Former Vice President of Bank of China: The accelerated development of US dollar stablecoins brings profound warnings to China

Wang Yongli, former deputy governor of the Bank of China, pointed out in a document that the market value of US dollar stablecoins has exceeded 240 billion US dollars, accounting for more than 99% of the global legal currency stablecoins, and the annual settlement volume exceeds 27.60 trillion US dollars, which has surpassed the scale of Visa and MasterCard. The United States has passed legislation to support the development of crypto assets and US dollar stablecoins, and is actively seizing the commanding heights of the digital financial field. It is of great strategic significance to enhance the international influence
Wang Yongli suggested that China adjust its crypto-asset and stablecoin policies, learn from Hong Kong's stablecoin supervision experience, and consider launching an offshore RMB stablecoin. At the same time, the digital RMB should break through the M0 and retail positioning, integrate resources to improve efficiency, and speed up the widespread use at home and abroad. He stressed that by combining the advantages of digital currency and digital identity, China is fully capable of achieving world leadership in the development of digital finance and digital economy.