Unlike Brother Wu, I have a slightly different viewpoint. Will China's RMB stablecoin refer to CBDC (Digital RMB)? Previously, the application of CBDC overseas was very limited, and it cannot be ruled out that it aims to increase the use of CBDC in international settlements.

Although CBDC cannot be equated with stablecoins, their essential application significance is the same. Moreover, the significance of China issuing offshore RMB stablecoins is not substantial, as the main role of offshore RMB lies in cross-border trade settlement and offshore financial products, which are not very useful for individuals.

Furthermore, to prevent offshore RMB from becoming an underground dollar, there are high regulations on offshore RMB. More importantly, for China, if it is an officially issued stablecoin, then the anchoring would be opaque. Since there is already a more "transparent" CBDC, it suffices to provide more overseas application scenarios for CBDC.

In summary, my personal view is that it is unlikely for China to issue an official stablecoin that is fully circulating on-chain. Otherwise, it would likely still encounter issues related to currency control. After all, if it is officially issued by China, then the acceptance would definitely be through banks.

This article is sponsored by #Bitget ｜ @Bitget_zh

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