Recently, the regulatory attitude towards the RMB stablecoin is very clear: continue research, but don't speculate recklessly.

Global stablecoins have been quite popular lately, with legislation being enacted in the U.S. and Hong Kong also opening up for license applications. On the domestic front, there has been a lot of debate; some believe this is an opportunity for RMB internationalization, with Hong Kong being able to test the waters first; others think the risks are too high, and there's no need to compete hard in areas where we don't have an advantage.

However, starting from the end of June, meetings have been held to set the tone: research cannot stop, but external speculation must cool down. Indeed, issuing these things is quite troublesome; it relies on public chains, right? We don't have a global public chain that we can showcase, should we use the U.S. ones? That would be like sticking our necks out for them to choke us, right? Chains like Bitcoin and Ethereum have a few nodes that call the shots; the Americans can control that, and issuing stablecoins on these would be a risk we can't manage.

The Hong Kong Monetary Authority has also stated that the recent discussions have been too heated and that some cold water needs to be thrown on the situation to prevent a bubble from forming. Several places in the mainland have also begun to warn about risks, such as using 'stablecoins' for pyramid schemes or illegal fundraising, which we need to be cautious about. Brokerages have also received notices to refrain from issuing related research reports or conducting roadshows; internal research is fine, but it shouldn't create too much noise.

The Bank for International Settlements has also made it clear that stablecoins fall far short compared to traditional currencies, and the tighter they are tied to the financial system, the more trouble there is, potentially even affecting monetary sovereignty.

In short, this thing may have some utility for RMB internationalization, but given the current risks, the regulation must proceed cautiously. #特朗普加密新政