⚡️The National Financial and Development Laboratory issued a statement: It is recommended to simultaneously promote the exploration of RMB stablecoins in the Shanghai Free Trade Zone and Hong Kong.

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⚡️ The National Financial and Development Laboratory has issued a statement: It is recommended to simultaneously promote the exploration of the Renminbi stablecoin in the Shanghai Free Trade Zone and Hong Kong, and the signal is very clear!

I read the original text and summarized a few key points: 👇

1️⃣ The regulatory perspective has changed

The Renminbi stablecoin is no longer just about defending against the USDT; it is no longer a passive stance of "testing abroad first, then following domestically." Instead, it aims to proactively construct a closed-loop issuance business for stablecoins from the perspective of monetary sovereignty and financial security.

2️⃣ The dual currency model has taken shape

CNYC: An onshore offshore stablecoin, primarily based in Shanghai, defining an electronic enclosure, focusing on cross-border settlement, with all capital flows operating within the regulatory view, aiming for stability.

CNHC: An offshore stablecoin, promoted by Hong Kong, connecting Web3 scenarios, DeFi liquidity, and RWA payment needs, aiming for expansion.

3️⃣ Institutional and logical design

Reserve assets include not only cash and government bonds but also digital Renminbi; identity, custody, and anti-money laundering compliance must all be addressed; on-chain addresses must be identifiable and controllable, fully integrating on-chain and regulatory perspectives.

From my perspective—

In the context of China, the starting point for stablecoins has always been as a monetary tool, rather than the "free market currency revolution" you might imagine.

In the future, players in the stablecoin space will undoubtedly be qualified entities with licenses, identities, regulation, and responsibilities—this is beyond doubt.

Regardless, taking the first step is the driving force for growth; welcome to the first year of Renminbi on-chain!

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