CoinVoice Latest News: Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, stated that the United States' push for stablecoin legislation aims to strengthen the position of the US dollar, promote payment modernization, and create new demand for US Treasury bonds. Stablecoins are essentially an extension of the US dollar on the blockchain.

In the face of this trend, China should firmly advance the internationalization of the Renminbi and adapt to the integration of stablecoins and traditional finance, promoting the complementary development of Renminbi stablecoins and central bank digital currencies. Li Yang suggested fully utilizing Hong Kong's advantages to develop offshore Renminbi stablecoins and establish controllable international payment channels. [Original link]