Damo: Hong Kong plans to launch the US dollar and Hong Kong dollar-linked stablecoin first, and the CNH stablecoin may be backed by a trillion-dollar offshore RMB fund pool
2025-07-02 02:08:08
According to Hong Kong media reports, Morgan Stanley China Chief Economist Xing Ziqiang pointed out that Hong Kong will first promote stablecoins pegged to the US dollar and Hong Kong dollar to build technical and market trust, and then promote CNH stablecoins. Backed by Hong Kong's offshore RMB fund pool of 1 trillion yuan, CNH stablecoins can verify the practical use cases of cross-border settlement, while reminding that RMB internationalization is still a long-term battle. Financial infrastructure such as stablecoins alone is not enough. Stablecoins do not mean the establishment of a new super-sovereign international monetary system, but only an extension of fiat currencies.
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