上海国资委学习稳定币，透露什么信息？

Core Viewpoint - The recent discussions around stablecoins have intensified, particularly following the mention by the central bank governor at the Lujiazui Forum, leading to increased attention from various cities in China, especially Shanghai [1][2]. Group 1: Government and Institutional Interest - Over the past month, more than five cities have mentioned stablecoins, with Shanghai, Wuxi, Qingdao, and Chengdu focusing on research, while Beijing and Shenzhen issued risk warnings [1]. - The Shanghai Municipal State-owned Assets Supervision and Administration Commission emphasized the need to strengthen research on digital currencies and explore blockchain applications in cross-border trade and supply chain finance [1][5]. Group 2: Shanghai's Advantages - Shanghai is positioned as a leading financial hub in China, with a concentration of blockchain resources and talent, making it a prime candidate for stablecoin trials [2][5]. - The Shanghai Free Trade Zone (FTZ) has established a regulatory framework that aligns with international trade rules, which supports the exploration of stablecoins [3][5]. Group 3: Proposed Development Models - Experts suggest that Shanghai could synchronize the development of domestic and offshore versions of the RMB stablecoin, leveraging its FT accounts for a controlled risk environment [3][6]. - The proposed model includes a 1:1 backing mechanism for the RMB stablecoin, supported by a robust regulatory framework involving asset custody and compliance checks [12]. Group 4: Market Demand and Caution - Some scholars express caution regarding the market demand for stablecoins in Shanghai, suggesting that existing financial tools sufficiently meet the needs of local businesses [8]. - The rapid global development of stablecoins, particularly those pegged to the US dollar, poses structural challenges to the RMB, necessitating proactive research and regulation [6][8]. Group 5: Regulatory Framework and Pilot Programs - Establishing a regulatory sandbox and electronic fence in the Shanghai FTZ is deemed essential for testing stablecoin-related activities [9][12]. - A proposed "1+3+N" framework aims to create a core mechanism for stablecoin issuance, supported by three regulatory pillars and multiple ecosystem participants [12]. Group 6: Broader National Interest - Other cities, such as Wuxi and Chengdu, are also exploring stablecoin applications, indicating a nationwide interest in integrating stablecoins into various sectors [13].