Li Yang, Chairman of the National Financial and Development Laboratory: In the face of the stablecoin wave, China needs to advance on two tracks.

Techub News, Li Yang, member of the Faculty of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, said that in the face of the wave of stablecoins, China needs to fully advance on two lines. On the one hand, since any form of stablecoin cannot avoid the issue of monetary sovereignty, firmly promoting the internationalization of the renminbi remains the core task of cultivating a strong currency (renminbi). On the other hand, it must be noted that the convergence of stablecoins, cryptocurrencies and the traditional financial system will be difficult to reverse. Stablecoins and cryptocurrencies will complement the development of central bank digital currencies, comprehensively improve payment efficiency and reduce payment costs, reconstruct the global payment system, and drive the development of decentralized finance (DeFi). It pointed out that as for the further development path, it should make full use of Hong Kong's favorable conditions, rely on its status as a financial center and existing institutional base (such as USDT headquarters in Hong Kong), develop offshore RMB stablecoins, and build controllable international payment channels. That is, the development of RMB stablecoins through offshore means.