According to a report from 深潮 TechFlow on August 23, the website of the Hong Kong University of Science and Technology's Business School published an article titled "Opportunities and Challenges of Offshore RMB Stablecoin," which points out that the development prospects of offshore RMB stablecoins are determined by three factors: usage demand, underlying asset supply, and policy and regulatory support. In terms of demand, the primary application of RMB stablecoins in the future will focus on cross-border payments. Stablecoins can leverage their technological advantages of high payment efficiency, low costs, and convenient procedures to serve the real economy. Data shows that in 2024, the total cross-border RMB receipts and payments under the current account will reach 16 trillion yuan, which is eight times the total market capitalization of the two major stablecoins, USDT and USDC. In the medium to long term, this huge settlement volume is expected to gradually shift towards stablecoins.