BlockBeats News, June 27th, the People's Bank of China (PBOC) released an economic analysis of stablecoins, pointing out that from the holder's perspective, stablecoins are private currency, not government currency. Digital technology enhances payment settlement efficiency but lacks decentralization. From the issuer's perspective, the stablecoin model is similar to a "narrow bank" and is not just a liability. The Chinese Yuan already has stablecoins: WeChat Pay, Alipay. From an economic mechanism perspective, third-party payment platform currencies and stablecoins have similar functions.
Currently, stablecoins have a small user base in regular retail payments, with limited use cases. Third-party payment platforms such as WeChat, Alipay, Apple Pay, PayPal have formed network effects and economies of scale, enjoying a first-mover advantage. The growth potential of USD stablecoins is primarily due to the US dollar's international currency status, which can, in turn, promote dollarization. Hong Kong serves as a controlled test field for RMB stablecoins and a regulatory adjustment site, playing a positive role in balancing the potential of technological innovation, maintaining the public good attributes of payment, financial stability, and national monetary sovereignty, among other multidimensional relationships.
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