Stablecoins：数字金融革命的基石

Stablecoins是虚拟数字资产（“ VDA”），通常固定在诸如法定货币之类的稳定资产上，被认为是数字的基石

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.

稳定币通常是虚拟数字资产（VDA）与法定货币等稳定资产挂钩的人，被认为是数字金融革命的基石，融合了传统的货币稳定性和分散的创新。

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.

随着全球收养的加速 - 从日常零售交易/跨境汇款到机构财政运营 - 政府意识到，清晰，有远见的法规可以促进创新并帮助其经济保持领先地位。

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.

在本无花果论文中，我们关注全球调节景观和用例的发展。然后，专注于印度，讨论这些用例如何适应现有的监管框架，并根据我们对国内和离岸VDA球员的了解，反思印度在该领域竞争的机会和障碍。

Global Regulatory Landscape and Market Trends

全球监管格局和市场趋势

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的市值触及了2050亿美元，与主流金融产品竞争。结果，全世界的政府正在为货币支持的稳定币推出框架。

United States of America (USA)

美利坚合众国（美国）

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洗钱（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.

美国证券交易委员会（“ SEC”）发表了一份声明，表明Stablecoins（在低风险，流动资产的支持下）不构成证券，促使SEC撤销其长期的民事诉讼，以反对交流，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.

由于大型公司和银行现在正在支持Stablecoin的创新，这是通过启动跨境汇款，B2B付款，贷款协议中的抵押品以及与Stablecoin钱包相关的付款网卡的用例来支持的。

European Union (EU)

欧盟（欧盟）

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.

欧盟介绍了Crypto-Assets（“ MICA”）监管的市场，以管理，Inter，Ely，Enoynoy Sigkens（IE，菲亚特支持的稳定股），资产引用的代币（IE液体资产支持的StableCoins）和算法供应（算法）逐步/分配有价值的算法。 MICA旨在统一整个欧盟规则，向满足这些要求的发行人提供“护照”。这种清晰度已经导致包括Circle，Crypto.com和Societe Generale在内的主要Stablecoin发行人在欧洲寻求授权。

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，在欧盟法律（涵盖市场和货币风险）下，积极维持比例的资产储备的任务是导致发行人重新考虑在欧盟运营的，而不是以美元计价的更有利可图的财政期权。

United Arab Emirates (UAE)

阿拉伯联合酋长国（阿联酋）

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.

在阿联酋，阿布扎比全球市场（ADGM）和迪拜的虚拟资产监管机构（VARA）授权许可，保诚要求和斯塔布雷卡因发行人的强烈披露。沙箱计划有助于他们在受控环境中测试产品。阿联酋作为金融枢纽的战略定位驱动了整个中东和北非地区的进出口付款和汇款，包括阿布扎比主权财富基金ADQ的最新计划，ADQ，集团（IHC AD）（IHC AD）和阿联酋最大的借方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.

新加坡的货币管理局已建立了单货币稳定币（SCS）的许可制度，以及维护资产储量（此类最低基本资本和流动资产）的规定要求。有趣的是，新加坡正在看到Stablecoin发行人与主要数字支付品牌之间的合作，这使基于Stablecoin的“目的有限的钱”可以用于电子商务和跨境汇款。

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.

日本当地银行探索了为国内付款发行稳定的股份，尽管在电子商务等地区使用Stablecoin的使用正在增长，尽管仍由日本监管机构（即金融服务局）精心监督采用。

Stablecoin Use Cases in India – Legal & Regulatory Considerations

印度的Stablecoin用例 - 法律和法规考虑

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.

近年来，随着用户正在寻求低风险的链接触，并与Stablecoins的核心主张相吻合，在印度零售和机构参与者中，Stablecoins越来越流行：与参考资产相关的1：1的核心主张（并相应地支持该价值））。虽然由于印度不合法招标的VDA，促进付款的用例受到限制，但出现了三个主要用例。

1. Portfolio Investment

1。投资组合投资

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

与大多数加密代币不同，Stablecoins的目标是通过持有低挥发性资产的储备，例如美国财政账单或其他现金等价物来“锁定”其价值。这些稳定性和流动性能力的功能使印度客户进入