Renminbi Stablecoin Program
Policy Development Dynamics
• China's first "Rare Earth Specific Renminbi Stablecoin" officially launched, utilizing a 1:1 fully backed Renminbi mechanism
• Shanghai regulatory authorities support stablecoins in cross-border payments and RWA applications, but emphasize compliance requirements
• Hong Kong has passed the "Stablecoin Regulatory Framework Bill", providing a legal framework for offshore Renminbi stablecoins
Market Performance Indicators
• The global stablecoin market is expected to exceed $1 trillion by the end of 2025
• Offshore Renminbi (CNH) pegged stablecoin on-chain transaction volume increased by over 35% week-on-week
• Related projects such as Conflux ecosystem tokens have seen significant price increases
Investment Opportunity Analysis
• Cross-border payments: Utilize the interest rate differential between CNH stablecoins and other currencies for low-risk arbitrage trading
• Industry chain layout: Focus on blockchain activities of companies in strategic sectors like rare earths and new energy
• Long-term allocation: Renminbi stablecoins are expected to become a compliant entry point for domestic investors participating in DeFi
Future Development Trends
• A "dual-track parallel" pattern is forming: Digital Renminbi serves domestic scenarios, while stablecoins expand international applications
• Stablecoins will become an important tool for promoting the internationalization of the Renminbi
• Investors should pay attention to the interaction effects between the real economy and stablecoins, as well as the progress of regulatory rules