TechFlow, on June 3, Wang Yongli, former deputy governor of Bank of China, stated that the market capitalization of dollar-pegged stablecoins has surpassed $240 billion, accounting for over 99% of global fiat-backed stablecoins, with annual settlement volume exceeding $27.6 trillion—surpassing both Visa and MasterCard in scale. He noted that the United States is actively securing a dominant position in digital finance and enhancing the international influence of the dollar by legislating support for crypto assets and dollar stablecoins, which holds significant strategic importance.
Wang urged China to adjust its policies on crypto assets and stablecoins, learn from Hong Kong's stablecoin regulatory experience, and consider launching an offshore RMB stablecoin. Meanwhile, digital RMB should move beyond its current M0 and retail-focused positioning, integrate resources to improve efficiency, and accelerate widespread adoption domestically and internationally. He emphasized that by leveraging the advantages of digital currency and digital identity, China could potentially achieve global leadership in digital finance and digital economy development.
