Odaily Planet Daily News: Economic Observer reported (How Hong Kong's offshore RMB stablecoin experiment breaks the deadlock), which points out that the proposed implementation of Hong Kong's stablecoin regulations in August may indicate that the experiment of offshore RMB (CNH) stablecoin is approaching. Referring to the experience of the RMB business pilot program in 2003, the implementation of the CNH stablecoin can be advanced in three stages: First, Sandbox Experiment (2025-2026): CNH stablecoins will be piloted by licensed Chinese institutions for trade scenarios in the Greater Bay Area; Second, Regional Expansion (2026-2027): Access to cross-border projects such as mBridge (multilateral central bank digital currency bridge), while piloting applications such as bond tokenization and other RWA (real-world asset) applications; Third, Global Promotion (starting in 2028): Collaborating with international organizations such as the IMF (International Monetary Fund) to develop technical and regulatory standards, promoting CNH stablecoins to become a regional commodity pricing tool. (Economic Observer)

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