Breaking! The RMB stablecoin may make its debut?

According to financial media citing Reuters, multiple informed sources have revealed that China is considering allowing the launch of a stablecoin backed by the RMB for the first time, in a bid to further promote the internationalization of the RMB.

It is reported that the State Council of China may review a related roadmap later this month, and it is possible that the roadmap will be approved. Its core includes:

• Goal: Expand the usage scenarios and scope of the RMB in the global market

• Benchmark: Keep pace with the United States in the advancement of stablecoins

• Content: Clarify the phased goals of RMB internationalization, the responsibilities of various domestic regulatory agencies, and guidelines for risk prevention and control

Sources indicate that as the influence of US dollar-pegged stablecoins continues to grow in the global financial arena, Beijing believes that financial innovation (especially stablecoins) is expected to become an important tool to help the RMB move towards internationalization.