Written by: AIMan@Jinse Finance
What is the hot topic simultaneously in China and the US in June 2025? It is definitely stablecoins.
On June 6, 2025, the Hong Kong Gazette published an announcement declaring that the Hong Kong Stablecoin Regulation will take effect on August 1, 2025.
On the same day, Circle, the first stablecoin stock in the US dollar, was listed on the New York Stock Exchange at a price of $31, with an initial surge of over 160%, and continued to rise to $150 in the following days.
On June 17, the US Senate passed the GENIUS Act, with Web2 giants like Amazon and Walmart considering launching their own stablecoins, and Circle subsequently surged again. By the time of writing, Circle's stock price had broken through $240. Within 15 days of listing, Circle's stock price has increased by nearly 7 times.
On the same day, JD Group founder Liu Qiangdong made a strong comeback. In his comeback speech, Liu Qiangdong specifically mentioned stablecoins.
Not only Liu Qiangdong, but PBOC Governor Pan Gongsheng also mentioned stablecoins for the first time at the annual Lujiazui Forum on June 18.
With the successive passage of stablecoin regulations in Hong Kong and the US, the crazy rise of Circle's stock, and the attention from top figures like Liu Qiangdong and the central bank governor, it is obvious that stablecoins have become a raging trend.
How to respond to the strong impact of US dollar stablecoins? Government officials, entrepreneurs, economists, national think tanks, and securities firms have all engaged in heated discussions about stablecoins, with related phone conferences, articles, research reports, and speeches emerging endlessly, to the point of "mentioning stablecoins in every conversation", triggering extensive reflections and suggestions on RMB stablecoins, RMB internationalization, and crypto policies.
Stablecoins have prompted mainstream Chinese officials to start taking cryptocurrencies seriously. Their attitude has even made a 360-degree turn.
To comprehensively understand the latest views and attitudes of mainstream figures from China's political, business, and academic circles towards stablecoins and cryptocurrencies, Jinse Finance has compiled statements from various sectors, through which we may glimpse China's potential measures to address the US dollar stablecoin impact. As follows.
(The translation continues in the same manner for the rest of the text.)Xiao Feng, Chairman of Wanxiang Block: Chinese cross-border e-commerce is an important beneficiary of the stablecoin cross-border payment dividend. Stablecoins are far more than just a "crypto world dollar", they are reshaping the form of value exchange with their powerful technical attributes and are expected to become a key hub connecting reality and virtual, present and future, human and machine economies. Its development process will profoundly impact the global financial landscape and the future of the digital economy. Source: Xiao Feng: From Distributed Ledger to the Future Landscape of Stablecoins
The goal of the US dollar stablecoin is to maintain the global mainstream currency status of the US dollar, and its impact on China is multidimensional, already at a stage that must be actively addressed. China can consider using Hong Kong as a testing ground to launch offshore RMB stablecoin pilots, exploring its synergy mechanism with central bank digital currencies. Source: Stablecoins: A New Stage of Monetary Evolution
Economists and National Think Tanks:
"China Economic Times" Stablecoin Special Planning: "China Economic Times" is a newspaper sponsored by the Development Research Center of the State Council
Shen Jianguang, Chief Economist of JD Group: Developing RMB stablecoins is a means to respond to the new US cryptocurrency policy and a new lever to accelerate RMB internationalization. It is advisable to launch offshore RMB stablecoins in Hong Kong as soon as possible. Stablecoin development has strong scale and network effects, and it is very difficult for late-coming stablecoins to catch up with early stablecoins. Source: Promoting RMB Internationalization with Offshore RMB Stablecoins
(The translation continues in the same manner for the rest of the text, maintaining the original formatting and translating all text outside of the XML tags.)Zhongtai Securities: At the current stage, stablecoins are amplifiers of the US dollar's circulation capacity. Stablecoins have not challenged the credit essence of the US dollar, but are quietly rewriting the circulation path of the US dollar, the choice of fund landing points, and the pricing method of global capital - this is a revolution about "path" rather than "currency". Stablecoins have not subverted the monetary status of the US dollar, but they are changing the way the US dollar plays a global role. This is a subtle change in the operating mode of the US dollar system, and the impact may be more profound than what is seen on the surface. Source: From US Dollar Hegemony to US Dollar on-chain: How Stablecoins Reconstruct Global Capital Paths?
CITIC Securities: Stablecoins, as cryptocurrencies anchored to legal tender or other asset prices, are gradually evolving into a new type of financial infrastructure, playing an important role in payment, cross-border settlement, digital asset trading, DeFi, and other fields, and playing a role in reconstructing the international financial system. Source: Stablecoins: Reconstructing the International Financial System
Huatai Securities: The United States and Hong Kong, China, are taking a positive attitude towards formulating regulatory rules for stablecoins, stablecoins are viewed as an important component of future digital financial infrastructure, and both hope to further expand the influence of legal tender and consolidate their financial center status through proper management of stablecoins. Source: Diversified Finance: Ten Questions about Stablecoins
Galaxy Securities: China is expected to launch a RMB stablecoin in the future. First, the launch of US dollar stablecoins will suppress "weak" currencies, and the RMB needs to enhance its own use scenarios. Second, China's globalization process will inevitably require joining the on-chain financial system. Third, a strong country needs a strong financial system. A strong financial system also needs to occupy a place in the on-chain financial field. Finally, under the traditional framework, the RMB surpassing the US dollar still requires a long time, while the blockchain monetary system provides the RMB with an opportunity to overtake in a roundabout way. Source: Zhang Jun: Stablecoins Emerging from the Jungle
Merchants Macro: Stablecoins have deeply intervened in the competition and reconstruction of the international monetary system, becoming a strategic tool for monetary competition between China and the US in the digital economy. US dollar stablecoins continue to consolidate the global monetary hegemony of the US dollar, while Hong Kong dollar stablecoins and offshore RMB stablecoins provide a new path for RMB internationalization, which will become a major breakthrough in promoting RMB internationalization and provide an important carrier for reconstructing RMB asset valuation. Source: The Essence and Investment Value of Stablecoins
