Stablecoins：數字金融革命的基石

Stablecoins是虛擬數字資產（“ VDA”），通常固定在諸如法定貨幣之類的穩定資產上，被認為是數字的基石

Stablecoins, which are typically virtual digital assets (VDA) pegged to stable assets like fiat currencies, are being recognised as the cornerstone of digital finance revolution, delivering a blend of traditional currency stability and decentralised innovation.

穩定幣通常是虛擬數字資產（VDA）與法定貨幣等穩定資產掛鉤的人，被認為是數字金融革命的基石，融合了傳統的貨幣穩定性和分散的創新。

As their global adoption accelerates - from everyday retail transactions/ cross-border remittances to institutional treasury operations - governments are realising that clear, forward-thinking regulation can foster innovation and help their economies stay ahead of the pack.

隨著全球收養的加速 - 從日常零售交易/跨境匯款到機構財政運營 - 政府意識到，清晰，有遠見的法規可以促進創新並幫助其經濟保持領先地位。

In this FIG paper, we focus on the developments in the regulatory landscapes and use cases of stablecoins globally. Then, focussing on India, discuss how these use cases have been adapted to the existing regulatory framework, and reflect on the opportunities and hurdles for India to compete globally in this space, based on our learnings from both domestic and offshore VDA players.

在本無花果論文中，我們關注全球調節景觀和用例的發展。然後，專注於印度，討論這些用例如何適應現有的監管框架，並根據我們對國內和離岸VDA球員的了解，反思印度在該領域競爭的機會和障礙。

Global Regulatory Landscape and Market Trends

全球監管格局和市場趨勢

By December 2024, the market capitalisation of Stablecoins had touched USD 205 billion, competing strongly with mainstream financial products. As a result, governments across the world are rolling out frameworks for stablecoins backed by currencies.

到2024年12月，Stablecoins的市值觸及了2050億美元，與主流金融產品競爭。結果，全世界的政府正在為貨幣支持的穩定幣推出框架。

United States of America (USA)

美利堅合眾國（美國）

Following the Trump administration’s pro-crypto mandate, the US Congress is debating new stablecoin legislation, i.e., the “Guaranteeing Electronic Neutrality, Innovation, and US Stability” (GENIUS) Act in the Senate and the “Stablecoin Tethering and Bank Licensing Enforcement” (STABLE) Act in the House that mandate 1:1 reserve backing, transparent audits, redemption rights, and compliance with anti-money laundering (AML) requirements.

Following the Trump administration's pro-crypto mandate, the US Congress is debating new stablecoin legislation, ie, the “Guaranteeing Electronic Neutrality, Innovation, and US Stability” (GENIUS) Act in the Senate and the “Stablecoin Tethering and Bank Licensing Enforcement” (STABLE) Act in the House that mandate 1:1 reserve backing, transparent audits, redemption rights, and compliance with anti-money洗錢（AML）要求。

The US Securities and Exchange Commission (“SEC”) has issued a statement, indicating that stablecoins (backed by low-risk, liquid assets) do not constitute securities, prompting the SEC to drop its longstanding civil lawsuits against exchanges Ripple, Coinbase, and Kraken.

美國證券交易委員會（“ SEC”）發表了一份聲明，表明Stablecoins（在低風險，流動資產的支持下）不構成證券，促使SEC撤銷其長期的民事訴訟，以反對交流，Coinbase和Kraken。

As a result of, large corporations and banks are now backing innovation in stablecoin, by launching use cases for cross-border remittances, B2B payments, collateral in lending protocols, and payment network cards linked to stablecoin wallets.

由於大型公司和銀行現在正在支持Stablecoin的創新，這是通過啟動跨境匯款，B2B付款，貸款協議中的抵押品以及與Stablecoin錢包相關的付款網卡的用例來支持的。

European Union (EU)

歐盟（歐盟）

The EU introduced the Markets in Crypto-Assets (“MiCA”) regulation to govern, inter alia, e-money tokens (i.e., fiat-backed stablecoins), asset-referenced tokens (i.e. liquid asset backed stablecoins) and algorithmic crypto-assets (stablecoins that maintain value by deploying an algorithm to increase/ decrease supply based on demand). MiCA aims to unify EU-wide rules, offering a “passport” to issuers who meet these requirements. This clarity has already led major stablecoin issuers, including Circle, Crypto.com, and Societe Generale, to seek authorisation in Europe.

歐盟介紹了Crypto-Assets（“ MICA”）監管的市場，以管理，Inter，Ely，Enoynoy Sigkens（IE，菲亞特支持的穩定股），資產引用的代幣（IE液體資產支持的StableCoins）和算法供應（算法）逐步/分配有價值的算法。 MICA旨在統一整個歐盟規則，向滿足這些要求的發行人提供“護照”。這種清晰度已經導致包括Circle，Crypto.com和Societe Generale在內的主要Stablecoin發行人在歐洲尋求授權。

However, the mandate to actively maintain a proportional reserve of assets, subject to EU law (to cover market and currency risks), is causing issuers to reconsider operating in the EU, against more lucrative treasury options denominated in USD.

但是，在歐盟法律（涵蓋市場和貨幣風險）下，積極維持比例的資產儲備的任務是導致發行人重新考慮在歐盟運營的，而不是以美元計價的更有利可圖的財政期權。

United Arab Emirates (UAE)

阿拉伯聯合酋長國（阿聯酋）

In the UAE, the Abu Dhabi Global Market (ADGM) and Dubai’s Virtual Assets Regulatory Authority (VARA) mandate licensing, prudential requirements, and strong disclosures for stablecoin issuers. Sandboxing programmes help them test offerings in a controlled environment. The UAE’s strategic positioning as a financial hub has driven stablecoin usage in import-export payments and remittances throughout the Middle East and North Africa (MENA) region, including recent plans by the Abu Dhabi sovereign wealth fund ADQ, conglomerate IHC (IHC AD) and the UAE’s biggest lender by assets First Abu Dhabi Bank (FAB) to launch a dirham-backed stablecoin.

在阿聯酋，阿布扎比全球市場（ADGM）和迪拜的虛擬資產監管機構（VARA）授權許可，保誠要求和斯塔布雷卡因發行人的強烈披露。沙箱計劃有助於他們在受控環境中測試產品。阿聯酋作為金融樞紐的戰略定位驅動了整個中東和北非地區的進出口付款和匯款，包括阿布扎比主權財富基金ADQ的最新計劃，ADQ，集團（IHC AD）（IHC AD）和阿聯酋最大的借方by Assets by Assets abue baind Bank in Direan to Dire nation to Dire no dire。

Singapore & Japan

新加坡和日本

The Monetary Authority of Singapore has established a licensing regime for single currency stablecoins (SCS) and prescribed requirements for maintaining asset reserves (such minimum base capital and liquid assets). Interestingly, Singapore is seeing collaboration between stablecoin issuers and major digital payment brands, enabling stablecoin-based “purpose-bound money” for e-commerce and cross-border remittances.

新加坡的貨幣管理局已建立了單貨幣穩定幣（SCS）的許可製度，以及維護資產儲量（此類最低基本資本和流動資產）的規定要求。有趣的是，新加坡正在看到Stablecoin發行人與主要數字支付品牌之間的合作，這使基於Stablecoin的“目的有限的錢”可以用於電子商務和跨境匯款。

Japanese local banks have explored issuing stablecoins for domestic payments, and stablecoin usage is growing in areas like e-commerce, though adoption remains carefully overseen by the Japanese regulator, i.e., Financial Services Agency.

日本當地銀行探索了為國內付款發行穩定的股份，儘管在電子商務等地區使用Stablecoin的使用正在增長，儘管仍由日本監管機構（即金融服務局）精心監督採用。

Stablecoin Use Cases in India – Legal & Regulatory Considerations

印度的Stablecoin用例 - 法律和法規考慮

In recent years, stablecoins have become increasingly popular among Indian retail and institutional participants as users are seeking lower-risk on-chain exposure and aligns with the core proposition of stablecoins: a token pegged 1:1 to a reference asset (and is accordingly backed to maintain that value). While use cases for facilitating payments are limited on account of VDA not being legal tender in India, three primary use cases have emerged.

近年來，隨著用戶正在尋求低風險的鏈接觸，並與Stablecoins的核心主張相吻合，在印度零售和機構參與者中，Stablecoins越來越流行：與參考資產相關的1：1的核心主張（並相應地支持該價值））。雖然由於印度不合法招標的VDA，促進付款的用例受到限制，但出現了三個主要用例。

1. Portfolio Investment

1。投資組合投資

Unlike most crypto tokens, stablecoins aim to “lock in” their value by holding a reserve of low-volatility assets, such as US Treasury bills or other cash equivalents, to back each token. These features of stability and liquidity capacity drove Indian customers to

與大多數加密代幣不同，Stablecoins的目標是通過持有低揮發性資產的儲備，例如美國財政賬單或其他現金等價物來“鎖定”其價值。這些穩定性和流動性能力的功能使印度客戶進入