The 42nd Frontier Forum for Digital Technology and Finance

Abstract：

Amidst the transformation of digital currencies, this study proposes the concept of a supra-sovereign digital stablecoin—a digital stablecoin issued by a coalition of central banks and anchored to a basket of offshore fiat currencies. It first explores the unique advantages of such a stablecoin from theoretical and technical perspectives. By constructing a trade cost comparison model, the study demonstrates that the supra-sovereign digital stablecoin reduces transaction costs and incentivizes participation across nations/regions. Further analysis, using trade-share and minimum exchange-rate volatility methods, defines the theoretical weight range for the basket of offshore currencies, establishing a prototype that optimizes global investors’ currency allocations.The study argues that, under current conditions—such as U.S.-initiated tariff wars and global constraints imposed by dollar-dominated payment systems like SWIFT—China should collaborate with trade-friendly nations to launch this stablecoin, creating a new international payment infrastructure to counter dollar hegemony. Finally, it outlines actionable measures across five dimensions: currency basket weight design, reserve backing, operational frameworks, application scenarios, and implementation pathways.

Speaker Introduction：

Lijian Wei is a Professor and PhD Supervisor at the School of Business Administration, Sun Yat-sen University, and a recipient of the university’s Yat-sen Young Scholar title. He serves as Academic Director of the school (overseeing the Ministry of Education Philosophy and Social Sciences Laboratory for Big Data Management Behavior and Decision-Making), Executive Director of the SYSU-Shansikaiwu AI Innovation Empowerment Joint Laboratory, Executive Director of the SYSU Bay Valley Risk Management Technology Laboratory, and a national “Dual-Leadership” Faculty Party Branch Secretary. He is a recipient of the Guangdong Natural Science Fund for Outstanding Youth and a Guangzhou High-Level Financial Talent.

Professor Lijian Wei is Executive Editor of Journal of Digital Intelligence Technology and Applications and Editorial Director of the International Journal of Financial Engineering. His research focuses on FinTech, intelligent investment, and financial risk management. He has led multiple National Natural Science Foundation of China projects and coordinated major NSFC joint-fund initiatives. His work, published in journals such as Journal of Economic Dynamics and Control, Decision Support Systems, and IEEE Intelligent Systems, includes ESI Hot Papers and Highly Cited Papers. His policy recommendations have been adopted by national and provincial governments, and his insights have been featured in media outlets like CCTV News and CCTV Finance.