Song Ke, Executive Vice President of Renmin University of China Shenzhen Research Institute: Hong Kong dollar stablecoins provide more possibilities for the cross-border application of the digital RMB.

July 31 (UTC+8), July 31, Song Ke, Executive Vice President of the Shenzhen Research Institute of Renmin University of China, stated that Hong Kong's "Stablecoin Ordinance" is the world's first comprehensive regulatory framework for fiat-backed stablecoins. From a global perspective, the ordinance has a demonstrative effect on stablecoin policymaking. In his opinion, after the implementation of the "Stablecoin Ordinance", relevant institutions will be able to quickly transform the pilot experience accumulated in the early stage into actual products, and accelerate the formation of a stablecoin ecosystem in Hong Kong, China. In addition, by promoting the digital RMB and Hong Kong dollar stablecoins, the dependence on the US dollar clearing and settlement system can be gradually reduced. [Techflow]