China International Capital Corporation Analysis of Stablecoin Economics: Current Status, Potential, and the Prospects of Digital Renminbi

[Coin World] China International Capital Corporation released an economic analysis of stablecoins, which points out: from the holder's perspective, stablecoins are private currencies, not government currencies. Digital technology enhances payment settlement efficiency but lacks decentralization. From the issuer's perspective, the stablecoin model is similar to a "narrow bank," which is not just a liability. The renminbi already has stablecoins: WeChat Pay and Alipay. From an economic mechanism point of view, platform currencies of third-party payment tools share similar functions with stablecoins. Currently, the user base for stablecoins in conventional retail payments is very small, with limited application scenarios. Third-party payment platforms like WeChat, Alipay, Apple Pay, and PayPal have already formed network effects and economies of scale, giving incumbents a first-mover advantage. The growth potential of USD stablecoins primarily benefits from the USD's status as an international currency, which can in turn promote dollarization. Hong Kong plays a proactive role as a controlled testbed for renminbi stablecoins and a regulatory correction field, which is beneficial for balancing the potential of technological innovation with maintaining the public good attributes of payments, financial stability, and national currency sovereignty across multiple dimensions.