代币化与金融的未来：中央银行货币的作用

Central Bank of Ireland’s FinancialSystem Conference 2025 www.ecb.europa.eu ©www.ecb.europa.eu ©Piero CipolloneMember of the Executive Board of the ECB 25 November 2025 1. The digital assetlandscape What are DLT and tokenisation? TokenDistributed ledger technology (DLT)is used to manage and maintain a decentraliseddatabase, or “distributed ledger”, allowing information to be shared and kept synchronisedacross a network. Tokenisationis the process ofconvertingorissuingassets asprogrammable tokensthatcarry theirownershiprecordandrules, using DLT. Expected benefits ENHANCED EFFICIENCY •Trading,settlementandcustodyon thesame platform•24/7/365operating hours• Use ofsmart contractstoautomateandspeed upprocesses between issuersand investors LOWER BARRIERS TO ENTRY A shared DLT platform couldenable small and medium-sized enterprises toaccess capital markets Digital asset types Opportunities andrisks Developing a European market for digital assets is key This requires: EU infrastructure Euro-denominated settlement assets Why should a central bank care? Tokenised deposits in their current form imply trade-offs Tokenised deposits:digital representation of commercial bank money, mirroring traditionaldeposits on DLT Two types: •(transferable)bearer tokenised deposits:market price may deviate from par •(non-transferable)non-bearer tokenised deposits:no transfer to holders outside of issuingbank, no market price – therefore, no deviation from par Non-bearertokenised depositsare saferas they maintain thesingleness of money Moving non-bearer funds across banksrequires a settlement platform Coordination issue Stablecoins are only one application of tokenisation, with inherent limitationsand risks Risk to bank intermediation Currency Entity Jurisdiction Stablecoins, including whenissued by banks, lack thebenefit of fractional reserves.Their expansion could lead toretail deposit outflows Euro-denominated stablecoinscould add another layer of EUresilience (DLT payment rails) EU-issued stablecoins couldreduce risks of dependence onstablecoins issued abroad Stablecoins denominated in foreigncurrencies could underminestrategic autonomy, monetarysovereignty and the internationalrole of the euro Third-country issuance exposeseuro area to risk of regulatoryarbitrage and external shocks Issuance by non-banks mayweaken bank intermediation AML/CFT controls vary by usageand are strongest within EU-regulated crypto-asset serviceproviders Risk and opportunities of stablecoins require robust regulation Stocktake of suggested targeted amendments to the Markets in Crypto-Assets Regulation (MiCA): EU-wide consistent, proportionate and risk-based supervision 11oCentralised supervision of significant crypto-asset service providers alongside revising significancecriteriaoEnhanced and standardised data reporting framework for crypto-asset service providers at EU level Preserving a level playing field oThird-country multi-issuer schemes not permissible, safeguards as an alternative (seeESRBRecommendation) Mitigating risks of stablecoins denominated in third-country currency Assess suitability of MiCA limits to maintain euro area’s monetary sovereignty 1.The role of tokenisedcentral bank money The Eurosystem’s policy response: tokenised central bank money Central bank moneyas therisk-freesettlement anchoralongside private settlement assets Elasticity and scalability•Doesnot face stablecoins’ Connectssiloedasset networks•Fungibility Enables digital asset marketexpansion•Safety constraints(100%reservebacking,asset scarcity)anddownsides (liquidity risk, impacton bank intermediation) •Liquidity•Interoperability •Standardisation•Finality •Strong market demandfor central bank money settlement of DLT-based wholesale transactions – thelack ofprovision of central bank money is viewed as a major impediment to the growth of the DLT ecosystem •Key to building an integrated European market for digital assets from the outset(see Cipollone (2024), “Towardsa digital capitalmarketsunion”, speech at the Bundesbank Symposium on the Future of Payments, 7 October) TheEurosystemconducted exploratory work in 2024 Practical workwithmarket stakeholdersrunning fromMay to November 2024focusing oninteroperability solutions Implementation of use cases Three solutions Experiments: mock settlement ofcash and asset legs in testenvironments Trials: actual settlement oftransactions in central bankmoney in a limited setting for alimited period of time TheEurosystem’s exploratory work has been a success Unprecedented numberofexperiments and trials(morethan 50)withawide range ofpaymentsandsecuritiesusecases coveringthefull valuechain beyond settlement Largest initiativeofitskindamong central banks andsuccessful public-privatepartnership More than 200 realtransactionssettled, with atotal value of€1.6billion 64stakeholders(centralbanks, commercial banks,CSDs, DLT Pilot Regimeapplicants) from9 countries Seeourcomprehens