On June 5th, SDRF held an internal symposium, inviting experts and scholars from Beijing, Shanghai and Hong Kong to discuss the significant impact of stablecoins and our response strategies. The participants included Liu Xiaochun, Vice President of the Shanghai New Finance Research Institute, Director of the China Institute of Shanghai Jiao Tong University, and director of the Shanghai Financial Digitalization Research Center; Zou Chuanwei, Chief economist of Wanxiang Blockchain and director of the Frontier Finance Research Center of the Shanghai Finance and Development Laboratory; and Zhu Taihui, Vice President of the JD Economic Development Research Institute and a specially-appointed researcher of the National Finance and Development Laboratory. Tang Weicheng, Director of the Financial Research Center of Ant Group Research Institute, Zhao Jiangong, founder and president of NVTechnology, Song Shuang, assistant researcher of the International Finance Department of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, Wu Xinru, Professor of International Finance at East China Normal University, and colleagues of SDRF. Wang Yongli, the former vice president of the Bank of China, made a written speech.
A relatively consistent view is that stablecoins can enable rapid cross-border payments and settlements, but they also carry risks, such as run risks, regulatory arbitrage and cross-border risks, and systemic financial risks. During its second term, the Trump administration vigorously promoted legislation on US dollar stablecoins. Its intention was not merely to promote financial innovation, but rather based on multiple strategic considerations, including an attempt to maintain the dominance of the US dollar, compete for the initiative in distributed financial rules, and provide new channels for the demand of US debt. At present, it is not feasible for China to issue and use RMB stablecoins within its territory. Issuing offshore RMB stablecoins abroad is of positive significance. To steadily promote the development of RMB stablecoins, it is suggested to adopt a model of "first offshore offshore, then domestic offshore, and gradually advance".