Economic Observer: The CNH stablecoin reference to the pilot experience of RMB business may be promoted in three phases

[Economic Observer: The CNH stablecoin reference to the pilot experience of RMB business may be promoted in three phases] Economic Observer published an article (How the Hong Kong experiment of offshore RMB stablecoin can break the deadlock), which pointed out that the Hong Kong stablecoin regulations are expected to be implemented in August, indicating that the trial of the offshore RMB (CNH) stablecoin is approaching. Referring to the pilot experience of RMB business in 2003, the implementation of the CNH stablecoin can be promoted in three phases:
First, Sandbox Experiment (2025—2026): Pilot issuance of CNH stablecoins by licensed institutions in China for trade scenarios in the Greater Bay Area;
Second, Regional Expansion (2026—2027): Connecting to cross-border projects such as mBridge (Multilateral Central Bank Digital Currency Bridge) while piloting applications for bond tokenization and other RWA (Real World Assets);
Third, Global Promotion (Starting in 2028): Collaborating with international organizations such as the IMF (International Monetary Fund) to establish technical and regulatory standards, promoting CNH stablecoins as a regional commodity pricing tool.