OKB surges, what was meant to come has arrived
China is considering allowing the use of RMB-backed stablecoins for the first time to strengthen the internationalization process of the RMB. The State Council of China will review and possibly approve a roadmap later this month to promote the use of the RMB globally, including keeping pace with the U.S. push for stablecoins. They stated that the plan is expected to include usage targets for the RMB in global markets and outline the responsibilities of domestic regulators, adding that the roadmap will also include risk prevention guidelines. A source said that senior leaders in China are expected to hold a study meeting as early as the end of this month, focusing on the issues of RMB internationalization and stablecoins, both of which are increasingly receiving global attention. At this meeting, senior leaders may deliver speeches to set the tone for stablecoins and clarify their applications and developmental boundaries in business. According to sources, against the backdrop of the growing influence of cryptocurrencies pegged to the U.S. dollar in global finance, Beijing sees financial innovation, especially stablecoins, as a promising tool for RMB internationalization.