电信稳定币开发

Telco Stablecoin DevelopmentVersion 1.017 March 2025 This is awhitepaperof the GSMA Security Classification: Non-confidential Access to and distribution of this document is restricted to the persons permitted by the security classification. This document is confidential to theAssociation and is subject to copyright protection. This document is to be used only for the purposes for which it has been supplied andinformation contained in it must not be disclosed or in any other way made available, in whole or in part, to persons other than those permittedunder the security classification without the prior written approval of the Association. Copyright Notice Copyright © 2025GSM Association Disclaimer The GSM Association (“Association”) makes no representation, warranty or undertaking (express or implied) with respect to and does not acceptany responsibility for, and hereby disclaims liability for the accuracy or completeness or timeliness of the information contained in this document.The information contained in this document may be subject to change without prior notice. Antitrust Notice The information contain herein is in full compliance with the GSM Association’s antitrust compliance policy. 1Executive Summary52Introduction62.1Scope72.2Out of scope82.3Organization of this paper82.4Definitions92.5Abbreviations102.6References113Types and roles of stablecoins133.1Categorization based on reference asset143.2Transfer mechanism variations143.3Categorization based on issuer143.4Stability mechanism classification144Jurisdictional legal and regulatory ramifications of using a stablecoin154.1Regulatory and compliance framework164.1.1Organisational structure of the stablecoin arrangement174.1.2Value stability174.1.3Redemption174.1.4Disclosure174.1.5Risk requirements174.1.6The view of central banks and regulators regarding a compliantStablecoin Arrangement184.2Licensing and registration requirements184.3Regulatory trends and developments by region195Accounting and reporting requirements205.1Accounting standards205.2Classification215.3Stablecoin characteristics to be considered for accounting purposes226Risk Management226.1Areas of risks226.1.1Financial crime226.1.2Data privacy and protection226.1.3Liquidity236.1.4Custody236.1.5Collateral246.1.6Governance246.1.7Transactional finality256.1.8Other risks256.2Tools and processes to mitigate risks266.2.1KYB / KYC266.2.2Real time Transaction Monitoring and Sanctions screening266.2.3Exchange (for Trade/Swap) and Market276.2.4Embedded finance276.3Insurance and support policies28 6.4AI-Enhanced Risk Management287Stablecoin design287.1Vision287.1.1Stablecoins in every jurisdiction297.1.2Global standard for stablecoins297.1.3Global standard for on-chain foreign exchange (FX)307.1.4Integration into the Mobile Financial Systems (MFS)307.1.5Collateral and Fund Storage307.1.6Interoperability and Cross-Chain Capabilities307.2Use Cases317.2.1Fiat-to-stablecoin conversion317.2.2Stablecoin-to-fiat conversion317.2.3Stablecoins Swap / Trade - AMM liquidity pools/Centralised exchanges317.2.4Stablecoin transfer from one digital wallet to another317.2.5Card Payment (Virtual card) from Digital Asset327.3Building a compliant ecosystem327.3.1Attestation and monitoring to enable value stability327.3.2Appropriate asset backing to enable value stability337.3.3Authentication337.3.4Onboarding / eKYB/ eKYC337.3.5Transaction monitoring347.3.6Custody347.3.7Capital requirements347.3.8Redemption357.3.9Disclosure357.3.10Transfer time368Blockchain/ DLT Architecture368.1Blockchain / DLT candidates368.1.1Ethereum based blockchain368.1.2Hashgraph-Based DLT Protocols368.1.3Bitcoin Lightning378.2Technology and features on the blockchain layer which are relevant forstablecoins378.2.1Identity Protocols for Seamless Transactions388.2.2Time to Finality (TTF)388.2.3Sustainability and scalability388.2.4Transaction fee considerations398.2.5Uptime and Security398.2.6Oracle Design for Stability Mechanism398.2.7Account Abstraction398.3Interoperabiltiy and Cross-Chain capabilities408.4High-level solution approach408.4.1The operating model408.4.2The building blocks418.4.3Integration options43 8.4.4E2E ecosystem architecture439Cybersecurity and data privacy measures4510Standardization of Stablecoins in Telecom Industry4711Outlook4811.1Metaverse4811.2Roaming4811.36G4811.4IOT and IIOT4911.5Stablecoins and tokenization5012Conclusion5012.1Recommendations51Annex ADocument Management52A.1Document History52A.2Other Information52 1Executive Summary The telecommunications sector can benefit from stablecoin adoption, as they can streamlinecross-border payments by reducing costs, increasing transparency, accelerating processingtimes, both within the industry and across the digital payments ecosystem. But the integration of a stablecoin into the telecom industry as a new digital payment methodis not without its complexities and challenges. This document provides an analysis of how a stablecoin arrangement can be introduce