TechFlow news, on June 21, Li Yang, academician of the Chinese Academy of Social Sciences and chairman of the National Institution for Finance and Development, stated that the U.S. push for stablecoin legislation aims to strengthen the dollar's position, modernize payments, and create new demand for U.S. debt. Stablecoins are essentially an extension of the dollar on the blockchain. In the face of this trend, China should firmly advance RMB internationalization and adapt to the convergence of stablecoins and traditional finance by promoting complementary development between RMB stablecoins and central bank digital currency. Li Yang suggested fully leveraging Hong Kong's advantages to develop offshore RMB stablecoins and build a controllable international payment channel.
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