接挑戰如Tether與Circle等原生加密貨幣穩定幣發行商，同時推進歐盟在數碼支付中確立貨幣主權的戰略目標。
現時美元穩定幣佔全球穩定幣市場2517億美元規模的99%，歐洲銀行聯盟旨在奪取越來越多繞過傳統銀行體系的跨境支付和數字資產結算份額。
在MiCA法規下的監管明確性、機構級儲備管理，以及覆蓋4.5億歐洲用戶的傳統銀行渠道，都是主要競爭優勢。項目同時需要應對歐元穩定幣採用率分散、2029年計劃推行的數碼歐元競爭，以及多銀行合作架構的複雜挑戰。
項目成敗指標包括監管批准時程、首年市值目標（5000萬至1億歐元）、交易所整合進度，以及企業銀行客戶的機構採納率。該倡議有望重塑歐洲數碼支付基建，並為全球銀行主導的穩定幣發展提供範本。
聯合宣佈：九間銀行，同一願景
2025年9月25日，歐洲各大銀行總部同步發表協調公告，包括阿姆斯特丹的ING、米蘭的UniCredit、哥本哈根的Danske Bank、斯德哥爾摩的SEB、維也納的Raiffeisen Bank、布魯塞爾的KBC、瓦倫西亞的CaixaBank、法蘭克福的DekaBank，以及比耶拉的Banca Sella，均發表相同聲明，確認參與這個歷史性聯盟。
公告時機十分策略性。自歐洲央行於2025年7月28日發表博客警告美元為本數碼貨幣普及或削弱ECB貨幣政策控制以來，歐洲監管層對美元穩定幣的主導權愈益關注。銀行聯盟的消息發佈，剛好緊隨ECB執行董事Piero Cipollone指數碼歐元或延至2029年推出的言論，為私營創新騰出數年窗口。
ING數碼資產主管及該項目聯合對外代表Floris Lugt表示：「數碼支付對新型以歐元計價的支付和金融市場基建至關重要。區塊鏈程式化特性與7x24跨幣種即時結算，大大提升效率和透明度。這發展需要行業一致，銀行必須採用相同標準。」
聯盟的正式成立源於數月低調磋商。早於2025年初，CoinDesk已報導ING正聯合其他歐洲金融機構研究穩定幣，但九大銀行聯盟的完整規模直至九月才獲公開。
每家參與銀行各有地區專長與客戶網絡：ING主導荷蘭市場與支付基建；UniCredit覆蓋意大利及中歐交叉交易大市；Danske Bank深耕北歐市場及企業銀行關係；SEB則擅長瑞典機構託管及投行。
聯盟地理覆蓋歐洲主要金融樞紐，有望跨時區協調做市及注入流動性。CaixaBank深入西班牙並連繫拉美銀行，Raiffeisen Bank則接通中東歐新興高增長市場。
各銀行將保留在保管、錢包服務與機構客戶對接等增值服務上的自主權。這種分散路線與JPMorgan的JPM Coin等單一銀行方案不同，或可提升市場接觸廣度及降低集中風險。
荷蘭公司架構在滿足MiCA監管明確性的同時，亦具備運營彈性。荷蘭成熟的金融監管及DNB對電子貨幣機構監督經驗，為這類創新產品提供完善監理環境。
監管框架： MiCA合規落地
歐盟《加密資產市場法規》(MiCA)是全球最全面的穩定幣規管架構，對聯盟須發行的電子貨幣代幣（EMT）設下詳細要求。根據MiCA第45-57條，歐元穩定幣必須由流動歐元資產作全額儲備，設立獨立託管及無條件按面值贖回權。
作為EMT（而非資產參考代幣(ART)），歐元掛鈎穩定幣享有特定優勢，包括現有電子貨幣機構簡易授權程序和銀行資本要求下的優待。聯盟銀行的發行地位可按第48條「通知程序」運作，無需如非銀行發行人須另行申請獨立授權。
MiCA要求最少60%儲備存放於信貸機構，餘下則必須投資於最長三個月期高質政府債券。這一審慎規定確保贖回壓力下的流動性，同時避免早期穩定幣常見的久期及信貸風險。
荷蘭央行為聯盟申請EMI牌照的首席監管者，並協調其他歐元區央行執行系統性監督。DNB電子貨幣監管制度相比其他司法區初步加密資產監理更有規則性。
歐洲證監局（ESMA）於2024年12月敲定的技術標準，詳列市場操作防範、資產託管標準及營運韌性要求，並與《數碼營運韌性法案》(DORA)接軌，要求先進網絡安全及業務持續計劃。
監管進度需多方協調。DNB審核EMI申請一般需時3-6個月，並按第19(5)條向ECB徵詢貨幣政策意見。銀行身份或可加快某些程序但同時需承擔更多審慎監管。
《資本要求條例》(CRR III)第501d條為加密資產風險設定過渡安排，合符合贖回及儲備條件的穩定幣可列「1b組」優待。銀行需記錄穩定機制效能，並將穩定幣操作納入整體風險管理體系。
根據MiCA反洗錢（AML）規定，須設有交易監控、制裁名單篩查及「旅行規則」合規機制，跨境轉賬亦適用。聯盟成員採用既有銀行AML設施，較加密原生發行商具備競爭優勢。
消費者保障包括明確贖回流程、投訴機制及投資者教育。白皮書披露須詳細列明儲備組成、風險因素及操作程序，對零售與機構用戶公開。
法律架構與管治機制
荷蘭公司作為有限責任實體，尋求DNB發出電子貨幣機構資格授權。管治框架結合聯盟協調與單一銀行自主，構建複雜但潛在穩健的運作架構。
聯盟治理由多銀行委員會組成，所有創辦成員均有代表。關鍵決策如儲備管理、技術架構選擇和合規策略必須獲超過三分之二贊成，避免單一銀行壟斷之餘亦確保運作效率。
行政總裁遴選需符合MiCA資質審查，包括支付、風險管理及合規經驗。董事會中每家銀行代表均就穩定幣發行人而非母公司履行信託責任，可能出現利益衝突，需審慎管理。
儲備分隔按照MiCA第38條設立具破產隔離性結構，確保穩定幣持有人優先索償於儲備資產，不受發行人破產影響。資產託管則交由獨立第三方合資格託管人執行，避免利益衝突並保障操作獨立。 Legal claims on reserves operate through direct contractual rights rather than indirect claims through electronic money regulation. This structure provides enhanced protection compared to traditional electronic money products while maintaining regulatory compliance under Dutch law.
對備付金的法律權益是透過直接合約權利行使，而非經由電子貨幣規管下的間接申索。這種架構相較傳統電子貨幣產品能提供更強的保障，同時保持符合荷蘭法律的監管要求。
Dispute resolution mechanisms include binding arbitration procedures for commercial conflicts and consumer complaint handling through DNB-supervised procedures. Cross-border dispute resolution involves coordination with home country regulators for consortium member banks, potentially creating jurisdictional complexity.
爭議解決機制包括約束性的仲裁程序以處理商業糾紛，亦有通過荷蘭央行（DNB）監管下的消費者投訴處理安排。跨境爭議解決則涉及與財團成員銀行的母國監管機構協調，可能導致司法管轄上的複雜性。
The operational structure permits individual bank value-added services including custody, wallet provision, and institutional onboarding while maintaining centralized reserve management and compliance oversight. This hybrid approach balances operational flexibility with regulatory consistency.
營運架構容許個別銀行提供增值服務，包括託管、錢包服務和機構客戶接納，同時仍保持中央化的備付管理和合規監察。這種混合式做法實現營運靈活性及監管一致性的平衡。
Recovery and resolution planning follows MiCA requirements for orderly wind-down procedures including reserve liquidation processes, customer notification requirements, and regulatory coordination protocols. The multi-bank structure requires complex recovery scenarios addressing partial bank withdrawal while maintaining operational continuity.
復原及清算規劃按照 MiCA 規定進行，涵蓋有序清盤程序，包括備付金變現、客戶通知及監管協調等要求。多銀行結構令復原場景更為複雜，須計劃部分銀行退出時如何保持營運持續。
Technical Architecture and Operational Design
The consortium's technical specifications remain under development, with key architectural decisions expected before regulatory approval. Industry analysis suggests multi-blockchain deployment following established MiCA-compliant models like Circle's EURC, supporting Ethereum, Polygon, and emerging Layer 2 networks for cost-efficient transactions.
財團的技術規格仍在制定中，關鍵的架構決策預計會在獲監管批准前確定。行業分析預測將會參照現有 MiCA 合規模式（如 Circle 的 EURC）部署多區塊鏈方案，支援 Ethereum、Polygon 及新興 Layer 2 網絡，以提升交易成本效益。
Token standards will likely implement ERC-20 compatibility for maximum interoperability with existing decentralized finance protocols and exchange listing requirements. Smart contract architecture must accommodate MiCA compliance requirements including automated transaction monitoring, sanctions screening, and redemption mechanism enforcement.
代幣標準很大機會會用 ERC-20 兼容，方便與現有去中心化金融協議和交易所上市要求互通。智能合約架構須配合 MiCA 合規要求，包括自動交易監察、制裁篩查及兌換機制執行。
Reserve management systems integrate with European payment infrastructure including TARGET2 for large-value settlements and TIPS (TARGET Instant Payment Settlement) for 24/7 instant euro liquidity management. SEPA Instant Credit Transfer connectivity provides real-time fiat on/off-ramps through consortium member banks.
備付管理系統將與歐洲支付基建接軌，包括 TARGET2 處理大額結算，以及 TIPS（TARGET即時支付結算）提供 24/7 歐元即時流動性。連接 SEPA 即時過數則讓財團成員銀行實時處理法幣入出金。
Multi-signature wallet architecture distributes operational control across consortium members, preventing single points of failure while maintaining security standards. Hardware Security Modules (HSMs) secure cryptographic keys with formal verification procedures for smart contract correctness and upgradeability frameworks for security patches.
多重簽署錢包架構將營運控制權分散於財團成員之間，防止單點故障並維持安全標準。硬件安全模組（HSM）負責加密金鑰保護，配合正式驗證程序確保智能合約正確性，以及升級框架以便修補安全漏洞。
Custody operations follow qualified custodian requirements under MiCA with potential segregated account structures at major European custodial banks. Reserve asset composition monitoring requires real-time valuation systems with daily reconciliation and monthly third-party attestation by Big Four accounting firms.
託管運作依循 MiCA 下合資格託管人的要求，並可能採用歐洲主要託管銀行設立獨立賬戶結構。備付資產組合監控需要實時估值系統，每日對賬，以及每月由四大會計師行進行第三方核證。
Know Your Customer (KYC) and Anti-Money Laundering (AML) implementation leverages existing banking infrastructure rather than separate crypto-native solutions. Digital identity verification, ongoing transaction monitoring, and enhanced due diligence procedures integrate with consortium members' established compliance systems.
客戶認識（KYC）及反洗黑錢（AML）措施採用現有銀行基建，而並非獨立加密原生方案。數碼身份驗證、持續交易監控及加強盡職審查等流程會整合到財團成員現有的合規系統中。
Proof-of-reserve mechanisms include public attestation dashboards displaying real-time reserve composition and backing ratios. Smart contract integration enables automated compliance verification while maintaining privacy requirements for reserve asset counterparties and detailed composition.
備付證明機制包括公開驗證儀表板，展示實時備付組合及支持比率。智能合約整合令合規核查自動化，同時兼顧備付資產對手方及具體組合的私隱要求。
Cross-border settlement integration supports correspondent banking networks through SWIFT messaging and ISO 20022 standard formats. API connectivity enables integration with traditional banking systems while supporting blockchain-native applications and decentralized finance protocols.
跨境結算會通過 SWIFT 訊息及 ISO 20022 標準格式支援代理銀行網絡。API 連接令系統可整合傳統銀行，同時支援區塊鏈原生應用及 DeFi 協議。
Liquidity management systems maintain appropriate reserve buffers for redemption volatility while optimizing yield on backing assets within MiCA constraints. Automated rebalancing procedures ensure compliance with asset composition requirements during market volatility.
流動性管理系統在 MiCA 規範下平衡備付資產收益，同時預留足夠緩衝應對兌換波動。自動再平衡機制則在市況波動下保障資產結構合規。
Operational risk management includes 24/7 monitoring capabilities, incident response protocols, and business continuity procedures. Cybersecurity frameworks comply with DORA requirements including penetration testing, threat intelligence, and crisis communication procedures.
營運風險管理包括全日監控、事故應變計劃及業務持續安排。網絡安全守則則符合 DORA 要求，涵蓋滲透測試、威脅情報及事故溝通程序。
Economic Mechanics and Liquidity Framework
The consortium's liquidity provisioning strategy leverages traditional banking market-making capabilities combined with decentralized finance protocol integration. Primary liquidity sources include consortium member bank treasury operations, qualified market makers, and automated market maker (AMM) protocols on supported blockchain networks.
財團的流動性策略會結合傳統銀行造市能力及 DeFi 協議整合。主要流動性來自成員銀行財資部、合資格造市商及在支援區塊鏈網絡上的自動造市商（AMM）協議。
Redemption mechanics guarantee 1:1 euro conversion at par value with same-day settlement during European banking hours and next-business-day settlement for after-hours requests. The unlimited redemption commitment differentiates the bank-backed model from crypto-native stablecoins with minimum redemption thresholds or processing delays.
兌換機制保證 1:1 歐元面值換回，歐洲銀行辦公時間內即日結算，下班後則於下一個工作日處理。無限兌換承諾把銀行支持型穩定幣與需設最低兌換額或存在處理延誤的加密原生穩定幣區分開。
Integration with TARGET2 enables large-value institutional settlements with central bank finality, while TIPS connectivity supports 24/7 instant payments for smaller transactions. This dual-rail architecture provides operational resilience and cost optimization across different transaction sizes.
連接 TARGET2 可進行大額機構結算並有央行最終性，而 TIPS 則支援小額交易 24 小時即時支付。這種雙軌架構提升操作韌性及不同交易額度下的成本效益。
Secondary market liquidity development requires coordination with major cryptocurrency exchanges supporting MiCA-compliant token listing. Early exchange partnerships likely include Coinbase, Kraken, and European-regulated platforms like Bitstamp and Bitpanda, which have delisted non-compliant stablecoins under regulatory pressure.
次級市場流動性發展需與主要加密貨幣交易所協調，確保代幣能依 MiCA 規定上市。初期可能會與 Coinbase、Kraken 及歐洲受規管交易所如 Bitstamp、Bitpanda 合作，後者在監管壓力下已移除不合規穩定幣。
Market making operations may utilize consortium bank proprietary trading capabilities alongside external market makers contracted for continuous liquidity provision. Spread targets and minimum order sizes require balancing profitability with market accessibility for both institutional and retail users.
造市操作會結合財團銀行自營交易及外聘造市商維持持續流動性。買賣差價及最少下單金額需同時兼顧盈利與機構、散戶可用性。
Interest rate considerations involve reserve asset yield optimization within MiCA investment restrictions. While the stablecoin itself pays no interest to holders, reserve management generates returns through short-term government securities and central bank deposits, potentially supporting operational cost coverage.
利率管理上會在 MiCA 投資限制下優化備付資產回報。穩定幣本身不會向持有人派息，但備付管理可透過短期國債和央行存款產生利息，用作支持營運開支。
Cross-currency liquidity management addresses foreign exchange exposures for international users converting from non-euro currencies. Consortium banks' existing FX trading capabilities provide competitive advantages over crypto-native issuers lacking institutional FX infrastructure.
跨幣種流動性管理處理國際用戶從非歐元貨幣兌換時的外匯風險。財團銀行現有的外滙交易能力，在這方面較缺乏相關基建的加密原生發行人有明顯優勢。
Settlement finality varies by blockchain network and transaction size. On-chain transactions achieve probabilistic finality based on block confirmations, while traditional banking settlement provides legal finality through payment system rules. Hybrid settlement architecture accommodates different finality requirements across use cases.
結算最終性會依區塊鏈網絡和交易金額而異。鏈上交易依區塊確認達至概率性最終性，傳統銀行結算則按支付系統規則實現法律上最終性。混合結算架構能應對不同場合的最終性需要。
Treasury management operations maintain optimal reserve composition balancing liquidity, yield, and regulatory compliance. Stress testing procedures model redemption scenarios including bank runs, market volatility, and operational disruptions affecting reserve asset values.
財資管理運作保持最佳備付組合，平衡流動性、收益及監管合規。壓力測試會模擬銀行擠提、市場波動或運作中斷對備付資產價值的影響。
Risk management frameworks address credit, market, operational, and liquidity risks inherent in stablecoin operations. Consortium diversification reduces single-bank concentration while potentially complicating risk assessment and management coordination.
風險管理框架涵蓋穩定幣業務固有的信貸、巿場、營運和流動性風險。財團多銀行參與減低單一機構集中度，但可能令風險評估與管理協調變得複雜。
Trust Architecture and Insolvency Protection
Legal protection mechanisms under MiCA provide enhanced security compared to crypto-native stablecoin issuers through mandatory reserve segregation and qualified custodian requirements. Reserve assets must be held separate from issuer proprietary assets with bankruptcy-remote structures ensuring creditor priority for stablecoin holders.
MiCA 下的法律保障機制比起加密原生穩定幣提供更高安全，要求備付金必須獨立於發行機構資產存放，由合資格託管人託管，利用破產隔離結構以確保穩定幣持有人獲債權優先。
Custodial arrangements involve third-party qualified custodians meeting MiCA professional requirements rather than self-custody by the issuing consortium. This structure prevents potential conflicts of interest while ensuring independent oversight of reserve asset management and availability.
託管安排會由第三方合資格託管人負責，符合法規定，並非由發行財團自行託管。這樣可避免潛在利益衝突，確保備付資產管理與可用性有獨立監察。
Insurance frameworks may include traditional banking insurance coverage for operational risks, cyber security incidents, and custody arrangements. However, stablecoin-specific insurance remains limited, requiring innovative risk transfer mechanisms or consortium self-insurance through capital buffers.
保險架構可能涵蓋傳統銀行對營運風險、網安事故及託管安排的保障。但針對穩定幣的專屬保險仍屬有限，需要創新風險轉移方案或財團自設資本緩衝以應對。
Resolution planning addresses scenarios including partial bank withdrawal from the consortium, regulatory enforcement actions, and complete operational wind-down. MiCA requires detailed recovery and resolution plans ensuring orderly liquidation procedures and customer notification protocols.
清算規劃會考慮銀行部分退出財團、監管處分和全面清盤等情景。MiCA 規定須有詳盡的復原及清盤計劃，兼顧備付清算及用戶通知。
Credit risk management involves careful counterparty selection for reserve asset custody and investment. Government securities expose the consortium to sovereign credit risks, while commercial bank deposits create counterparty exposures requiring diversification and credit quality maintenance.
信貸風險管理需審慎挑選備付資產託管及投資對手方。政府債券涉及主權信貸風險，銀行存款則有對手方風險，必須分散投資並維持信貸質素。
Operational resilience frameworks address technology failures, cyber security incidents, and business continuity disruptions. Multi-bank operational redundancy provides resilience advantages compared to single-issuer models, though coordination complexity may create different operational risks.
營運韌性框架針對科技故障、網絡安全事故及業務中斷等情況。多銀行架構比單一發行人更有彈性，但協調複雜性亦帶來其他營運風險。
Audit requirements include regular third-party verification of reserve composition, compliance procedures, and operational controls. Big Four accounting firm engagement provides credibility while independent security audits verify smart contract correctness and cybersecurity effectiveness.
審計規定需要定期由第三方核查備付組合、合規程序及營運控制。聘用四大會計師行增加信譽，而獨立安全審核則驗證智能合約正確及網安措施成效。
Market stress testing evaluates performance under adverse scenarios including rapid redemptions, reserve asset value declines, and banking sector disruptions. Scenario analysis must address correlation risks between consortium member
巿場壓力測試會評估急速贖回、備付資產下挫與銀行業動盪時的表現。情景分析必須針對成員銀行之間的相關性風險。banks and broader European banking system stability.
銀行及更廣泛歐洲銀行體系的穩定性。
Market Strategy and Adoption Pathway
市場策略及採納路徑
The consortium's go-to-market strategy prioritizes institutional adoption through existing banking relationships before expanding to retail users. Corporate treasury management, trade finance, and cross-border payments represent initial high-value use cases leveraging established bank customer relationships.
該聯盟的市場進入策略優先透過現有銀行關係促進機構用戶的採納，其後才擴展至零售用戶。企業財資管理、貿易融資及跨境支付是初期高價值的應用場景，可充分利用已建立的銀行客戶基礎。
Distribution advantages include access to consortium members' combined customer base of millions of corporate and retail banking clients across Europe. This contrasts favorably with crypto-native issuers requiring separate customer acquisition and onboarding processes.
分銷優勢包括可接觸聯盟成員合共數百萬的企業及零售銀行客戶，覆蓋整個歐洲市場。這相對於加密原生發行人需獨立開發和驗證客戶的情況更有優勢。
Exchange listing strategy likely prioritizes MiCA-compliant European exchanges before expanding to global platforms. Regulatory compliance provides competitive advantages as major exchanges including Coinbase and Crypto.com delist non-compliant stablecoins under regulatory pressure.
上市策略很可能優先選擇MiCA規範的歐洲交易所，其後才拓展至全球平台。符合監管要求令其具有競爭優勢，特別是在Coinbase及Crypto.com等大型交易所受監管壓力下逐步下架不合規穩定幣。
Institutional custody integration targets major European custody providers including BNY Mellon, State Street, and Northern Trust's European operations. Bank-issued stablecoins may receive preferential custody treatment compared to crypto-native alternatives due to established banking relationships.
機構託管整合目標包括BNY Mellon、State Street及Northern Trust等歐洲主要託管服務商。由銀行發行的穩定幣因與銀行已有合作關係，或可較加密原生產品獲得更優待的託管安排。
Decentralized finance (DeFi) protocol integration enables yield generation through lending markets, automated market makers, and synthetic asset protocols. However, regulatory uncertainty about DeFi protocol compliance may limit initial integration scope.
去中心化金融（DeFi）協議整合可透過借貸市場、自動化做市商及合成資產協議產生收益。然而，監管對DeFi合規性的未明朗，或會限制初步的整合範圍。
Corporate adoption incentives may include preferential pricing for consortium bank customers, integration with existing cash management platforms, and customized treasury solutions. Payment processor integration supports merchant adoption for both online and offline commerce.
企業採納誘因或包括聯盟銀行現有客戶專屬優惠價格、與現有現金管理平台整合，以及度身訂做的財資方案。與支付處理商的整合，有助支持網上及實體商戶的應用。
Geographic expansion likely follows consortium member bank international networks, with initial focus on European Union markets before considering non-EU jurisdictions. Regulatory arbitrage opportunities exist in markets with less developed crypto-asset frameworks.
地域擴展策略預計會跟隨聯盟銀行的國際網絡，首階段專注於歐盟市場，之後才考慮非歐盟地區。在加密資產監管框架較不完善的市場，或存在監管套利空間。
Partnership development includes fintech companies, payment processors, and technology providers supporting blockchain infrastructure development. Strategic alliances with companies like Stripe, which offers stablecoin payment processing, could accelerate merchant adoption.
合作夥伴開發包括金融科技公司、支付處理商及區塊鏈基礎設施技術供應商。與如Stripe等提供穩定幣支付處理的公司建立策略聯盟，有望加快商戶的採用步伐。
Marketing strategy emphasizes regulatory compliance, institutional backing, and European monetary sovereignty themes. This positioning differentiates from crypto-native issuers while appealing to risk-averse corporate treasurers and compliance-focused institutions.
市場推廣策略強調符合監管、機構支援及歐洲貨幣主權等主題。這種定位有別於加密原生發行人，並更能吸引風險偏好低的企業財資主管及著重合規的機構。
Customer education programs address stablecoin mechanics, regulatory protections, and operational procedures for both institutional and retail users. Educational initiatives leverage consortium banks' existing customer communication channels and relationship management capabilities.
客戶教育計劃會涵蓋穩定幣運作原理、監管保障及操作程序，對象包括機構及零售使用者。教育活動會充分利用聯盟銀行現有的客戶溝通渠道及關係管理能力。
Market Analysis
市場分析
The euro stablecoin market represents a significant growth opportunity despite currently comprising only 0.2% ($564 million) of the total $251.7 billion stablecoin market. Existing euro stablecoins include Circle's EURC, Stasis's EURS, and Membrane Finance's EUROe, each with different regulatory approaches and market positioning.
歐元穩定幣市場雖然目前僅佔整體2,517億美元穩定幣市場的0.2%（5.64億美元），但具有顯著增長潛力。現有的歐元穩定幣包括Circle的EURC、Stasis的EURS及Membrane Finance的EUROe，各自有不同的監管策略及市場定位。
Circle's EURC achieved MiCA compliance in 2024 and maintains the largest regulated euro stablecoin market presence. The consortium faces direct competition from Circle's established exchange relationships, institutional adoption, and multi-blockchain support. However, bank-backed governance may provide trust advantages for traditional financial institutions.
Circle的EURC已於2024年達到MiCA合規，目前是最大型的受監管歐元穩定幣。聯盟須正面競爭Circle的交易所關係網絡、機構採用及多鏈支持。不過，銀行支持的管治或能給予傳統金融機構更多信心。
Tether's EURT faces regulatory pressure under MiCA compliance requirements, potentially creating market share opportunities for compliant alternatives. Major European exchanges have begun delisting non-compliant stablecoins, providing regulatory arbitrage advantages for MiCA-compliant issuers.
Tether的EURT正面臨MiCA監管壓力，這或有助合規對手爭取市場份額。歐洲主要交易所已著手下架不合規穩定幣，給予MiCA合規發行人監管套利的優勢。
U.S. dollar stablecoin competition includes USDT ($139 billion market cap) and USDC ($61 billion market cap), which dominate cross-border payments and DeFi applications. The euro consortium must demonstrate clear value propositions beyond currency denomination to capture meaningful adoption.
美元穩定幣競爭對手包括USDT（1,390億美元市值）及USDC（610億美元市值），二者主導跨境支付及DeFi應用場景。歐元聯盟必須展現除貨幣面值以外的清晰價值主張，才能獲得有意義的採納。
Bank-led stablecoin precedents include JPMorgan's JPM Coin (now Kinexys), processing $1 billion daily volume among institutional clients, and Fnality's multi-bank wholesale settlement platform. These examples demonstrate bank capability for stablecoin development while highlighting institutional adoption challenges.
過往銀行主導的穩定幣案例包括摩根大通的JPM Coin（現稱Kinexys），每日處理的機構交易額高達10億美元，及Fnality的多銀行批發結算平台。這些案例展現銀行有能力開發穩定幣，同時反映機構導入時的挑戰。
Regulatory compliance provides competitive advantages as MiCA enforcement eliminates non-compliant alternatives from European markets. However, the consortium faces time-to-market disadvantages compared to established stablecoins with existing liquidity networks and technical infrastructure.
隨著MiCA實施，不合規產品將退出歐洲市場，合規可帶來競爭優勢。不過，聯盟相對既有穩定幣在流動性網絡與技術基建上仍有時間劣勢。
Network effects favor incumbent stablecoins with established exchange listings, DeFi protocol integrations, and user adoption. The consortium must overcome switching costs and liquidity fragmentation while building parallel ecosystem infrastructure.
網絡效應對現有、上市及與DeFi協議整合的穩定幣較為有利。聯盟需克服用戶轉換成本及流動性分散，同時構建平行的生態系統基礎設施。
Reserve transparency and audit quality represent potential competitive advantages for bank-backed models compared to crypto-native issuers with limited disclosure practices. However, operational complexity from multi-bank coordination may create efficiency disadvantages requiring careful management.
銀行支持模式在儲備透明度及審計質素上，較加密原生發行人具備潛在競爭力。不過，多銀行協調的營運複雜性，或導致效率劣勢，需要審慎管理。
Distribution network advantages through traditional banking channels contrast with crypto-native issuers' focus on decentralized platforms and direct user acquisition. Success depends on bridging traditional finance and crypto ecosystems rather than competing within established crypto markets.
傳統銀行分銷網絡與加密原生發行人聚焦去中心化平台及直接用戶拓展形成鮮明對比。成功關鍵在於連結傳統金融與加密生態，而非單靠於既有加密用戶群內競爭。
Strategic positioning against future digital euro implementation requires complementary rather than competitive positioning. The consortium's private sector flexibility and yield-generating capabilities may coexist with public sector digital currency for different use cases and user segments.
針對未來數碼歐元的策略定位，應以互補而非對抗角度出發。聯盟以私營部門靈活性及收益能力，可與公共數位貨幣在不同應用及用戶群共存。
Regulatory Risks and Digital Euro Interaction
監管風險及數碼歐元互動
European Central Bank policy toward private stablecoins remains cautiously supportive while emphasizing public sector digital currency development. ECB officials including Executive Board member Piero Cipollone have indicated the digital euro could launch by 2029, creating potential competition for private alternatives.
歐洲央行對私營穩定幣採取審慎支持立場，同時強調公共部門數碼貨幣發展。包括董事會成員Piero Cipollone在內的央行官員已表示數碼歐元最快可於2029年推出，為私人方案帶來潛在競爭。
Digital euro design features include privacy protections, zero interest rates, and holding limits intended to prevent bank disintermediation. These characteristics suggest potential coexistence opportunities with private stablecoins offering different value propositions including yield generation and programmability.
數碼歐元設計具備私隱保障、零利率及持有上限，有助防止銀行被繞過。這意味著主打收益及可編程性的私人穩定幣，有望與其互相補足，共同存在。
Regulatory uncertainty includes potential policy changes affecting stablecoin operations, capital requirements, or cross-border usage restrictions. The consortium must maintain regulatory flexibility while avoiding over-investment in potentially obsolete compliance frameworks.
監管不確定性包括政策變更，影響穩定幣運作、資本要求及跨境使用限制等。聯盟需保持對監管變化的彈性，避免過度投資於未來或被淘汰的合規架構。
Monetary policy implications concern ECB officials regarding deposit substitution effects and reduced monetary transmission effectiveness. Large-scale stablecoin adoption could theoretically reduce bank deposit funding and affect credit intermediation capabilities.
貨幣政策層面，央行關注存款被取代及貨幣政策效力下降的問題。大規模穩定幣採納，理論上或令銀行存款資金萎縮，影響信貸中介功能。
Cross-border regulatory coordination challenges include varying national implementations of MiCA requirements and potential conflicts with non-EU regulatory frameworks. International expansion requires navigation of complex jurisdictional requirements and regulatory cooperation agreements.
跨境監管協調挑戰包括各地對MiCA的執行標準不一，以及與非歐盟監管框架的潛在衝突。國際化需應付棘手的司法管轄問題及監管合作要求。
Prudential banking regulations may impose additional capital requirements, leverage constraints, or operational restrictions on bank stablecoin issuers. The intersection of banking and crypto-asset regulations creates compliance complexity requiring specialized expertise.
審慎監管或對發行銀行穩定幣加設額外資本規定、槓桿限制或運作規定。銀行法規與加密資產法規交叉，令合規工作複雜化，需要專門知識支援。
Political risk factors include potential policy shifts affecting European digital sovereignty initiatives, banking sector regulation, or international payment system governance. Geopolitical tensions could influence regulatory approaches to private versus public digital currencies.
政治風險因素包括影響歐洲數碼主權、銀行業監管或國際支付系統管治的潛在政策轉變。地緣政治緊張局勢亦可能影響針對私人及公共數碼貨幣的監管思路。
Systemic risk concerns involve potential financial stability implications from large-scale stablecoin adoption, including deposit migration, liquidity risks, and operational dependencies. Regulatory responses could include additional restrictions or enhanced supervision requirements.
體系風險方面，大規模穩定幣採納或對金融穩定帶來存款轉移、流動性及運作依賴等問題。監管方可考慮引入更多限制或加強監督。
Competition policy implications arise from bank consortium coordination in stablecoin issuance, potentially raising antitrust concerns if market concentration becomes excessive. Regulatory authorities may impose structural or operational restrictions to maintain competitive markets.
銀行聯盟協同發行穩定幣，可能觸發競爭政策議題，如市場過於集中的反壟斷疑慮。監管機構可考慮引入結構或營運限制，以維持市場競爭。
Technical regulatory requirements continue evolving through ESMA guidance, national competent authority interpretations, and international standard-setting body recommendations. Ongoing compliance requires continuous monitoring and adaptation capabilities.
技術合規要求持續變化，包括ESMA指引、各國監管解讀及國際標準組織建議。要實現持續合規，需具備監察及適應的能力。
Macroeconomic and Systemic Implications
宏觀經濟及體系層面影響
The euro consortium's success could significantly impact European monetary policy transmission and financial system architecture. Bank for International Settlements research suggests stablecoins perform poorly on traditional monetary system tests for singleness, elasticity, and settlement finality, potentially affecting ECB policy effectiveness.
歐元聯盟如取得成功，或會深遠影響歐洲貨幣政策傳導及金融體系架構。國際清算銀行研究指出，穩定幣於傳統貨幣體系針對唯一性、彈性及結算終局性等方面表現不理想，或會影響央行政策效能。
Deposit substitution effects represent primary central bank concerns, with Federal Reserve research indicating potential 10-15% reduction in bank financing resources under extreme stablecoin adoption scenarios. However, bank-issued models may mitigate disintermediation risks compared to non-bank alternatives.
存款被取代效果是央行重點憂慮。美聯儲研究指，極端情況下穩定幣普及會令銀行融資資源減少一至一成半。不過，銀行發行穩定幣相對非銀行方案，有望減低中介功能被削弱的風險。
Cross-border payment system implications include potential competition with correspondent banking networks and traditional payment processors. The consortium's 24/7 settlement capabilities could capture market share from established international payment systems including SWIFT-based transfers.
跨境支付方面，或會與現有代理行網絡及傳統支付處理商構成競爭。聯盟的24/7即時結算優勢，有機會從以SWIFT為主的現有國際支付系統奪取市場份額。
Capital flow management challenges arise from stablecoin-enabled rapid cross-border transfers potentially
穩定幣促成資金迅速跨境流動，為資本流動管理帶來挑戰。complicating monetary policy implementation and exchange rate management. Financial Stability Board guidance emphasizes need for comprehensive oversight across jurisdictions.
令貨幣政策執行及匯率管理變得更複雜。金融穩定委員會指引強調必須在跨司法管轄區進行全面監管。
Sanctions enforcement implications require robust AML/CFT compliance systems addressing pseudonymous blockchain transactions and decentralized platform integration. The consortium's bank-based compliance infrastructure provides advantages over crypto-native alternatives with limited regulatory oversight.
對制裁執行的影響要求有強大的反洗黑錢及打擊資助恐怖主義（AML/CFT）合規系統，以應對具假名性的區塊鏈交易及去中心化平台的整合。該聯盟以銀行為基礎的合規基建，較受限於監管的原生加密貨幣選擇更具優勢。
European strategic autonomy benefits include reduced dependence on U.S. dollar-denominated payment systems and enhanced euro international role. Atlantic Council research identifies stablecoins as manifestations of geopolitical competition among major currency areas.
歐洲策略自主的好處包括減少對美元結算支付系統的依賴，以及提升歐元的國際角色。大西洋理事會的研究指出，穩定幣是主要貨幣區地緣政治競爭的具體體現。
Banking sector impacts involve potential balance sheet reshuffling with reserve liabilities replacing traditional deposits. While individual effects may be limited, systemic adoption could affect bank funding costs, credit intermediation, and profitability.
銀行業會受到潛在資產負債表重組的影響，以儲備負債取代傳統存款。雖然單一銀行影響有限，系統性採納則可能影響銀行的融資成本、信貸中介功能及盈利能力。
Payment system evolution includes integration with existing European infrastructure while supporting blockchain-based innovation. Technical interoperability between traditional and crypto-native systems requires careful architecture design and regulatory coordination.
支付系統的發展，包括與現有歐洲金融基建的整合，同時支持區塊鏈創新。傳統系統與原生加密貨幣系統的技術互通性，需要審慎的架構設計及監管協調。
Financial inclusion considerations involve expanding digital payment access while maintaining consumer protections and regulatory oversight. Bank-issued stablecoins may provide safer alternatives to unregulated crypto-native options for underbanked populations.
金融普及化考量，需擴展數碼支付的接觸面，同時維持消費者保障及監管。銀行發行的穩定幣，可能為欠缺銀行服務人口，提供較無監管原生加密幣更安全的選擇。
International competitiveness implications include European positioning in global stablecoin markets currently dominated by U.S. issuers. Success could influence other currency areas to develop similar bank-led digital currency initiatives.
國際競爭層面來看，歐洲將於現時由美國發行商主導的全球穩定幣市場定位。若成功，有機會推動其他貨幣區發展類似的銀行主導數碼貨幣計劃。
Practical Investment and User Guidance
Institutional investors should evaluate the consortium's regulatory compliance status, reserve composition transparency, and operational risk management before adoption. The MiCA framework provides enhanced legal protections compared to non-regulated alternatives, though implementation risks remain during the initial launch phase.
機構投資者在投資前應評估聯盟的監管合規狀況、儲備組合透明度及營運風險管理。MiCA法規機制為穩定幣提供比無監管選項更完善的法律保障，但在首階段推行時仍然存在實施風險。
Corporate treasurers considering stablecoin adoption for payments or treasury management should assess integration capabilities with existing banking relationships, settlement efficiency improvements, and regulatory compliance requirements. The consortium's bank-backed model may provide familiar counterparty risk profiles compared to crypto-native alternatives.
企業財資部門考慮採用穩定幣進行支付或資金管理時，應評估其與現有銀行關係的整合能力、結算效率提升，以及監管合規需求。該聯盟銀行支持的模式，相較原生加密貨幣選項，可能能提供企業較熟悉的對手方風險。
Exchange operators and custody providers must verify regulatory compliance status and technical integration requirements before supporting the new stablecoin. MiCA compliance obligations apply to service providers as well as issuers, requiring comprehensive compliance framework development.
交易所及託管商在支援新的穩定幣前，必須確認其監管合規狀態及技術整合要求。MiCA的合規責任同時適用於服務供應商及發行商，要求發展全面的合規架構。
Retail users should understand redemption procedures, customer protection mechanisms, and operational limitations before adoption. While MiCA provides consumer protections, stablecoin holdings differ from traditional bank deposits in terms of insurance coverage and regulatory oversight.
零售用戶在採用前，應了解兌換程序、用戶保障機制及運作上的限制。雖然MiCA提供消費者保障，持有穩定幣與傳統銀行存款在保險覆蓋及監管監察方面有別。
Risk management considerations include concentration risk from multi-bank consortium structure, operational risk from complex coordination requirements, and market risk from euro stablecoin market development. Diversification across stablecoin issuers and currency denominations may provide risk mitigation.
風險管理考慮包括多銀行聯盟架構帶來的集中風險、複雜協調要求下的營運風險，以及歐元穩定幣市場的市場合理性風險。分散不同發行商及貨幣種類或可分散部份風險。
Due diligence requirements include verification of reserve composition, audit quality, and compliance status. Users should monitor monthly attestation reports, regulatory approval status, and operational performance indicators including redemption processing times and technical uptime.
盡職審查步驟包括核實儲備組合、審計質素及合規狀況。用戶應定期留意每月的資料證明報告、監管批核狀態，以及運作表現指標（包括兌換處理時間及技術運作時間）。
Red flags to monitor include delayed regulatory approvals, reserve composition changes, operational disruptions, or consortium member bank withdrawals. Early warning indicators of stress include redemption processing delays, reserve ratio declines, or technical integration failures.
需留意的警號有監管批准延遲、儲備組合更改、營運中斷或聯盟成員銀行退出。早期壓力警示包括兌換處理延誤、儲備比率下降或技術整合失敗。
Custody considerations involve selection of qualified custodians supporting the new stablecoin while meeting regulatory requirements and operational standards. Institutional custody providers may require separate due diligence processes for bank-issued versus crypto-native stablecoins.
託管決定時須揀選能支援新穩定幣、並符合監管及營運標準的合資格託管人。機構託管機構可能需對銀行發行及原生加密幣穩定幣做分開的盡職調查。
Tax implications vary by jurisdiction and user type, requiring professional advice for specific situations. Stablecoin transactions may trigger reporting requirements under existing tax frameworks despite currency stability objectives.
稅務考慮因司法管轄區及用戶身份而異，有需要諮詢專業意見。即使穩定幣以貨幣穩定為目標，其交易仍可能觸發現有稅制下的申報要求。
Operational readiness involves technical integration planning, compliance procedure development, and staff training for organizations planning stablecoin adoption. Early adoption may provide competitive advantages but requires sophisticated risk management capabilities.
營運準備需包括技術整合計劃、合規程序設計及員工培訓。早期採用或能帶來競爭優勢，但同時要有成熟的風險管理能力。
Final thoughts
The consortium's success depends on effective execution across regulatory approval, technical implementation, and market adoption phases. Key performance indicators include regulatory approval timeline, initial market capitalization growth, exchange listing progress, and institutional customer onboarding rates.
聯盟能否成功，有賴監管批准、技術上線及市場採納各環節的成效。主要績效指標包括監管批准時程、初始市值增長、交易所上市進度及機構客戶引入率。
Short-term milestones to monitor include DNB authorization approval expected in H1 2026, CEO appointment confirmation, and technical architecture finalization. Exchange listing announcements and institutional partnership developments provide market validation indicators.
短期關鍵里程碑包括：預計於2026年上半年獲得DNB認可、行政總裁人選落實、技術架構定稿。交易所上市及機構夥伴合作消息則可作為市場驗證指標。
Medium-term success factors include market share capture within the euro stablecoin segment, transaction volume growth, and competitive positioning against established alternatives. Integration with major DeFi protocols and payment processing platforms indicates ecosystem adoption progress.
中期成功因素包括：於歐元穩定幣板塊的市佔率、交易量增長、與現有選項的競爭定位。與主要DeFi協議及支付平台的整合，則顯示生態採納進展。
Long-term strategic implications involve European digital currency landscape evolution, regulatory framework maturation, and international expansion potential. Success could establish templates for other regional banking consortiums while influencing central bank digital currency development.
長遠上策略性意義涵蓋歐洲數碼貨幣金融版圖演變、監管架構成熟及國際市場擴展。若成功，可為其他地區銀行聯盟建立先例，推動中央銀行數碼貨幣發展。
Market metrics to track include total market capitalization growth, daily transaction volumes, number of active addresses, and secondary market liquidity indicators. Reserve composition transparency and audit quality provide operational health assessments.
應關注的市場指標有：總市值增長、每日交易量、活躍地址數量及二級市場流動性。儲備組合透明度及審計質素有助檢視營運健康狀況。
Regulatory monitoring requires attention to MiCA implementation guidance, ECB policy statements, and international regulatory coordination developments. Changes in prudential banking requirements or cross-border regulatory frameworks could affect operational viability.
需持續監察MiCA實施指引、歐洲央行政策聲明及國際監管協調進展。有關銀行審慎要求或跨境監管的變動，亦可能影響業務可行性。
The initiative represents a pivotal moment for European financial sovereignty and stablecoin market evolution. Success could reshape global digital currency competition while failure might reinforce U.S. dollar dominance in digital payments. The next 18 months will prove critical for determining whether European banks can effectively compete in crypto-native markets while maintaining traditional regulatory compliance standards.
此項目標誌著歐洲金融主權及穩定幣市場發展的關鍵時刻。若成功，有望重塑全球數碼貨幣競爭格局；若失敗，或會鞏固美元於數碼支付市場的主導地位。未來18個月將決定歐洲銀行能否在遵守傳統監管下，有效進軍加密原生市場。