青晨

Since May 2025, the United States and Hong Kong have been competing to advance stablecoin legislation, leading to a surge in global stablecoin and cryptocurrency (also known as 'digital currency' or 'virtual currency') legislation. Many institutions and capital are eager to issue stablecoins and invest in cryptocurrencies, which has sparked heated discussions in China about whether to fully promote stablecoin legislation and the development of the renminbi stablecoin (including offshore variants). After the U.S. legislation prohibited the Federal Reserve from issuing a digital dollar, the debate over whether China should continue to advance the digital renminbi has also become a hot topic.

For China, this involves the direction and path selection of national currency development. With the global spread of dollar stablecoins, increasingly sharp and complex international relations, and intensified international currency competition, the impact on how to innovate and develop the renminbi while maintaining national security, and achieving the strategic goal of a strong currency and financial powerhouse is significant and far-reaching. It is essential to analyze calmly and make precise decisions early, avoiding indifference or indecision, and also not blindly following trends to commit fundamental directional errors.