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

According to the National Business Daily, 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 targeting fiat-backed stablecoins. From a global perspective, the ordinance has a demonstrative effect on stablecoin policymaking. In his view, 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, accelerating the formation of a stablecoin ecosystem in Hong Kong. In addition, by promoting the digital Renminbi and Hong Kong dollar stablecoins, dependence on the U.S. dollar clearing and settlement system can be gradually reduced. [National Business Daily]