In June 2025, stablecoins became a hot topic in both China and the United States. The Hong Kong (Stablecoin Ordinance) came into effect in August, Circle soared 7 times in 15 days after its listing, the US GENIUS Act was passed, and giants such as Amazon and Walmart were ready to issue coins... A currency war without gunpowder is starting on the chain.
How will China respond? From central bank executives to private leaders, from economists to securities analysts, everyone is discussing the same question: Will the hegemony of the US dollar stablecoin force the RMB into a corner?
The government’s trump card: Hong Kong test field + cross-border payment pass
China did not panic, but quietly made its move——
Hong Kong has become a "firewall" for the RMB stablecoin, allowing it to be pegged to multiple fiat currencies, even without excluding the RMB.
The launch of the cross-border payment channel has connected the payment systems of the mainland and Hong Kong, and may form a new channel of "RMB → Hong Kong → stablecoin global circulation" in the future.
Pan Gongsheng publicly mentioned stablecoins for the first time, and Zhou Xiaochuan warned of the "risk of dollarization", but the attitude has changed from "strictly guarding against it" to "studying and responding."
Entrepreneur's Ambition: Liu Qiangdong's "Global Stablecoin" Dream
JD.com founder Liu Qiangdong's first shot after his comeback was aimed directly at stablecoins: "Cross-border payment costs are reduced by 90%, and funds are received in 10 seconds. In the future, JD.com stablecoins will be used for global consumption!"
Liu Peng, CEO of JD.com’s CoinChain Technology, even said: “Offshore RMB stablecoins can be developed technically at any time, just waiting for regulatory approval.”
Wanxiang Xiaofeng said even more harshly: "Stablecoin is not a 'crypto dollar', but the infrastructure of the future economy. Whoever does not get on board will fall behind."
Scholars’ anxiety: It will be too late if we don’t take action now
“The US dollar stablecoin is the new blood of US debt!” (Zhongtai Securities)
"RMB internationalization must rely on stablecoins to overtake others!" (Galaxy Securities)
"Hong Kong should try first, Shanghai should follow suit, don't wait until the US has eaten all the meat!" (Li Yang, Chinese Academy of Social Sciences)
The most ruthless one is Wang Yongli, former vice governor of the central bank: "This is a battle for national destiny! If China waits and sees, we will have nothing to do with on-chain finance!"
Revelation in the cryptocurrency world: Where are the opportunities?
Hong Kong licenses are very popular - giants such as JD.com and Ant are all scrambling for them, and offshore RMB stablecoins may explode from here in the future.
Compliance is a major trend - the US GENIUS Act has set the tone, and China will follow suit. Sooner or later, the wild stablecoins will be cleaned up.
Paying attention to the "RMB on-chain" - Cross-border Payment + Hong Kong Stablecoin may be a new outlet for the internationalization of the RMB.
A final word of advice:
The FOMO sentiment of the US dollar stablecoin has reached its maximum, but don’t just focus on the Circle stock price. The real opportunity lies in how the RMB fights back - Hong Kong, cross-border payments, and the entry of giants. Every move may be the next wealth code.
Pay attention to Yuanbao and read more current events in the currency circle.