Stablecoins like USDT and USDC have dominated the global cryptocurrency market due to the dollar's status as a global reserve currency, a well-established regulatory framework, and widespread market acceptance. For the RMB stablecoin to 'break the circle,' meaning to overcome existing limitations and gain greater recognition and use in the international market, efforts need to be made in the following areas: 1. Policy and Regulatory Support Policy support is the cornerstone of RMB stablecoin development. The Chinese government needs to clearly support its development and establish a clear regulatory framework to ensure its legality, safety, and stability. For example, Hong Kong, as an offshore RMB trading center, is advancing stablecoin legislation, providing a policy foundation for RMB stablecoins. Additionally, collaboration between the mainland and Hong Kong, such as synchronous pilot projects in the Shanghai Free Trade Zone and Hong Kong, can provide solid support for the internationalization of RMB stablecoins. 2. Technological Innovation and Advantages RMB stablecoins need to be technically competitive to differentiate themselves from dollar stablecoins. Through blockchain and distributed ledger technology, it can achieve:
Lower Transaction Costs: Reduce user costs.
Faster Transaction Speeds: Improve transaction efficiency.
Better User Experience: Optimize operational processes and interface design.
In addition, by combining the security and stability of the digital RMB (central bank digital currency, CBDC), RMB stablecoins can form differentiated advantages technically, especially in providing efficient solutions in the cross-border payment field. 3. Market Promotion and Education Enhancing market awareness and acceptance is key. Promotion strategies include:
Cooperative Promotion: Collaborate with financial institutions, payment systems, and businesses to expand use cases, such as cross-border trade and international remittances.
Public Education: Popularize the concept and advantages of stablecoins to eliminate misunderstandings and doubts.
Through these measures, more users can understand and trust the existence and value of RMB stablecoins. 4. International Cooperation and Applications RMB stablecoins need to go global and actively participate in international competition. Specific paths include:
'Belt and Road' Initiative: Serve as a tool for cross-border payments and settlements among countries along the route, promoting trade and investment.
International Cooperation: Establish partnerships with financial institutions, payment systems, and stablecoin issuers from other countries to expand circulation scope.
Through collaboration with global exchanges and payment platforms, the usage scenarios and international influence of RMB stablecoins will be significantly enhanced. In summary, for RMB stablecoins to 'break the circle,' they need to rely on policy support to strengthen the foundation, technological innovation to create advantages, market promotion to expand recognition, and international cooperation to broaden the stage. Only by addressing these aspects in multiple ways and forming a comprehensive issuance business closed loop can their competitiveness and market acceptance be improved, ultimately securing a position in the global stablecoin market.
