On July 10, 2025, the Party Committee of the Shanghai State‑owned Assets Supervision and Administration Commission (SASAC) held a high‑level study session focused on the trends and policy implications surrounding cryptocurrencies and stablecoins. The discussion sent a signal of softer regulatory tones and increased interest in digital currency innovation, particularly after Hong Kong’s stablecoin license framework kicks in August 1. Major Chinese firms like JD.com and Ant Group are already lobbying to issue yuan‑pegged stablecoins offshore in Hong Kong.

He Qing, SASAC’s Party Secretary, emphasized the urgency of integrating blockchain with cross-border trade, supply-chain finance, and asset digitization—demonstrating that stability-focused innovation is now a strategic priority.

​ Three Key Scenarios Highlighted

1. Cross-Border Payments

Traditional transactions average 2-day delays and fees up to 5–7%, with compliance hurdles across jurisdictions. Shanghai’s pilot in the Free Trade Zone uses a dual‑chain model—a trade‑chain for document hashes and a finance‑chain for settlement—to streamline real-time forex verification and mitigate regulatory risk.

2. Supply-Chain Finance

Data fragmentation and smart contract rigidity currently drive up costs (e.g., authenticity checks accounting for 15% of financing). Tokenizing accounts payable through core state-owned enterprise-led frameworks enables T+0 financing, shortening funding cycles from 30–60 days to real-time.

3. Asset Digitalization

Physical asset tokenization—like real estate or infrastructure—has faced legal ambiguity and illiquidity. Projects like COSCO's tokenized shipping data, combined with REIT valuation, have successfully increased transparency and reduced investor premiums under 5%.

​ Strategy: Dual‑Track Payment Model

TThe meeting proposed a “stablecoin real-time settlement + digital RMB final clearing” system. This dual-track approach balances:

*Market efficiency & sovereign credit

RRapid settlements via compliant stablecoins

FFinal compliance via digital RMB clearing

SSovereignty and risk isolation between on-chain sub‑accounts and central ledgers

AA seamless $5,000 USD-equivalent transaction delivered in seconds, replacing days-long SWIFT routes

alls: Lessons From Pilots

Case Outcome

*Guotai Junan: Tokenized carbon repayment assets using smart contracts—scaled to RMB ¥100M.

*Ant Chain × Hainan Huatie: On-chain equipment data led to an 85% rental utilization rate.

*Failures: Projects like Lakara’s payment system and smart warehouse tokenization flopped due to limited data interoperability and duplicated asset issuance.

*COSCO Ship Vision Treasure: After initial setbacks, IoT + blockchain integration enabled real-time trade data—and resolution under the RDA framework—enhancing cross-border traceability. denominator: success arises when blockchain is deeply embedded in real-world business ecosystems—not treated as a standalone band-aid.

​ Bottom Line: A New Blueprint for DeFi in the Real Economy

The Shanghai meeting lays out a clear roadmap:

Focus on real economy use cases, not abstract innovation

Embed blockchain technology into existing trade and asset systems

Leverage a dual-track settlement model to harmonize stablecoins and sovereign digital currency

Drive cross-organizational collaboration to avoid fragmentation and failure

In effect, Shanghai’s approach offers a high-value “Shanghai Sample” for nationwide scaling of blockchain-enabled trade, finance, and asset infrastructure.