BlockBeats news, on June 23, (Securities Times) published an article pointing out that the wave of stablecoins is sweeping the globe, becoming an urgent issue for countries to address — allowing stablecoins to develop disorderly in a regulatory vacuum will negatively impact the domestic financial system, and abandoning an efficient settlement tool will further miss new opportunities for currency globalization. For China, which is actively enhancing the international status of the renminbi, proactively regulating stablecoins and taking advantage of the situation to accelerate the internationalization of the renminbi may be a better solution.
Experts and industry insiders generally believe that, as an emerging payment tool, the unique advantages and potential risks of stablecoins cannot be ignored, and the development of the renminbi stablecoin "should be done sooner rather than later." Participating in the competition of the international monetary system through the "dual-track approach" of digital renminbi and offshore renminbi stablecoins may represent a new path for the internationalization of the renminbi in the changing times. Fiat stablecoins and digital renminbi each have their own focus and complement each other; the former is mainly used in cross-border settlements, cryptocurrency asset trading, etc., while the latter has been widely applied in domestic life payment, shopping consumption, and other scenarios.
