Xiao Feng suggests building a two-layer architecture to connect the Renminbi stablecoin to the central bank digital currency system.

Xiao Feng, Chairman of HashKey Group, stated that consideration could be given to connecting a Renminbi stablecoin with the central bank digital currency (CBDC) issued by the People's Bank of China to form a two-tier architecture, allowing licensed stablecoin issuers to open CBDC accounts. This architecture would combine the central bank's experience and technological achievements in CBDC research and development while mobilizing market forces. Moreover, allowing the central bank digital currency to become a wholesale-layer digital currency and the Renminbi stablecoin to play a role in retail and cross-border payments would greatly accelerate the internationalization of the Renminbi.