Morgan: Offshore RMB stablecoins will validate practical use cases for cross-border settlements
2025-06-20 11:17:10
According to Morgan Stanley's latest research report, the Hong Kong Stablecoin Act-related policies essentially pave the first legal path for offshore RMB stablecoins. Backed by a deep offshore liquidity pool of about 1 trillion yuan in Hong Kong, offshore RMB stablecoins will validate practical use cases for cross-border settlement. The development of RMB stablecoins should be seen as a potential component of cross-border RMB settlement infrastructure, including RMB swap agreements, CIPS (RMB Cross-Border Interbank Payment System), and a global RMB clearing service network.
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