$cfx has always had the support of the Shanghai Municipal Government, and their ability to issue RMB stablecoins as a pilot program is no small matter. This means that China has officially entered the race for on-chain capital.

The condition for the U.S. to issue stablecoins is that when you mint a dollar stablecoin, you must buy some of my government bonds (debt demand). China is now trying to replicate the bull market in the U.S. stock market (to make the middle class wealthy). Therefore, I believe that the tokenization of A-shares (to be purchased overseas with RMB stablecoins) is on the way.