Foresight News reports that Yang Tao, Deputy Director of the National Financial and Development Laboratory, published an article (the development model of the RMB stablecoin can combine 'internal and external'), in which he pointed out that stablecoins built on the Web 3.0 world have surpassed traditional offshore and onshore categories. To better achieve strategic coordination, proactive regulation, and collaborative advancement, a linked development model of domestic offshore and overseas offshore RMB stablecoins should be considered. The article suggests that relevant innovations of RMB stablecoins can be promoted simultaneously in the Shanghai Free Trade Zone and Hong Kong.
Regarding domestic offshore RMB stablecoin (CNY Coin, CNYC), one model is to jointly initiate the establishment of a RMB stablecoin issuance institution in the Shanghai Free Trade Zone by clearing organizations, large commercial banks, leading payment institutions, and well-known investment institutions. This institution would explore the on-chain issuance and operation mechanisms of RMB stablecoins and form a wholesale market for RMB stablecoins aimed at certain authorized institutions (such as digital RMB operating institutions, which have accumulated relatively rich innovative experience), allowing authorized institutions to exchange RMB stablecoins for qualified enterprises or individuals, thereby building a retail market for RMB stablecoins. The second model could rely on branches of certain digital RMB operating institutions in the Shanghai Free Trade Zone to directly mint and operate RMB stablecoins on-chain, while fully fulfilling compliance responsibilities when redeeming them for specific qualified economic entities.
Looking to the future, we can also draw on the 'Financial Internet' (Finternet) proposed by the BIS, which is based on a Unified Ledger, to simultaneously promote the coordinated development and complementary win-win of digital RMB, bank tokenized deposits, and stablecoins.