Chairman of the National Institution for Finance and Development: Stablecoins will form a new interconnected model with fiat currencies

Li Yang, Chairman of the National Institution for Finance and Development, recently analyzed stablecoins from five perspectives at a seminar on "The Development Prospects of RMB Stablecoins": He pointed out that stablecoins are not real currencies, but rather intermediary tools for payment and clearing driven by technology, which will form a new interconnected model with legal tender; he emphasized that sovereign currency is irreplaceable, and stablecoins cannot bypass exchange and the national right to issue currency; he believes that technological innovation should not challenge national monetary sovereignty, but should coordinate and evolve with central bank digital currencies and private payment systems; he suggested promoting the internationalization of the RMB, both internally and externally, exploring the development path of onshore and offshore RMB stablecoins, and establishing a fusion mechanism with digital RMB and the central bank custody system to guide stablecoins and legal tender to jointly build the future payment landscape. [Wu Blockchain]