JD.com Executive: Proposes Offshore RMB Stablecoin to Boost RMB Internationalization

BlockBeats News, June 13 - JD Group's Chief Economist Shen Jianguang and Senior Research Director Zhu Taihui published an article titled "Boosting RMB Internationalization with Offshore RMB Stablecoin" in the China Economic Times, which is hosted by the Development Research Center of the State Council. The article points out that issuing an RMB stablecoin aligns with the global trend of stablecoin development, serves as a response to the U.S.'s new cryptocurrency policies, and represents a new lever to accelerate RMB internationalization. Developing offshore RMB stablecoins is a key method to mitigate the uncertainties posed by the development of the "digital currency bridge" and would not affect mainland China's monetary policy regulation or cross-border capital management.

A gradual approach should be adopted in development, starting with accumulating experience and refining mechanisms in Hong Kong, and then rolling out from Hong Kong to mainland pilot free trade zones and free trade ports following a “offshore-first, then onshore-offshore” model. This progression would progressively strengthen support for RMB internationalization. To ensure risk control, the initial users could be limited to institutional clients and "qualified investors," with eventual gradual expansion to retail users and the general public. (China Economic Times)