1、GSMA Non-confidential Stablecoin Development V1.0 Page 1 of 53 Telco Stablecoin Development Version 1.0 17 March 2025 This is a whitepaper of the GSMA Security Classification:Non-confidential Access to and distribution of this document is restricted to the persons permitted by the security classific

2、ation.This document is confidential to the Association and is subject to copyright protection.This document is to be used only for the purposes for which it has been supplied and information contained in it must not be disclosed or in any other way made available,in whole or in part,to persons other

3、 than those permitted under 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 ac

4、cept any 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

5、compliance with the GSM Associations antitrust compliance policy.GSMA Non Confidential V1.0 Page 2 of 53 1 Executive Summary 5 2 Introduction 6 2.1 Scope 7 2.2 Out of scope 8 2.3 Organization of this paper 8 2.4 Definitions 9 2.5 Abbreviations 10 2.6 References 11 3 Types and roles of stablecoins 13

6、 3.1 Categorization based on reference asset 14 3.2 Transfer mechanism variations 14 3.3 Categorization based on issuer 14 3.4 Stability mechanism classification 14 4 Jurisdictional legal and regulatory ramifications of using a stablecoin 15 4.1 Regulatory and compliance framework 16 4.1.1 Organisat