BlockBeats news, June 21, Morgan Stanley's latest research report points out that the Hong Kong stablecoin bill's related policies essentially pave the first legal path for offshore RMB stablecoins. Supported by a deep offshore liquidity pool of about 10 trillion RMB in Hong Kong, offshore RMB stablecoins will validate practical use cases for cross-border settlement while avoiding violations of mainland capital controls or impacting onshore financial stability. The development of RMB stablecoins should be viewed as a potential component of cross-border RMB settlement infrastructure, with related infrastructure including RMB swap agreements, CIPS (Cross-border Interbank Payment System for RMB), and a global RMB clearing service network. (Ming Pao)