Zhang Jianhua pointed out that stablecoins are not legal tender, but a "quasi-currency" with multiple core monetary attributes, and the necessity and strictness of regulating them should be far higher than ordinary investment products.The regulation of stablecoins should be far more rigorous than ordinary investment products.While stablecoins rely on blockchain technology and bring efficiency improvements, they also come with significant risks and regulatory challenges, especially issues related to anonymity such as anti-money laundering, counter-terrorism financing, and transparency,which require technological advancements to meet regulatory requirements and need multinational regulatory tolerance to achieve cross-border cooperation.
Zhang Jianhua analyzed thatcross-border payments and RWA investments are the two main directions for stablecoins' future development. The latter may even contain a larger space than cross-border trade. For the RMB system, actively and cautiously exploring stablecoins, especially offshore pilot programs, has significant strategic importance and is a necessary measure to address digital currency era challenges, maintain monetary sovereignty, and preserve financial competitiveness.
Zhang Jianhua pointed out that cross-border payments and RWA investments are the two main directions for the future development of stablecoins, with the latter potentially offering an even larger space than cross-border trade, as it truly builds a bridge connecting traditional finance with on-chain digital assets.
Strategic Considerations and Feasible Paths for RMB Stablecoins
Regarding the highly anticipated RMB stablecoin issue, Zhang Jianhua expressed an active yet cautious attitude.
Referencing the practice of issuing Hong Kong dollar stablecoins in Hong Kong, China, Zhang Jianhua believes that mainland China needs to conduct in-depth research on its mechanism and take substantive steps in exploring RMB stablecoins. He noted that currently, US dollar stablecoins (USDT, USDC) already dominate the market, and if a Hong Kong dollar stablecoin that actually pegs to the US dollar is launched, it will further consolidate the global influence of US dollar stablecoins.
While the internationalization of the RMB depends on multiple complex factors such as the depth of domestic financial markets and reforms, the absence in the stablecoin field will undoubtedly further compress the RMB's international monetary space, and the usage and dominance of the US dollar will increasingly strengthen. Therefore, issuing RMB stablecoins, especially in offshore markets, is an important measure to maintain the strategic space for RMB internationalization.
Regarding concerns about the potential impact on monetary policy, Zhang Jianhua believes a rational analysis is needed. From the current scale of US dollar stablecoins, their impact on US monetary policy appears quite limited. Therefore, issuing a stablecoin based on offshore RMB (CNH) in Hong Kong is also unlikely to have a significant direct impact on mainland monetary policy. The main potential challenge is that if offshore RMB stablecoins are allowed for cross-border flow, it may involve capital flow management issues, which requires high attention and corresponding mechanism design. Nevertheless, Hong Kong's pilot of a Hong Kong dollar stablecoin has opened up a path worth exploring.
Zhang Jianhua also mentioned that mainland China still needs to clarify the relationship between RMB stablecoins and digital RMB (e-CNY). These are not mutually exclusive but can be parallel technological routes, just as Hong Kong simultaneously advances digital Hong Kong dollar and Hong Kong dollar stablecoin projects and participates in the multi-central bank digital currency bridge (mBridge) exploration. The RMB system can completely adopt this approach. Even if starting with a small-scale pilot, its value would be enormous—it can help us deeply understand the actual operating mechanism of stablecoins, potential impacts, especially on payment and clearing systems, financial stability, and its interaction with monetary policy. Only by accumulating experience and data through practice can we more scientifically assess the position of RMB stablecoins in national financial strategy and provide a solid foundation for future decisions. This exploratory step holds forward-looking strategic significance for the RMB's position in the international monetary landscape.
Zhang Jianhua concluded that the future development of stablecoins is the result of multiple intertwined factors, including market innovation drive, technological solution capabilities, effective regulatory frameworks (especially cross-border cooperation), and application scenario expansion (particularly RWA). For the RMB system, actively and cautiously exploring stablecoins, especially through offshore pilots, has significant strategic importance and is a necessary measure to address digital currency era challenges, safeguard monetary sovereignty, and maintain financial competitiveness.
