Securities Times: The "dual-track progress" of offshore RMB stablecoins and digital RMB is a new path for the internationalization of the RMB.

On June 23, the Securities Times published an article pointing out that the wave of stablecoins is sweeping across the globe, becoming an important issue that countries urgently need to address. Allowing stablecoins to develop chaotically in the regulatory periphery will have a negative impact on the national financial system, and abandoning an efficient Settlement tool would mean missing new opportunities for currency globalization. For China, which is actively enhancing the international status of the RMB, proactively regulating stablecoins and accelerating the internationalization of the RMB may be a better solution. Experts and industry insiders generally believe that, as an emerging payment tool, the unique advantages and potential risks of stablecoins should not be overlooked, and the development of RMB stablecoins “is better early than late.” Participating in the competition of the International Monetary System based on the “dual-track approach” of digital RMB and offshore RMB stablecoins may be a new path for the internationalization of the RMB in the context of changing times. Fiat stablecoins and digital RMB each have their own focus and complement each other, with the former mainly used for cross-border Settlement, encryption asset trading, etc., while the latter has been widely used in domestic life payment, shopping consumption, and other scenarios.