CICC: Internet companies have advantages in the layout of stablecoins

According to Jinshi, CICC released a research report stating that it believes the popularization of stablecoins has limited impact on existing businesses such as WeChat Pay. Domestic third-party payment is essentially a "quasi-stablecoin" mechanism pegged to the RMB, relying on legal reserves to ensure currency stability, and the domestic fee rate is as low as a few thousandths, which is far better than the few percent of overseas platforms. Therefore, it believes that under the current efficient and low-cost mature third-party payment system, the necessity of independent blockchain stablecoins becoming popular in China is not high, so the impact on existing businesses is limited. On the other hand, internet companies related to cross-border payments are more actively deploying in the stablecoin field. It believes that internet companies have advantages in the deployment of stablecoins: user scenarios (companies such as Amazon have hundreds of millions of users and mature payment scenarios, which can quickly promote stablecoin applications); technical capabilities (internet companies have technical R&D capabilities); ecological synergy (B-end "supply chain" + C-end "retail payment" closed loop can strengthen the stablecoin network effect. [Foresight News]