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Written by: AIMan@Bitchain Vision
What is a hot topic in June 2025?That is definitely a stablecoin.
On June 6, 2025, the Hong Kong Gazette published an announcement announcing that the Hong Kong Stablecoin Ordinance will come into effect on August 1, 2025.
On the same day, Circle, the first US dollar stablecoin stock, was listed on the New York Stock Exchange at an issue price of US$31, with an increase of more than 160% on the first day and rose sharply to US$150 in the following days.
On June 17, the US Senate passed the GENIUS bill, and Web2 giants such as Amazon and Walmart were considering launching their own stablecoins, and Circle immediately rose sharply.As of press time, Circle has risen above $240.After 15 days of listing, Cirlce’s stock price has risen by nearly 7 times.
Also on June 17, JD.com founder Liu Qiangdong made a strong comeback.During his comeback speech, Liu Qiangdong focused on the stablecoin.
Not only Liu Qiangdong, but the Governor of the People’s Bank of China Pan Gongsheng also mentioned stablecoins for the first time at the annual Lujiazui Forum on June 18.
With the passage of stablecoin bills in Hong Kong and the United States, the crazy rise of Circle stocks, and the attention of Chinese top Chinese celebrities such as Liu Qiangdong and the central bank governor,Obviously, stablecoins have become a hot trend.
How to deal with the strong impact of the US dollar stablecoin?People from all walks of life, including government officials, entrepreneurs, economists, national think tanks, securities firms, etc., had a heated discussion on stablecoins, and related conferences, articles, research reports and speeches emerged one after another.It can be said that “stable currency will always be called”, triggering a lot of reflection and suggestions on RMB stablecoin, RMB internationalization and even cryptocurrency.
It is the stablecoin that has made the mainstream Chinese official into facing cryptocurrencies.Some people even made a 360-degree turn towards it.
In order to fully understand the latest views and attitudes of mainstream people from all walks of life in China, including the political circles, business circles, academics, etc. towards stablecoins and even cryptocurrencies, Bitchain Vision has specially compiled the speeches of people from all walks of life.From this we may be able to see the future measures of China to deal with the impact of the US dollar stablecoin in the future.as follows.
High-level government
The People’s Bank of China and the Hong Kong Monetary Authority:On the morning of June 20, the People’s Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony of the fast payment system interconnection between the Mainland and Hong Kong (referred to as Cross-border Payment Connection). The Cross-border Payment Connection was officially launched on June 22.Directly connected to the Hong Kong fast payment system through the mainland online payment cross-bank clearing system “fast number transfer” to provide residents of the two places with efficient, convenient and secure cross-border payment services.(Analysts generally believe thatThis move may form“Domestic RMB – Cross-border payments to Hong Kong – (HKD/RMB) stablecoins are circulating globally”New channel for internationalization of RMB)source:The People’s Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony of the cross-border payment port
Pan Gongsheng, the governor of the central bank, mentioned stablecoins for the first time:Emerging technologies such as blockchain and distributed ledgers promote the vigorous development of central bank digital currencies and stablecoins, realizes “payment is settlement”, reshapes the traditional payment system from the bottom, significantly shortens the cross-border payment chain, and also poses huge challenges to financial supervision.Technology such as smart contracts and DeFi will also continue to promote the evolution and development of the cross-border payment system.source:Some Thoughts on Global Financial Governance – The Keynote Speech by People’s Bank of China President Pan Gongsheng at the 2025 Lujiazui Forum
Zhou Xiaochuan, former Governor of the Central Bank:The dollar stablecoin may further promote the dollarization phenomenon due to the strong support of the dollar system behind it, more likely to have a global impact, and we must always be vigilant.In-depth research is needed to examine the potential impact of dollarization on different economies, especially in countries that have not yet been struggling with high inflation or high debt, whether dollarization is really suitable for them.source:Zhou Xiaochuan: US dollar stablecoins may assist in the US dollar transformation
Chan Mo-po, Financial Secretary for Hong Kong:Hong Kong is prudent in promoting the development of stablecoins, reflecting the functions of Hong Kong’s “firewall” and “test field” under “one country, two systems”, provide experience and reference for national financial development.Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currency currencies as anchor fiat currency for issuing stablecoins.source:Director’s Essay
Xu Zhengyu, Secretary for Financial Affairs and Treasury Affairs of Hong Kong:The Hong Kong Stablecoin Ordinance allows different fiat currencies to be used as the base benchmark for stablecoins.From a regulatory perspective, the possibility of stablecoins being pegged to RMB cannot be ruled out.If you want to do it, you must take into account the exchange rate and monetary policy of the entire country.source:Xu Zhengyu: Hong Kong regulations do not rule out the possibility of stablecoins being pegged to RMB
Investors and entrepreneurs
Liu Qiangdong, founder of JD Group:JD.com will apply for stablecoin licenses in major currencies around the world. Through stablecoin licenses, it can achieve exchanges between global companies, reduce the global cross-border payment cost by 90%, and increase the efficiency to within 10 seconds.I hope that one day when everyone consumes around the world, JD stablecoin can be used as a global payment method..source:Full text of Liu Qiangdong’s small-scale exchange meeting
Mai Gang, Angel Investor:At present, the introduction of the US dollar stablecoin bill is another important means of international currency competition. Now countries around the world are worried about the US debt repayment ability. The issuance of US dollar stablecoins provides huge purchasing power for US bonds. The United States’ strength lies in its turn of crisis into opportunity many times and even changes the rules of the game.It is recommended that relevant Chinese departments should take immediate action, formulate relevant systems and bills, and promote the issuance of stablecoins overseas.Because the globalization of the RMB is a major long-term strategy that concerns the well-being of the Chinese people..The circulation of physical goods made in China around the world is the strength of China’s national strength, but please remember that currency is also a special and highest level of goods. This is the basic knowledge that undergraduate tutorials tell us.I thinkThis is the so-called combination of soft power and hard power.source:Prophecy in 2013: Mai Gang talks about Bitcoin, currency war and the internationalization of the RMB
Liu Peng, CEO of JD Coin Chain Technology:We expect to obtain a license in the fourth quarter of this year and launch JD stablecoin at the same time.We expect that international trade in Asia-Pacific, Middle East, Africa, South America and Europe may be the first to use stablecoins issued in Hong Kong for payment and settlement.At the product technology level, there is little difference between issuing offshore RMB stablecoins and Hong Kong dollar stablecoins.Whether the offshore RMB stablecoin can eventually become a bank still depends on mainland supervision.source:Ten Questions: JD Coin Chain CEO: How is JD stablecoin progressing and when will it be launched?
Xiao Feng, Chairman of Wanxiang Blockchain:China’s cross-border e-commerce is an important beneficiary of the cross-border payment dividend of stablecoins.Stablecoins are far from being a simple “crypto-world dollar”. They are reshaping the form of value exchange with their powerful technical attributes and are expected to become a key hub connecting reality and virtuality, the present and the future, and humans and the machine economy.Its development process will profoundly affect the global financial landscape and the future direction of the digital economy.source:Xiao Feng: The future picture from distributed ledger to stablecoins
The goal of the US dollar stablecoin is to maintain the global mainstream currency of the US dollar. Its impact on China is multidimensional and is already in a stage where it must be actively responded.China may consider using Hong Kong as a test field to carry out an offshore RMB stablecoin pilot, explore its synergy mechanism with the central bank’s digital currency.source:Stablecoins: A new stage in currency evolution
Economists and national think tanks
Special planning of the “China Economic Times” stablecoin:“China Economic Times” hosts newspapers for the Development Research Center of the State Council
Shen Jianguang, chief economist of JD.com:The development of RMB stablecoin is a means to deal with the new US cryptocurrency policy and a new way to accelerate the internationalization of the RMB.It is better to launch offshore RMB stablecoin as soon as possible in Hong Kong, sooner rather than later.The development of stablecoins has extremely strong scale effect and network effect, and it is very difficult to send stablecoins later to catch up with the first stablecoins.source:Promote the internationalization of RMB with offshore RMB stablecoin
Deng Jianpeng, Professor of Central University of Political Science and Law:Global crypto asset regulation is shifting from the past to the “wild growth” to the current “rule reconstruction”. Faced with this trend,On the premise of sticking to the bottom line of financial security, China needs to avoid missing out on technological revolution opportunities due to policy lag, actively participate in rule formulation, and gain the right to speak.source:Deng Jianpeng: Global regulatory trends in crypto assets and China’s response
Li Yang, former vice president of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory:The United States promotes stablecoin legislation, and its legislative purpose clearly serves the interests of the US dollar.The stablecoin mechanism cleverly transforms the expansion of the crypto market into an extension of the influence of the US dollar on the chain.
We should pay attention to the development of stablecoins. Faced with the stablecoin wave, China needs to move forward in both directions..oneOn the one hand, we will firmly promote the internationalization of the RMB. On the other hand, we must see that the integration of stablecoins, cryptocurrencies and traditional financial systems will be difficult to reverse.
In terms of development path, we should make full use of the favorable conditions of Hong Kong and rely on its financial center status and existing institutional foundation to develop offshore RMB stable currency., build a controllable international payment channel.We should also create conditions to take advantage of the status of Shanghai’s international financial center and actively and steadily develop RMB stable currency.source:Li Yang: Faced with the stablecoin wave, China needs to move forward in both directions
Yang Tao, Deputy Director of the National Finance and Development Laboratory:Faced with the global stablecoin market and regulatory trends,First of all, my country should promote the relevant legislation on stablecoins as soon as possible. In the medium and long term, we can also study and explore the overall legislation on cryptocurrency supervision, and build the “long-arm jurisdiction principle” of my country’s Web3 finance in a layered and staged manner..In the short term, my country’s stablecoin exploration should focus on RMB stablecoins and gain a place in the global fiat-collateralized stablecoin market as soon as possible.source:Understand the theoretical and practical logic of RMB stablecoin
Shen Jianguang, chief economist of JD.com, published an article by the financial magazine under the joint office (formerly the “Joint Office of Research and Design of the Stock Exchange”):It is recommended that China first support the Hong Kong Special Administrative Region to pilot the launch of offshore RMB stablecoins as soon as possible, and then follow the gradual model of “offshore overseas first and then offshore domestically”, promote the development of offshore RMB stablecoins from the Hong Kong Special Administrative Region to the mainland free trade zone and free trade port, providing a new engine for the internationalization of the RMB.source:Shen Jianguang, Zhu Taihui, Wang Ruohan, the intention and revelation of the US stablecoin bill
Zhang Ming, Deputy Director of the Institute of World Economics and Politics, Chinese Academy of Social Sciences: The development of the US dollar stablecoin may enhance the US dollar’s position in global currencies.Other countries should attach great importance to and respond actively, and develop their own stablecoins or central bank digital currencies as soon as possible to ensure that they do not lag behind in the wave of digital currency competition.source:Zhang Ming: We should attach great importance to the development situation of global stablecoins
Shanghai Development Research Foundation:The Trump administration vigorously promoted the legislation of the dollar stablecoin in its second term. Its intention was not to promote financial innovation alone, but to multiple strategic considerations, including trying to maintain the dominance of the dollar, compete for the dominance of distributed financial rules, and provide new channels for U.S. bond demand.It is currently not feasible for China to issue and use RMB stablecoins in China. It is of positive significance to issue offshore RMB stablecoins overseas.In order to steadily promote the development of RMB stablecoin, it is recommended to adopt the model of “offshore overseas first, offshore domestically, and progress gradually”.source:Seminar: About Global Stablecoins and RMB Stablecoins
Liu Xiaochun: Former President of Zhejiang Commercial Bank and Vice President of Shanghai New Finance Research Institute:If China issues RMB stablecoins, its primary purpose should not be to compete with the US dollar stablecoins, but to serve the development of emerging economies and the internationalization of the RMB.source:What is the key to the success of a stablecoin?
Wang Yongli, former vice president of Bank of China:The stablecoins and crypto assets have become a must-fight and battle place between large merchants and even countries.China needs to adjust its policies on crypto assets and stablecoinsAt least, we should actively participate in the development of crypto assets and stablecoins overseas, accelerate the improvement of our own international competitiveness, and enhance the influence of international cooperation in this field.source:The accelerated development of US dollar stablecoins brings profound warning
Brokerage
CICC:The Hong Kong Stablecoin Act allows the issuance of non-USD stablecoins, which can expand the use of non-USD currencies in international payment, settlement, investment and financing scenarios, and accelerate the internationalization process.In short, the Hong Kong Stablecoin Act has a profound impact on the internationalization of currency.source:CICC: The potential impact of stablecoins on the financial system
Zhongtai Securities:At this stage, stablecoins are amplifiers of the circulation capacity of the US dollar.Stablecoins have not challenged the credit entity of the US dollar, but are quietly rewriting the circulation path of the US dollar, the choice of capital landing and the pricing method of global capital – this is a revolution about “path” rather than “currency”.Stablecoins have not subverted the dollar’s monetary status, but it is changing the way the dollar plays a global role.This is a quiet change in the way the US dollar system operates, and the impact may be more profound than what is seen on the surface.source:From US dollar hegemony to US dollar opening: How do stablecoins reconstruct global funding paths?
CICC:As an encrypted digital currency that anchors the prices of fiat currency or other asset, stablecoins are gradually evolving into new financial infrastructure, playing an important role in payment, cross-border settlement, digital asset transactions, DeFi and other fields, and playing a role in reconstructing the international financial system.source:Stablecoins: Reconstructing the international financial system
Huatai Securities:The United States and Hong Kong, China, have a positive attitude towards the formulation of regulatory rules for stablecoins.Stablecoins are seen as an important part of the future digital financial infrastructure, all hope to further expand the influence of legal currency and consolidate their respective financial centers by correctly managing stablecoins.source:Diversified Finance: Ten Questions Stable Coins
Galaxy Securities:China is expected to launch a RMB stablecoin in the future.First of all, the launch of the US dollar stablecoin will suppress “weak” currencies, and the RMB needs to improve its own usage scenarios.Secondly, China’s globalization process will inevitably need to join the on-chain financial system.Again, a strong country needs strong finance.Strong finance also needs to gain a foothold in the on-chain financial field.Finally, it will still take a long time for the RMB to surpass the US dollar under the traditional framework, and the blockchain monetary system gives the RMB the opportunity to overtake on the curve.source:Zhang Jun: Stablecoin walks out of the jungle
Investment Promotion Macro:Stablecoins have intervened in the competition and reshaping of the international monetary system at a deep level, becoming a strategic tool for China and the United States in the field of currency competition in the digital economy.The US dollar stablecoin continues to consolidate the global currency hegemony of the US dollar, and the Hong Kong dollar stablecoin and offshore RMB stablecoin provide a new path to the internationalization of the RMB, will become a major breakthrough in promoting the internationalization of the RMB and provide an important carrier for the reconstruction of RMB assets.source:The essence and investment value of stablecoins
