PANews, July 15 news: According to a report by CICC, we assess that the impact of the popularization of stablecoins on existing businesses such as WeChat Pay is limited. The essence of domestic third-party payments is a 'quasi-stablecoin' mechanism anchored to the RMB, relying on legal reserves to ensure currency stability, and domestic rates are as low as a few thousandths, far superior to the few percent of overseas platforms. Therefore, we believe that under the current efficient and low-cost mature third-party payment system, the necessity for independent blockchain stablecoins to be popularized domestically is not high, thus having limited impact on existing businesses. On the other hand, internet companies related to cross-border payments are more actively laying out in the stablecoin field. We believe that internet companies have advantages in the layout of stablecoins: 1) User scenarios: Companies like Amazon have hundreds of millions of users and mature payment scenarios (such as cross-border e-commerce), which can quickly promote the application of stablecoins; 2) Technical capabilities: Internet companies possess technological R&D capabilities; 3) Ecological synergy: The B-side (supply chain) + C-side (retail payment) closed loop can strengthen the network effect of stablecoins.
