CICC: Stablecoins have the potential to become a new type of infrastructure

According to the China Gold Research Report, stablecoins have the potential to become a new type of infrastructure, and by analyzing the incentive compatibility mechanism of various participants in stablecoins, we can look forward to the potential impact of stablecoins on financial marekts and the international monetary system, and further explore China's countermeasures. The research report believes that the embryonic stage of infrastructure is an important development opportunity, and the issuance of offshore RMB stablecoins or China's participation in the development of stablecoins is a priority choice; however, it should be noted that stablecoins are only "techniques" to promote the internationalization of the RMB. Whether the RMB can become a widely trusted international currency fundamentally depends on the "Tao", that is, the "legal anchor" and "functional anchor" of the RMB.