⚡ The National Finance and Development Laboratory has issued a document suggesting that the exploration of RMB stablecoins be promoted simultaneously in the Shanghai Free Trade Zone and Hong Kong. The signal is very clear! I have read the original text and summarized a few key points: 👇 one ️⃣ The regulatory perspective has changed The RMB stablecoin is no longer just a defense against the US dollar USDT, nor is it a passive posture of "overseas trial, domestic follow-up". Instead, it should actively build a closed-loop of stablecoin issuance business from the perspective of monetary sovereignty and financial security. two ️⃣ Formation of dual currency model CNYC: Domestic offshore stablecoins, mainly in Shanghai, with an electronic fence, focusing on cross-border settlement, and capital flow all within the regulatory scope, with the goal of stability. CNHC: Overseas offshore stablecoin, mainly promoted by Hong Kong, aims to connect Web3 scenarios, DeFi liquidity, and RWA payment needs, with the goal of expanding. three ️⃣ Institutional and logical design Reserve assets include not only cash and treasury bond, but also digital RMB; Identity, custody, and anti money laundering compliance all need to be done; On chain addresses should also be identifiable and controllable, fully integrating on chain and regulatory perspectives. Anyway, from my perspective—— In the context of China, the starting point of stablecoins has always been a monetary tool, not the kind of 'free market currency revolution' you imagine. There is no doubt that players in the future stablecoin race will be qualified entities with licenses, identities, supervision, and responsibilities. Anyway, taking the first step is the driving force for the rise. Welcome to the first year of the RMB on chain!