TechFlow, July 15 — According to Jinshi Data, a CICC research report stated that we believe the widespread adoption of stablecoins will have limited impact on existing businesses such as WeChat Pay. Domestic third-party payments in China are essentially RMB-pegged "quasi-stablecoin" mechanisms, relying on legal reserves to ensure value stability. Moreover, domestic transaction fees are as low as a few basis points, significantly lower than the several percentage points charged by overseas platforms. Therefore, under the current efficient and low-cost mature third-party payment system, there is little necessity for independent blockchain-based stablecoins to gain popularity domestically, resulting in minimal disruption to existing services. On the other hand, internet companies involved in cross-border payments are more actively expanding into the stablecoin space. We believe these internet firms hold advantages in stablecoin initiatives: 1) User scenarios: Companies like Amazon have hundreds of millions of users and established payment environments (e.g., cross-border e-commerce), enabling rapid deployment of stablecoin applications; 2) Technical capabilities: Internet companies possess strong technical research and development expertise; 3) Ecosystem synergy: Integration between B2B (supply chain) and B2C (retail payments) creates a closed loop that enhances the network effect of stablecoins.
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