★顺应稳定币浪潮主动作为助推人民币国际化

Core Viewpoint - The rise of stablecoins is becoming a critical issue globally, with countries needing to address the potential negative impacts on their financial systems while also seizing opportunities for currency globalization [1][2]. Group 1: Importance of Stablecoins - Stablecoins have surpassed a market size of $250 billion globally, indicating their growing significance in the payment system [2]. - Visa's data predicts that by June 2025, adjusted stablecoin payment transactions will reach 1.6 billion, with a transaction value of $7.3 trillion [2]. - Citibank estimates that stablecoin market value could reach $3.7 trillion by 2030 under optimistic scenarios [2]. - Stablecoins offer advantages over traditional payment methods, such as fewer payment steps, shorter processes, and lower costs, especially in cross-border payments [2][3]. Group 2: Regulatory Developments - The U.S. and Hong Kong have enacted legislation to regulate fiat-backed stablecoins as payment tools, emphasizing the need for compliance and anti-money laundering measures [1][2]. - Countries like the UK and South Korea are also incorporating stablecoins into their legislative frameworks [1][2]. - The regulation aims to protect and promote fiat currency sovereignty while addressing risks posed by foreign stablecoins linked to local currencies [3][4]. Group 3: Implications for the Renminbi - The internationalization of the Renminbi is being supported by the development of Renminbi stablecoins, which could enhance its global competitiveness [1][4]. - The potential risks from foreign stablecoins linked to the Renminbi necessitate regulatory measures to mitigate impacts on the domestic financial system [4][6]. - The issuance of Renminbi stablecoins should focus on supporting emerging economic development rather than competing directly with U.S. dollar stablecoins [4][5]. Group 4: Central Bank Digital Currency (CBDC) and Stablecoins - The People's Bank of China is leveraging CBDC to address challenges in cross-border payments, with the CBDC bridge project processing payments in 6 to 9 seconds, significantly reducing costs [5]. - CBDCs and stablecoins serve complementary roles, with stablecoins primarily used for cross-border settlements and CBDCs for domestic transactions [5][6]. - The development of offshore Renminbi stablecoins could enhance the use of Renminbi in international payments, particularly in transactions involving non-Chinese enterprises [5][6].