[Zhu Guangyao: Suggest incorporating the Renminbi stablecoin into the top-level planning of the national financial strategy]

Former Vice Minister of Finance Zhu Guangyao shared his observations on the recent dynamics of stablecoins during a closed-door seminar titled "The Future of Stablecoins" held by the New Economist Think Tank. He interpreted the adjustments in U.S. policy regarding stablecoins and, after analyzing data related to stablecoins, proposed a policy path for our country to address stablecoins from a macro perspective.

When discussing how fiat-pegged stablecoins affect the international monetary system and international financial order, Zhu Guangyao stated that stablecoins pegged to the US dollar will initiate the third phase of the Bretton Woods system. Regarding what strategy China should adopt to respond to the issue of stablecoins, Zhu Guangyao believes it can be advanced from three aspects.

First, we should make full use of the offshore market's pilot program in the Hong Kong Special Administrative Region. The Hong Kong "Stablecoin Ordinance" will officially take effect on August 1 this year. As a window for China's foreign engagement, Hong Kong provides a key platform to practice relevant measures. It is essential to fully recognize and leverage this role of Hong Kong and to strengthen policy communication between the financial regulatory authorities of the mainland and Hong Kong, while also firmly seizing this valuable window of opportunity.

Second, the core strategy of stablecoins must revolve around the Renminbi. Whether it is offshore Renminbi or onshore Renminbi, it is necessary to promote the establishment of stablecoins pegged to the Renminbi. While supporting the Hong Kong banking system, Renminbi stablecoins must be incorporated into the overall design of the national financial strategy for systematic planning.

Third, closely monitor the usage of stablecoins pegged to fiat currencies globally, particularly in the following three aspects. First, closely monitor the implementation of the stablecoin legislation once it becomes law on August 1, as Trump mentioned; second, monitor the promotion of stablecoins pegged to fiat currencies in different regions and countries; finally, observe the role played by national governments, regulatory agencies, and commercial institutions in the issuance of stablecoins pegged to fiat currencies!
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