香港《稳定币条例》出台后，我在《当前发行港币稳定币的方法需要重构》等文章中指出，现行发行机制存在潜在缺陷，并系统性的指出了解决路径。有人认为，我所提出的方法不过是将港币联系汇率制度“区块链化”，与央行数字货币（CBDC）的发行方式大同小异。本文旨在回应这一疑问，厘清二者本质区别。
核心观点：央行发行的是基础货币M0，而港币稳定币属于广义货币M2。CBDC的发行主体是央行，港币则由商业银行发行。两者在信用基础、流通机制与价值稳定方式上存在根本差异。
一、港币与CBDC的区别
1.发行主体不同
-CBDC由中央银行（例如中国人民银行）直接发行，是央行的负债，属于法定数字货币。
-港币则由三家商业银行发行：汇丰银行（HSBC）、渣打银行（Standard Chartered）和中国银行（香港）（BOCHK）。香港金融管理局（金管局）仅发行10元及以下的硬币和纪念钞。
2.信用背书与支持机制不同
-CBDC以国家信用为背书，法律地位等同于现金（M0），无需资产抵押。
-港币依托联系汇率制度，发钞行每发行7.8港元须向金管局缴纳1美元作为储备。其信用基于美元储备、金管局信用与发钞行信用的三重支持。
3.货币创造路径不同
-CBDC遵循“央行→商业银行→公众”的双层运营体系。
-港币通过“商业银行抵押美元→创造存款货币→进而通过信贷放大货币量”的方式生成，本质是市场驱动的货币创造。
4.货币形态与技术基础不同
-CBDC基于区块链或分布式账本技术（DLT），属中心化系统，支持可控匿名、可编程性与离线交易。
-港币以现钞与存款并存，现钞由商业银行发行，存款占供应量90%以上，通过银行体系电子记账实现流通。
二、港币稳定币与CBDC的异同
尽管二者均可能采用区块链作为技术底层，但其发行机制有本质区别：
-港币稳定币由持牌商业银行或机构发行，以等值美元储备和联系汇率制为基础，发行过程市场化，信用依赖储备资产。
-CBDC则由央行直接发行和信用背书，属国家法币的数字形式。
三、港币发行模式是法币稳定币的“鼻祖”
1982年加密货币原始概念由大卫乔姆（David Chaum）提出，到1989年他才发明数字现金（DigiCash），中本聪的比特币系统“现金”一词来源于此。
当时加密货币还在襁褓中，联系汇率制度作为成熟的制度从1983年运行至今已42年，其市场化、分散化设计体现了“不依赖单一权威”的区块链精神。USDT等稳定币于2014年才出现，其创始人布洛克·皮尔斯（Brock Pierce)公开表示“借鉴了香港发钞行模式”。可以说，港币发行机制是稳定币的制度先驱，其成功源于制度设计而非技术，至今都没有超越。而港币中心化的调节和管理被USDT采纳，而“不依赖单一权威”的区块链精神没有体现在USDT之中。而USDT实质可视为港币发行方式的阉割版，并不适合绝大多数主权稳定币的发行。
四、港币稳定币的合理发行方式
若将港币发行的底层技术替换为区块链，即形成“港币稳定币”。这一模式能有效解决稳定币发行的三大核心问题：救助缺位、信用不透明与命名混乱，避免在锚定币基础上重复发行稳定币的“叠加杠杆”风险。
在这一模式下，港币与港币稳定币并行流通，无杠杆之忧。即使港币或稳定币汇率偏离1美元兑7.75–7.85港元的区间，也可通过机制独立调节。
诺贝尔经济学奖得主本特·霍姆斯特伦（Bengt Holmström）在《抵押与流动性》（2023）中指出：“香港联系汇率制的抵押－套利双轨机制，是应对货币危机的帕累托最优解”。采用联系汇率制度，并以区块链实现港币稳定币，是当前港币稳定币最优解。
五、金管局的及时响应与未尽之事
我在7月21日发表《稳定币法案推出后会引发金融海啸吗？》一文，指出稳定币发行存在的三大风险，我没有讲透，是给有心人看的。暗示港币稳定币是金融海啸的风口。
金管局于8月1日推出“实名穿透+数据留存+T+1赎回”政策，虽引发市场争议，但有效堵住了系统性风险大部分漏洞，产生金融海啸的可能性大幅减小。他们擅长细节执行而战略层面的高度尚有提升空间。例如港币机制比USDT机制高出一节，为什么香港金管局要退而求其次？难道需要跟美国走吗？不知道彭励治爵士才是鼻祖吗？
Sir John Henry Bremridge香港联系汇率的优秀设计者
若金管局未及时响应，我原本计划撰写《贝森特收割香港：港币彻底崩溃》一文，深入分析潜在危机。由此可见，金融制度与机制设计远比技术本身更重要。
如果对《贝森特收割香港：港币彻底崩溃》感兴趣的读者可登录无链网站，从8月20日开始十天内，下载无链平台达到3000人我便写此文。尽管部分漏洞被堵住了，但还是干货满满富有创意，会很有启发。贝森特不可能干这事，但是加密货币的人就说不准了。当然也不容易让港币崩溃。
六、推荐阅读
若希望进一步了解相关讨论，欢迎阅读以下文章：
2.《稳定币：美国保卫金融霸权之道》
3.《当稳定币撕开银行的息差护城河》
4.《当前发行港币稳定币的方法需要重构》
5.《加密货币监管所存在的问题1-4》
7.《从KYC、AML到KYT：稳定币监管的合规路径与技术突破》
After the introduction of the Hong Kong Stablecoin Ordinance,I pointed out in articles such as“The Current Method of Issuing HKD Stablecoins Needs Restructuring”that there were potential flaws in the current issuance mechanism,and systematically pointed out the path to a solution.Some have argued that the method I proposed is nothing more than“blockchaining”the linked exchange rate system of the Hong Kong dollar,much in the same way as the issuance of the Central Bank Digital Currency(CBDC).The purpose of this article is to respond to this skepticism and to clarify the essential differences between the two.
Core point:The central bank issues the base currency M0,while the Hong Kong dollar stabilized currency belongs to the broad currency M2.CBDC is issued by the central bank,while the Hong Kong dollar is issued by commercial banks.There are fundamental differences between the two in terms of credit base,circulation mechanism and value stabilization.
–CBDC is issued directly by a central bank(e.g.,the People’s Bank of China),is a liability of the central bank,and is a legal tender.
–The Hong Kong Dollar(HKD),on the other hand,is issued by three commercial banks:HSBC(HSBC),Standard Chartered(SCB)and Bank of China(Hong Kong)(BOCHK).The Hong Kong Monetary Authority(HKMA)only issues coins and commemorative banknotes of$10 and below.
–CBDC is backed by the credit of the state and has a legal status equivalent to cash(M0),without the need for asset collateralization.
–The Hong Kong dollar relies on the linked exchange rate system,and note-issuing banks are required to pay US$1 as reserves to the HKMA for every HK$7.8 issued.Its credit is based on the triple backing of US dollar reserves,the credit of the HKMA and the credit of the note-issuing banks.
–CBDC follows the two-tier operation system of“central bank→commercial bank→public”.
–HKD is generated by“commercial banks collateralize USD→create deposit money→then amplify money volume through credit”,which is essentially market-driven money creation.
–CBDC is based on blockchain or distributed ledger technology(DLT)and is a centralized system that supports controlled anonymity,programmability and offline transactions.
–The Hong Kong Dollar(HKD)coexists with banknotes and deposits,with banknotes issued by commercial banks and deposits accounting for more than 90%of the supply,and circulation is realized through electronic bookkeeping in the banking system.
Although both may adopt blockchain as the technological underpinning,their issuance mechanisms are fundamentally different:
–HKD Stablecoin is issued by licensed commercial banks or institutions,based on the equivalent value of US dollar reserves and the linked exchange rate system,with a market-based issuance process and credit reliance on reserve assets.
–CBDC,on the other hand,is directly issued and credit backed by the central bank,and is a digital form of national fiat currency.
The original concept of cryptocurrency was proposed by David Chaum in 1982,and it was not until 1989 that he invented DigiCash,from which Satoshi Nakamoto derived the term“cash”for his Bitcoin system.The term“cash”is derived from this.
While cryptocurrencies were still in their infancy,the linked exchange rate system has been a mature system for 42 years,having operated since 1983,and its market-based,decentralized design embodies the blockchain spirit of“not relying on a single authority.Its founder,Brock Pierce,has publicly stated that he“borrowed the Hong Kong banknote-issuing bank model”.
It can be said that the Hong Kong dollar issuance mechanism is the institutional pioneer of stablecoins,and its success stems from institutional design rather than technology,and has not been surpassed to date.The centralized regulation and management of the Hong Kong dollar has been adopted by USDT,while the blockchain spirit of“not relying on a single authority”is not reflected in USDT.USDT can be regarded as a neutered version of the HKD issuance method,which is not suitable for the issuance of most sovereign stablecoins.
If the underlying technology of Hong Kong Dollar issuance is replaced by blockchain,it will form“Hong Kong Dollar Stable Coin”.This model can effectively solve the three core problems of stablecoin issuance:lack of bailout,opaque credit and confusing naming,and avoid the risk of“stacking leverage”by repeatedly issuing stablecoins on top of anchored coins.
Under this model,the Hong Kong dollar and the Hong Kong dollar stablecoin circulate in parallel,without the worry of leverage.Even if the exchange rate of the Hong Kong dollar or the stable currency deviates from the range of HK$7.75-7.85 per US dollar,it can be adjusted independently through the mechanism.
Bengt Holmström,the Nobel Prize winner in economics,pointed out in Collateralization and Liquidity(2023)that“the dual collateral-arbitrage mechanism of Hong Kong’s linked exchange rate system is a Pareto-optimal solution to currency crises”.Adopting the linked exchange rate system and implementing the Hong Kong Dollar Stabilized Coin with blockchain is the current optimal solution for the Hong Kong Dollar Stabilized Coin.
I published the article“Will Introduction of the Stablecoin Act Trigger a Financial Tsunami?”on July 21 pointing out the three major risks of stablecoin issuance,I did not go into details for those who are interested.It implies that the Hong Kong dollar stablecoin is the windfall of the financial tsunami.
The HKMA introduced the“real name penetration+data retention+T+1 redemption”policy on August 1,which triggered market controversy but effectively plugged most of the loopholes of systemic risk.They are good at the details of implementation and there is still room for improvement at the strategic level.The HKD mechanism is a step above the USDT mechanism,so why does the HKMA have to settle for second best?Does it need to follow the US?Don’t you know that Sir George Pang is the originator?
Sir John Henry Bremridge the brilliant architect of Hong Kong’s linked exchange rate
If the HKMA does not respond in time,I had planned to write an article entitled“Besant Reaping Hong Kong:The Complete Collapse of the HKD”to analyze the potential crisis in depth.This shows that the design of financial systems and mechanisms is far more important than the technology itself.
If you are interested in“Bessent Reaping Hong Kong:The Complete Collapse of the HKD”,you can log on to theChainless website,and I will write this article after the download of the Chainless platform reaches 3,000 people within 10 days from August 20th.Although some of the loopholes have been plugged,it is still dry and creative and will be very inspiring.Besant couldn’t have done this,but the cryptocurrency guys can’t say the same.Certainly not easy for the HKD to crash.
If you wish to learn more about the discussion,you are welcome to read the following articles:
1.“Will Introduction of the Stablecoin Act Trigger a Financial Tsunami?“
2.“Stablecoins–America’s Path to Defending Financial Hegemony“
3.“When Stablecoins Tear Down Banks’Interest Margin Moats“
4.“The Current Method of Issuing HKD Stablecoins Needs Restructuring“
5.“Problems with Cryptocurrency Regulation(Part 1–4)“
6.“Conceptual Confusion Caused by Hong Kong’s Stablecoin Regulations and Clarification Thereof“
7.“From KYC and AML to KYT:The Compliance Path and Technological Breakthroughs in Stablecoin Regulation“
香港《稳定币条例》出台后，我在《当前发行港币稳定币的方法需要重构》等文章中指出，现行发行机制存在潜在缺陷，并系统性的指出了解决路径。有人认为，我所提出的方法不过是将港币联系汇率制度“区块链化”，与央行数字货币（CBDC）的发行方式大同小异。本文旨在回应这一疑问，厘清二者本质区别。
核心观点：央行发行的是基础货币M0，而港币稳定币属于广义货币M2。CBDC的发行主体是央行，港币则由商业银行发行。两者在信用基础、流通机制与价值稳定方式上存在根本差异。
一、港币与CBDC的区别
1.发行主体不同
-CBDC由中央银行（例如中国人民银行）直接发行，是央行的负债，属于法定数字货币。
-港币则由三家商业银行发行：汇丰银行（HSBC）、渣打银行（Standard Chartered）和中国银行（香港）（BOCHK）。香港金融管理局（金管局）仅发行10元及以下的硬币和纪念钞。
2.信用背书与支持机制不同
-CBDC以国家信用为背书，法律地位等同于现金（M0），无需资产抵押。
-港币依托联系汇率制度，发钞行每发行7.8港元须向金管局缴纳1美元作为储备。其信用基于美元储备、金管局信用与发钞行信用的三重支持。
3.货币创造路径不同
-CBDC遵循“央行→商业银行→公众”的双层运营体系。
-港币通过“商业银行抵押美元→创造存款货币→进而通过信贷放大货币量”的方式生成，本质是市场驱动的货币创造。
4.货币形态与技术基础不同
-CBDC基于区块链或分布式账本技术（DLT），属中心化系统，支持可控匿名、可编程性与离线交易。
-港币以现钞与存款并存，现钞由商业银行发行，存款占供应量90%以上，通过银行体系电子记账实现流通。
二、港币稳定币与CBDC的异同
尽管二者均可能采用区块链作为技术底层，但其发行机制有本质区别：
-港币稳定币由持牌商业银行或机构发行，以等值美元储备和联系汇率制为基础，发行过程市场化，信用依赖储备资产。
-CBDC则由央行直接发行和信用背书，属国家法币的数字形式。
三、港币发行模式是法币稳定币的“鼻祖”
1982年加密货币原始概念由大卫乔姆（David Chaum）提出，到1989年他才发明数字现金（DigiCash），中本聪的比特币系统“现金”一词来源于此。
当时加密货币还在襁褓中，联系汇率制度作为成熟的制度从1983年运行至今已42年，其市场化、分散化设计体现了“不依赖单一权威”的区块链精神。USDT等稳定币于2014年才出现，其创始人布洛克·皮尔斯（Brock Pierce)公开表示“借鉴了香港发钞行模式”。可以说，港币发行机制是稳定币的制度先驱，其成功源于制度设计而非技术，至今都没有超越。而港币中心化的调节和管理被USDT采纳，而“不依赖单一权威”的区块链精神没有体现在USDT之中。而USDT实质可视为港币发行方式的阉割版，并不适合绝大多数主权稳定币的发行。
四、港币稳定币的合理发行方式
若将港币发行的底层技术替换为区块链，即形成“港币稳定币”。这一模式能有效解决稳定币发行的三大核心问题：救助缺位、信用不透明与命名混乱，避免在锚定币基础上重复发行稳定币的“叠加杠杆”风险。
在这一模式下，港币与港币稳定币并行流通，无杠杆之忧。即使港币或稳定币汇率偏离1美元兑7.75–7.85港元的区间，也可通过机制独立调节。
诺贝尔经济学奖得主本特·霍姆斯特伦（Bengt Holmström）在《抵押与流动性》（2023）中指出：“香港联系汇率制的抵押－套利双轨机制，是应对货币危机的帕累托最优解”。采用联系汇率制度，并以区块链实现港币稳定币，是当前港币稳定币最优解。
五、金管局的及时响应与未尽之事
我在7月21日发表《稳定币法案推出后会引发金融海啸吗？》一文，指出稳定币发行存在的三大风险，我没有讲透，是给有心人看的。暗示港币稳定币是金融海啸的风口。
金管局于8月1日推出“实名穿透+数据留存+T+1赎回”政策，虽引发市场争议，但有效堵住了系统性风险大部分漏洞，产生金融海啸的可能性大幅减小。他们擅长细节执行而战略层面的高度尚有提升空间。例如港币机制比USDT机制高出一节，为什么香港金管局要退而求其次？难道需要跟美国走吗？不知道彭励治爵士才是鼻祖吗？
Sir John Henry Bremridge香港联系汇率的优秀设计者
若金管局未及时响应，我原本计划撰写《贝森特收割香港：港币彻底崩溃》一文，深入分析潜在危机。由此可见，金融制度与机制设计远比技术本身更重要。
如果对《贝森特收割香港：港币彻底崩溃》感兴趣的读者可登录无链网站，从8月20日开始十天内，下载无链平台达到3000人我便写此文。尽管部分漏洞被堵住了，但还是干货满满富有创意，会很有启发。贝森特不可能干这事，但是加密货币的人就说不准了。当然也不容易让港币崩溃。
六、推荐阅读
若希望进一步了解相关讨论，欢迎阅读以下文章：
2.《稳定币：美国保卫金融霸权之道》
3.《当稳定币撕开银行的息差护城河》
4.《当前发行港币稳定币的方法需要重构》
5.《加密货币监管所存在的问题1-4》
7.《从KYC、AML到KYT：稳定币监管的合规路径与技术突破》
After the introduction of the Hong Kong Stablecoin Ordinance,I pointed out in articles such as“The Current Method of Issuing HKD Stablecoins Needs Restructuring”that there were potential flaws in the current issuance mechanism,and systematically pointed out the path to a solution.Some have argued that the method I proposed is nothing more than“blockchaining”the linked exchange rate system of the Hong Kong dollar,much in the same way as the issuance of the Central Bank Digital Currency(CBDC).The purpose of this article is to respond to this skepticism and to clarify the essential differences between the two.
Core point:The central bank issues the base currency M0,while the Hong Kong dollar stabilized currency belongs to the broad currency M2.CBDC is issued by the central bank,while the Hong Kong dollar is issued by commercial banks.There are fundamental differences between the two in terms of credit base,circulation mechanism and value stabilization.
–CBDC is issued directly by a central bank(e.g.,the People’s Bank of China),is a liability of the central bank,and is a legal tender.
–The Hong Kong Dollar(HKD),on the other hand,is issued by three commercial banks:HSBC(HSBC),Standard Chartered(SCB)and Bank of China(Hong Kong)(BOCHK).The Hong Kong Monetary Authority(HKMA)only issues coins and commemorative banknotes of$10 and below.
–CBDC is backed by the credit of the state and has a legal status equivalent to cash(M0),without the need for asset collateralization.
–The Hong Kong dollar relies on the linked exchange rate system,and note-issuing banks are required to pay US$1 as reserves to the HKMA for every HK$7.8 issued.Its credit is based on the triple backing of US dollar reserves,the credit of the HKMA and the credit of the note-issuing banks.
–CBDC follows the two-tier operation system of“central bank→commercial bank→public”.
–HKD is generated by“commercial banks collateralize USD→create deposit money→then amplify money volume through credit”,which is essentially market-driven money creation.
–CBDC is based on blockchain or distributed ledger technology(DLT)and is a centralized system that supports controlled anonymity,programmability and offline transactions.
–The Hong Kong Dollar(HKD)coexists with banknotes and deposits,with banknotes issued by commercial banks and deposits accounting for more than 90%of the supply,and circulation is realized through electronic bookkeeping in the banking system.
Although both may adopt blockchain as the technological underpinning,their issuance mechanisms are fundamentally different:
–HKD Stablecoin is issued by licensed commercial banks or institutions,based on the equivalent value of US dollar reserves and the linked exchange rate system,with a market-based issuance process and credit reliance on reserve assets.
–CBDC,on the other hand,is directly issued and credit backed by the central bank,and is a digital form of national fiat currency.
The original concept of cryptocurrency was proposed by David Chaum in 1982,and it was not until 1989 that he invented DigiCash,from which Satoshi Nakamoto derived the term“cash”for his Bitcoin system.The term“cash”is derived from this.
While cryptocurrencies were still in their infancy,the linked exchange rate system has been a mature system for 42 years,having operated since 1983,and its market-based,decentralized design embodies the blockchain spirit of“not relying on a single authority.Its founder,Brock Pierce,has publicly stated that he“borrowed the Hong Kong banknote-issuing bank model”.
It can be said that the Hong Kong dollar issuance mechanism is the institutional pioneer of stablecoins,and its success stems from institutional design rather than technology,and has not been surpassed to date.The centralized regulation and management of the Hong Kong dollar has been adopted by USDT,while the blockchain spirit of“not relying on a single authority”is not reflected in USDT.USDT can be regarded as a neutered version of the HKD issuance method,which is not suitable for the issuance of most sovereign stablecoins.
If the underlying technology of Hong Kong Dollar issuance is replaced by blockchain,it will form“Hong Kong Dollar Stable Coin”.This model can effectively solve the three core problems of stablecoin issuance:lack of bailout,opaque credit and confusing naming,and avoid the risk of“stacking leverage”by repeatedly issuing stablecoins on top of anchored coins.
Under this model,the Hong Kong dollar and the Hong Kong dollar stablecoin circulate in parallel,without the worry of leverage.Even if the exchange rate of the Hong Kong dollar or the stable currency deviates from the range of HK$7.75-7.85 per US dollar,it can be adjusted independently through the mechanism.
Bengt Holmström,the Nobel Prize winner in economics,pointed out in Collateralization and Liquidity(2023)that“the dual collateral-arbitrage mechanism of Hong Kong’s linked exchange rate system is a Pareto-optimal solution to currency crises”.Adopting the linked exchange rate system and implementing the Hong Kong Dollar Stabilized Coin with blockchain is the current optimal solution for the Hong Kong Dollar Stabilized Coin.
I published the article“Will Introduction of the Stablecoin Act Trigger a Financial Tsunami?”on July 21 pointing out the three major risks of stablecoin issuance,I did not go into details for those who are interested.It implies that the Hong Kong dollar stablecoin is the windfall of the financial tsunami.
The HKMA introduced the“real name penetration+data retention+T+1 redemption”policy on August 1,which triggered market controversy but effectively plugged most of the loopholes of systemic risk.They are good at the details of implementation and there is still room for improvement at the strategic level.The HKD mechanism is a step above the USDT mechanism,so why does the HKMA have to settle for second best?Does it need to follow the US?Don’t you know that Sir George Pang is the originator?
Sir John Henry Bremridge the brilliant architect of Hong Kong’s linked exchange rate
If the HKMA does not respond in time,I had planned to write an article entitled“Besant Reaping Hong Kong:The Complete Collapse of the HKD”to analyze the potential crisis in depth.This shows that the design of financial systems and mechanisms is far more important than the technology itself.
If you are interested in“Bessent Reaping Hong Kong:The Complete Collapse of the HKD”,you can log on to theChainless website,and I will write this article after the download of the Chainless platform reaches 3,000 people within 10 days from August 20th.Although some of the loopholes have been plugged,it is still dry and creative and will be very inspiring.Besant couldn’t have done this,but the cryptocurrency guys can’t say the same.Certainly not easy for the HKD to crash.
If you wish to learn more about the discussion,you are welcome to read the following articles:
1.“Will Introduction of the Stablecoin Act Trigger a Financial Tsunami?“
2.“Stablecoins–America’s Path to Defending Financial Hegemony“
3.“When Stablecoins Tear Down Banks’Interest Margin Moats“
4.“The Current Method of Issuing HKD Stablecoins Needs Restructuring“
5.“Problems with Cryptocurrency Regulation(Part 1–4)“
6.“Conceptual Confusion Caused by Hong Kong’s Stablecoin Regulations and Clarification Thereof“
7.“From KYC and AML to KYT:The Compliance Path and Technological Breakthroughs in Stablecoin Regulation“
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