Group 1 - Hong Kong's Stablecoin Regulation is the first comprehensive framework globally focused on fiat-backed stablecoins, excluding algorithmic stablecoins, and supports multi-currency issuance to aid in the internationalization of the Renminbi [1][16][21] - The regulatory model involves a unified licensing system by the Monetary Authority, with strict entry and reserve requirements, while also allowing for an "elastic sandbox" mechanism to foster innovation [1][18][20] - The issuance of Hong Kong Dollar stablecoins does not threaten the monopoly of traditional note-issuing banks, as stablecoins must be backed by Hong Kong Dollar reserves and are subject to monetary policy constraints [2][23][25] Group 2 - Stablecoins can drive financial innovations such as Real World Asset (RWA) tokenization, enhanced cross-border payments, DeFi, and on-chain credit, but large-scale issuance of offshore Renminbi stablecoins may weaken domestic monetary policy effectiveness [3][26][28] - The relationship between stablecoins and the digital Renminbi (e-CNY) can be complementary, with stablecoins focusing on offshore markets while the digital Renminbi targets domestic retail payments [4][32][35] - The potential for the legalization of Renminbi stablecoins exists, particularly in offshore markets like Hong Kong, to explore compliance and innovation while maintaining strict regulatory oversight [5][39][41] Group 3 - The investment value of stablecoins lies in their hedging and payment functionalities, with increasing demand in DeFi and cross-border trade, although risks such as de-pegging and regulatory uncertainty exist [7][50] - Stablecoins are primarily used in cross-border payments, inclusive finance, corporate treasury management, and as collateral in DeFi, enhancing transaction efficiency and reducing costs [8][30] - The challenges posed by stablecoins to financial regulation include cross-border anonymity, regulatory fragmentation, and the potential for systemic risks due to reserve asset liquidation [9][30][47] Group 4 - The future of stablecoins may see the emergence of various financial products, including derivatives and enhanced cross-border payment solutions, which could significantly impact domestic monetary policy and financial regulation [26][28][30] - If Renminbi stablecoins are legalized, they could enhance cross-border payment efficiency and expand the use of Renminbi in international trade, while also posing risks related to credit expansion and capital outflow [44][46][48] - The development of stablecoins presents both challenges and opportunities for the digital Renminbi, necessitating a balanced approach to ensure financial stability while promoting internationalization [32][35][49]
西安交大:2025年稳定币十问-数字金融时代的规则重构与中国机遇
Sou Hu Cai Jing·2025-07-12 00:24