CICC: Stablecoins have the potential to become a new type of infrastructure

According to HT's financial report, Foresight News reports that the CICC research report suggests that stablecoins have the potential to become a new type of infrastructure. By analyzing the incentive-compatible mechanisms of various stablecoin participants, the report explores the potential impact of stablecoins on the financial market and international monetary system, and further discusses China's response strategies. We believe that the budding period of infrastructure presents an important development opportunity, and issuing offshore RMB stablecoins may be China's priority in participating in stablecoin development. However, it is important to note that stablecoins are merely the "technique" in promoting RMB internationalization. Whether the RMB can become a widely trusted international currency fundamentally depends on the "principle", namely the RMB's "legal anchor" and "functional anchor".