On June 21, Morgan Stanley's latest research report pointed out that the Hong Kong stablecoin bill essentially paves the first legal path for offshore RMB stablecoins. Supported by a substantial offshore liquidity pool of approximately 1 trillion RMB in Hong Kong, offshore RMB stablecoins will validate actual use cases for cross-border settlement while avoiding violations of mainland capital controls or impacting onshore financial stability. The development of RMB stablecoins should be viewed as a potential component of the cross-border RMB settlement infrastructure, which includes RMB swap agreements, CIPS (Cross-Border Interbank Payment System), and the global RMB clearing service network. (Ming Pao)
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Morgan Stanley: The Hong Kong stablecoin bill paves the first legal path for offshore RMB stablecoins.
On June 21, Morgan Stanley's latest research report pointed out that the Hong Kong stablecoin bill essentially paves the first legal path for offshore RMB stablecoins. Supported by a substantial offshore liquidity pool of approximately 1 trillion RMB in Hong Kong, offshore RMB stablecoins will validate actual use cases for cross-border settlement while avoiding violations of mainland capital controls or impacting onshore financial stability. The development of RMB stablecoins should be viewed as a potential component of the cross-border RMB settlement infrastructure, which includes RMB swap agreements, CIPS (Cross-Border Interbank Payment System), and the global RMB clearing service network. (Ming Pao)