China Everbright Securities Chief Economist: US Dollar Stablecoins Are Not Legal Tender in the US, Should Not Be Mythologized or Overvalued

According to Caixin, during a recent online seminar of the China Macro Economic Forum (CMF), Guan Tao, the Chief Economist of China Everbright Securities, stated that US dollar stablecoins are not legal tender in the US and lack the backing of sovereign credit. A 'wait-and-see' approach can be taken towards stablecoins, and there is no need to rush or to 'mythologize' or 'overvalue' them. It is essential to maintain strategic resolve in the development of digital currencies and the promotion of the internationalization of the Renminbi. Guan Tao believes that customer funds from third-party payments like WeChat and Alipay are fully managed by the People's Bank of China, which is similar to the issuance of stablecoins at a 1:1 ratio, and in practice, payment and settlement still use Renminbi. #GENIUS稳定币法案 #加密立法新纪元