Wang Yongli suggested that the mainland should pay more attention to the development of stablecoins from both the industry and academic fields, and promote the further development of the digital renminbi.

Source: Beijing Business Daily

From May 17 to 18, the 2025 Tsinghua Wudaokou Global Financial Forum was held in Shenzhen. At the sub-forum themed "2025 China Economic Outlook," Wang Yongli, former Vice President of the Bank of China and Co-Chairman of Digital China Information Service Group Co., Ltd., stated that in the face of increasingly complex international situations, China needs to solidly focus on its own affairs and accelerate the development of domestic and international dual circulation. Among these, accelerating the cross-border payment and settlement of the renminbi is an important infrastructure and a significant driving force.

Currently, China has achieved many accomplishments in the development of renminbi cross-border payment and settlement, including promoting the development of interbank payment and settlement, establishing its own UnionPay organization, the establishment and development of the Renminbi Cross-Border Payment System (CIPS), and increasing cooperation with SWIFT.

At the same time, new business models have emerged in the field of cross-border payment and settlement, namely the development of crypto assets has spurred the development of fiat stablecoins. Today, the fiat currency payment and settlement system cannot meet the demand for 24-hour online transactions globally, and if crypto assets cannot be exchanged for fiat currency, their value will be difficult to realize, severely restricting their development. Therefore, in Wang Yongli's view, if crypto assets are legalized, corresponding support for payment and settlement of currency is needed.

Wang Yongli stated that in the United States, stablecoins pegged to fiat currencies have emerged, with the most typical examples being USDT and USDC. Currently, stablecoins are primarily based on the US dollar, and the impact they may bring is worthy of high attention from other countries. In particular, stablecoins need to use new technologies to enhance the efficiency of currency operations, reduce costs, and ensure strict risk control.

After the emergence of stablecoins, it can be observed that not only traditional crypto assets like Bitcoin are developing rapidly, but also new fields of digital asset securitization such as NFTs and RWAs are emerging. Therefore, when promoting cross-border payment and settlement, currency cannot remain limited to traditional service methods and fields; it needs to utilize new technologies and even learn from and adopt some models and technologies of stablecoins to transform the operation of currency.

Wang Yongli suggested that the mainland should give greater attention to the development of stablecoins from both the industry and academic fields and promote the further development of the digital renminbi. "If stablecoins are pegged to a certain fiat currency, theoretically, stablecoins are tokens pegged to currency. Since tokens can achieve this level, why can't our fiat currency?"

Wang Yongli also reminded that there are various types of dollar stablecoins, but having too many dollar stablecoins may not necessarily be a good thing. A more unified operating mechanism needs to be established.

Further discussing the development of financial technology, Wang Yongli pointed out that China is currently at the forefront of the world in mobile payments and digital currency, but issues such as redundant construction, data silos, and security risks are becoming "hidden reefs" that restrict high-quality development. Specifically, various institutions building their own payment and data systems lead to interface confusion, increasing interconnection costs, and small and medium-sized institutions gradually falling behind; all data assets are essentially controlled by the business operators (such as platform enterprises) rather than the true initiators of the business (users or enterprises), which lays hidden dangers for privacy leakage and abuse; unclear ownership of data assets and ambiguous circulation rules restrict the release of digital asset value.

In response, Wang Yongli proposed to build an intensive digital infrastructure based on the digital renminbi. The digital renminbi adopts a unified app architecture by the central bank, which theoretically can aggregate all transaction data and achieve precise tracing at the individual/legal person level. If this model is extended to identity information management, users may be able to replace physical documents with digital IDs and autonomously set the scenarios and timeframes for information usage.

"If there are practical breakthroughs in these areas, the so-called digital currency, digital assets, digital finance, and digital society will undergo profound changes," Wang Yongli said.

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