Stablecoin Pilot Breakthrough: Starting from the Free Trade Zone

There is an interesting viewpoint from 【比推】. Some scholars suggest that as stablecoins gradually become regulated in major jurisdictions around the world, we should not miss this opportunity.

The core idea is as follows: rather than being radical, it is better to find a breakthrough from the pilot free trade zones—places like the Qianhai Free Trade Zone in Shenzhen, which is adjacent to Hong Kong and Macau, and the Hainan Free Trade Port are all excellent testing grounds.

How to test specifically? It is recommended to include these aspects:

First, at the infrastructure level. Establish cross-border fintech laboratories and strengthen blockchain infrastructure construction to pave the way for the technological application of stablecoins; establish a whitelist system for stablecoins to clarify which stablecoins meet the standards; promote innovation pilots for offshore RMB stablecoins and explore more possibilities.

Second is the ecological aspect. Digital trade and intellectual property financing are actually important application scenarios for stablecoins. Once this is developed, the demand for stablecoins will become clearer.

Third is the risk control aspect - this is the most critical. Strict institutional and individual entry thresholds, a transparent reserve audit system, and tracking and prevention of compliance arbitrage and capital flow risks are all indispensable. To promote the development of stablecoins safely, risk prevention must be prioritized.

Overall, this approach is gradual, both open and cautious. By understanding the operational logic of stablecoins in the pilot areas and accumulating regulatory experience, we can more confidently decide on the next steps.