TechFlow news, July 10 — Yang Tao, Deputy Director of the National Institute of Financial Development at the Chinese Academy of Social Sciences, suggested in a column for 21st Century Business Herald that RMB stablecoins should adopt a linked development model integrating onshore-offshore and offshore-offshore approaches.
Yang Tao stated that stablecoins built on the Web3.0 ecosystem have surpassed traditional onshore and offshore categories, and called for proactive research and regulatory efforts from the perspectives of financial security and monetary sovereignty.
He specifically proposed two models: establishing an RMB stablecoin issuing institution (CNYC) in the Shanghai Free Trade Zone, or directly minting stablecoins on-chain through digital RMB operating institutions; while simultaneously issuing offshore RMB stablecoins (CNHC) in Hong Kong, forming a dual system across domestic and overseas markets.
Yang emphasized that exploration of RMB stablecoins must strictly control risks, proceed gradually with moderate scale, and accelerate the formulation of relevant laws and regulations to strengthen China's voice in global legal competition over stablecoins.
