大成研究 | 王杰等：人民币稳定币的发行路径、可行性及与RWA的协同发展研究

Group 1 - The article discusses the significance of issuing a Renminbi stablecoin in the context of global financial changes and the challenges posed by the dominance of the US dollar in the international monetary system [5][11]. - The issuance of a Renminbi stablecoin is seen as a way to enhance the internationalization of the Renminbi, improve cross-border trade efficiency, and address the limitations of the digital Renminbi [11][14]. - The global stablecoin market has grown rapidly, with a market size exceeding $240 billion, and 98% of these stablecoins pegged to the US dollar, highlighting the need for alternatives like the Renminbi stablecoin [10]. Group 2 - The article outlines various types of stablecoins, including fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, emphasizing the regulatory focus on fiat-collateralized stablecoins due to their stability and ease of understanding [6][7][9]. - The potential paths for issuing a Renminbi stablecoin include both domestic and offshore models, with suggestions for collaboration between financial institutions and regulatory bodies to ensure compliance and operational stability [18][20]. - Legal challenges such as currency sovereignty, regulatory clarity, and anti-money laundering compliance are identified as significant obstacles to the issuance of a Renminbi stablecoin, necessitating coordinated regulatory efforts [21][22][23]. Group 3 - The relationship between Renminbi stablecoins and Real-World Assets (RWA) is explored, indicating that stablecoins can support RWA transactions by providing price stability, liquidity, and cross-border payment capabilities [26][27]. - The feasibility of issuing a Renminbi stablecoin is supported by favorable policy environments, technological advancements, market demand, and the willingness of financial institutions to participate [30][31][32][33]. - The article concludes that the exploration of a Renminbi stablecoin could serve as a strategic tool to counter the digital dominance of the US dollar and facilitate China's integration into the global economy [42].