复旦学者：建议国有机构发行锚定人民币的“碳稳定币”

Core Insights - The roundtable conference on "Stablecoin Business Opportunities" highlighted the current development status, commercial potential, and regulatory challenges of stablecoins in the global financial landscape [1] - A report presented at the conference outlined the integration of stablecoins with green finance, focusing on three main practices: tokenization of green RWA (Real World Assets), carbon asset tokenization, and experiments with green digital currencies [1][2] Group 1: Stablecoin Overview - Stablecoins are cryptocurrencies pegged to fiat currencies or other assets, aiming to maintain price stability while ensuring high liquidity and programmability [3] - They are categorized into three types: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), and algorithmic stablecoins [3] - The global stablecoin market is projected to exceed $100 billion by 2025, with widespread applications in cross-border payments and decentralized finance (DeFi) [3] Group 2: Global Practices in Green Asset Digitization - The digitization of green assets is becoming a core practice in the integration of green finance and blockchain technology, focusing on the tokenization of green RWA, carbon asset tokenization, and green digital currency experiments [4][5] - Examples include Sygnum Bank and SEB's collaboration on a blockchain-based green bond system, and the issuance of BCT tokens by Toucan Protocol for carbon credits [5][6] Group 3: Feasibility of Green Asset-Backed Stablecoins - Green assets are considered ideal collateral for stablecoins due to their scarcity, policy support, and long-term value, which can stabilize cash flows [2][7] - The "carbon locking effect" is proposed, where each unit of green stablecoin issued must lock an equivalent carbon asset, promoting market expansion and resource value realization [8] Group 4: Opportunities and Development Path in China - China possesses a dual advantage in "green finance + blockchain," with the largest carbon market and leading green credit and bond issuance [9][10] - Recommendations include establishing a "green asset registration chain" and issuing a "carbon stablecoin" pegged to the RMB for green financing and carbon market transactions [10] - Green stablecoins can enhance the internationalization of the RMB and contribute to global green finance governance, particularly within the Belt and Road Initiative [11]