CICC: It is not necessary for independent blockchain stablecoins to be popularized in China

CICC released a research report saying that judging the popularity of stablecoins has limited impact on stock services such as WeChat Pay. Domestic third-party payment is essentially a "stablecoin-like" mechanism that anchors the RMB, relying on legal reserves to ensure the stability of the currency value, and the domestic rate is as low as a few thousandths, far better than a few percent of overseas platforms. Therefore, it is believed that under the current efficient and low-cost mature third-party payment system, the popularity of independent blockchain stablecoins in China is not necessary, so the impact on stock services is limited. On the other hand, Internet companies related to cross-border transfer are more actively deploying the stablecoin field. It is believed that Internet companies have advantages in stablecoin layout: 1) User scenarios: Amazon and other companies have hundreds of millions of users and mature payment scenarios (such as cross-border e-commerce), which can quickly promote stablecoin applications; 2) Technical capabilities: Internet companies have technology research and development capabilities; 3) Ecological collaboration: B-end (supply chain) + C-end (retail payment) closed-loop can strengthen stablecoin network effects. (Jin Ten)