Renminbi Stablecoin ≠ Digital Renminbi (e-CNY)

This is a point that many people may confuse, but the two are fundamentally different.

1) Digital Renminbi (e-CNY): It is a legal currency issued by the People's Bank of China and is essentially the digitization of cash (M0). Its goal is to serve domestic retail payments, replacing third-party platforms such as Alipay and WeChat Pay, and to improve the efficiency and security of the payment system. It is characterized by centralization, controllable anonymity, and the ability to operate without an internet connection. You can think of it as the “country's digital banknote.”

2) Renminbi Stablecoin: It is a cryptocurrency issued by private institutions in Hong Kong, essentially a “digital IOU” issued by private enterprises, which promises to be redeemable 1:1 for offshore renminbi. Its goal is to serve international trade, asset digitization, and the cryptocurrency market, acting as a bridge between traditional finance and the crypto world. You can think of it as a “regulated digital port clearance certificate.”

The two are mutually independent and have different goals. One serves domestic payments, while the other focuses on international finance. They are “two swords” in the national macro strategy, each with its unique mission.