Chairman of the National Financial and Development Laboratory: Fully leverage Hong Kong's advantages to develop offshore RMB stablecoins

ChainCatcher News, Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, stated that the U.S. push for stablecoin legislation aims to strengthen the dollar's position, promote payment modernization, and create new demand for U.S. Treasury bonds. Stablecoins are essentially an extension of the dollar on the blockchain.

In the face of this trend, China should firmly promote the internationalization of the renminbi and align with the integration of stablecoins and traditional finance, fostering the complementary development of renminbi stablecoins and central bank digital currencies. Li Yang suggested fully leveraging Hong Kong's advantages to develop offshore renminbi stablecoins and build controllable international payment channels.