币界网报道：Minsheng Securities has proposed a stablecoin solution to address China's local government debt issues, suggesting the issuance of digital stablecoins backed by local government assets. The report, released by the firm's research team, outlines a framework where local governments could tokenize assets like infrastructure projects or land use rights to create collateralized stablecoins. These digital currencies would aim to improve liquidity in debt markets while maintaining stability through asset backing. The proposal comes as China grapples with mounting municipal debt exceeding $9 trillion, with some provinces facing repayment pressures. Minsheng's model draws parallels to asset-backed securities but incorporates blockchain technology for transparency and efficiency. The researchers emphasize this would not constitute currency issuance, which remains a central bank monopoly in China, but rather a debt instrument innovation. They suggest pilot programs could be launched in select regions with stronger fiscal positions. The report acknowledges regulatory hurdles, including China's general crypto restrictions, but argues the controlled nature of government-issued stablecoins differs from decentralized cryptocurrencies. Analysts note this represents one of the first major institutional proposals in China to leverage blockchain solutions for macroeconomic challenges, though official adoption remains uncertain given the country's cautious stance on crypto assets. The securities firm recommends gradual implementation starting with small-scale trials to assess risk management and market acceptance.