CICC: Stablecoins have the potential to become a new type of infrastructure

Zhongjin Research reported that we propose that stablecoins have the potential to become a new type of infrastructure, and by analyzing the incentive compatibility mechanisms of various participants in stablecoins, we look forward to the potential impact of stablecoins on financial markets and the international monetary system, and further explore China's response strategies. We believe that the budding stage of infrastructure is an important development opportunity, and issuing offshore RMB stablecoins or China's participation in stablecoin development is a priority choice; However, it should be noted that stablecoins are only a "trick" to promote the internationalization of the renminbi. Whether the renminbi can become a widely trusted international currency fundamentally depends on the "Dao", which is the "legal anchor" and "functional anchor" of the renminbi.