Morgan Stanley: Hong Kong plans to first launch a stablecoin pegged to the US dollar and Hong Kong dollar, with the CNH stablecoin potentially supported by a trillion-dollar offshore renminbi fund pool

ChainCatcher news, according to Hong Kong media Xin Bao, Morgan Stanley's Chief Economist for China, Xing Ziqiang, analyzed that Hong Kong will first promote stablecoins pegged to the US dollar and Hong Kong dollar to establish technological and market trust, and only then will it promote CNH stablecoins.

With the support of an offshore RMB funding pool in Hong Kong reaching one trillion yuan, CNH stablecoins can verify practical use cases for cross-border settlement, while reminding that the internationalization of the RMB is still a long-term battle. Relying solely on financial infrastructure such as stablecoins is not enough; stablecoins do not mean establishing a new supranational international monetary system, but rather an extension of fiat currency.