构建海湾地区稳定币与央行数字货币基础设施战略、规模与监管（2026-2030）

Strategy, Scale and Supervision Edgar, Dunn & Company is a global consultancyspecializing in payments and financial services. Since 1978, we have partneredwith clients across the globeand developed an unrivalleddepth in specialist expertise. Fintech, Payment Strategy,M&A, and Litigation Support Independent+250 Clients in 55 countries and6 continents 01 From early pilots to full-scale regulation and institutional adoption,the GCC has evolved into a hub for stablecoin and CBDC innovation The GCC is developing stablecoins and CBDCs to advance public andprivate sector objectives, with readiness levels varying across countries The GCC is developing CBDCs and stablecoins, alongside public and private digitalasset and settlement platforms, to build a regionally anchored ecosystem Stablecoins and CBDCs both aim to provide faster settlement and stable value,but differ in issuer, governance model, degree of state control and traceability on a cryptographic ledger which uses some of the same technology as Blockchain, which provides benefits over traditional central bankmoney systems such as centralized accounts.Central Bank of Qatar Globally, usage of Stablecoins and CBDCs covers everyday payments, settlementbetween institutions, treasury operations and programmable financial services Adoption is strongest in B2B and B2C payments, while pure P2P usage remains limited 02Regional View of The GCC is currently developing its financial infrastructure to reducedependence on Western institutions and reinforce its regional sovereignty CBDC is one of the initiatives as part of the CBUAE’s FIT program, which will further position and solidify the UAE as a leading globalfinancial hub. The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country. CBDC will Digital currency initiatives driven by the private sector typically aim to addressfour priorities, and can do so in different ways Stablecoins have the potential to materially improve cross-border remittances originating in the Middle East by reducing settlement times,lowering transaction costs, and increasing transparency across payment corridors. By enabling near-instant, 24/7 value transfer on digitalrails, stablecoins can help families and businesses move money across borders more efficiently, particularly in high-volume remittance The Gulf is one of the world’s great remittance hubs, and stablecoins are poised to become the next major catalyst for efficiency. We’realready seeing stablecoins streamline cross-border value flows for workers and families, and the next wave will power corporate treasuryoperations, accelerate settlement, and bring more of the region’s financial infrastructure onchain. In many ways, stablecoins are becoming The GCC ecosystem is built through the collaboration of governments creatingregulatory frameworks, and private players driving execution and adoption •Thistwo-tier architectureenablesanefficient collaborationbetweenpublic and private sectors, poweringstructured and dynamic innovationon stablecoin and CBDC projects.•It enablesfunctional specializationwhile preservingregulatory control. •Licensed issuers, banks,infrastructure providers•Definition of monetaryarchitecture, compliance His Excellency the Governor of the Saudi Central Bank, Dr. Fahad bin Abdullah Al-Mubarak, explained that banks and local paymentcompanies are an indispensable pillar in this project and its implementation, pointing in this regard to the involvement of localbanks and fintech companies in the current phase of the project, in addition to the participation of other market players, and third- SAMA The maturity of GCC countries vary, with the UAE as the regional leader,but markets are converging on core regulatory requirements Regulatory frameworks of stablecoinsand CBDCs The Gulf’s stablecoin landscape is defined byregulatory precision and operational readinessThe UAE and Bahrain lead withfully articulatedframeworks and licensed issuanceSaudi Arabia, Qatar, Oman, and Kuwait are Across the GCC, markets vary by regulatory maturity but converge on corerequirements, including full reserve backing and regulated reserve custody Dynamic private-sector initiatives are observable in the UAE while Bahrain isless mature, but both have an extensive state-lead regulatory infrastructure Saudi Arabia has a strong state-led regulatory and infrastructure framework,but lacks the private-sector expansion of the United Arab Emirates and Bahrain Qatar, Oman and Kuwait, are focused on building the regulatory and technical The scalability of stablecoins and CBDCs is driven by the proactiveness of banksand fintechs, adoptability of use cases and regional exportability In the GCC, the innovation of stablecoin and CBDCis structured by atwo-tier architecture(Corelayer: State-led system design vs Expansion layer: Efficient collaborationbetween public andprivate sectors Structured and dynamic innovation Successful initiatives