Recently, many scholars have suggested that combining digital RMB with RMB stablecoin has a clear policy guidance flavor. The former being the bottom layer of the latter, with the endorsement of the central bank, may not necessarily be a bad thing. Even banks are directly involved. It is impossible to achieve on chain circulation without violating foreign exchange controls, so it is highly likely to be in overseas and offshore scenarios. It is impossible and there is no demand domestically, and in the end, offshore RMB stablecoins also use digital RMB as the underlying layer.