An exclusive report from Reuters has struck like thunder, instantly creating huge waves in the global financial circle — the State Council of China is vigorously preparing to review the internationalization roadmap for the RMB stablecoin. This is no ordinary financial innovation, but a direct challenge from China to the dollar hegemony on the digital currency battlefield. It is worth noting that the US dollar stablecoin currently holds a 99% share of the global market, almost a monopolistic situation. China's decisive move this time is clearly aimed at breaking this monopoly.
What is most surprising is China's 180-degree turn in attitude. Looking back to 2021, China took a defensive stance towards cryptocurrencies, with mining, trading, and related activities being outright banned. Now, China suddenly wants to vigorously promote the RMB stablecoin, and the strategic considerations behind this are not simple. In plain terms, China has recognized the enormous potential of the digital currency pie, and it cannot allow the US to monopolize it. Standard Chartered's prediction further confirms the prospects of this market, with the global stablecoin market expected to reach $2 trillion by 2028. Faced with such a massive market, China naturally will not sit on the sidelines.
Hong Kong and Shanghai have been selected as pilot cities, a decision that is quite significant. As an international financial center, Hong Kong has a sound regulatory framework, especially with the stablecoin regulations that took effect on August 1, making it one of the first regions in the world to regulate fiat stablecoins, providing a unique international advantage. Shanghai, on the other hand, is at the forefront of China's financial reforms and is currently working hard to build an international digital RMB operating center, shouldering the important task of domestic financial innovation. The two cities, one inside and one outside, form a seamless combination, paving the way for the internationalization of the RMB stablecoin.
However, to be realistic, the RMB stablecoin faces significant challenges if it aims to shake the dollar's status. SWIFT data shows that in June, the RMB accounted for only 2.88% of global payments, hitting a two-year low, while the dollar still occupies 47.19% of the share, showing a clear gap. Additionally, China's capital controls create a pressing issue regarding the free flow of the RMB. But from another perspective, China has a trade surplus of several trillion dollars each year; if these huge transactions can be settled using RMB stablecoins, the resulting influence cannot be underestimated.
Interestingly, China is likely to discuss RMB stablecoin-related matters with member countries at the Shanghai Cooperation Organization summit at the end of August. This strategy is quite clever, starting with friendly countries to gradually establish usage scenarios for the RMB stablecoin, and then expanding influence based on this foundation. Although in the short term, the RMB stablecoin is unlikely to shake the dollar's status, the significance of this beginning is profound, as the global stablecoin market is about to undergo a transformation.
#加密市场回调
#BNB创新高
#Strategy增持比特币
