Overview
The 256th Grand Finance Thought Salon, jointly organized by Renmin University's Shenzhen Research Institute and International Monetary Institute (IMI), successfully convened on June 21, 2025. This academic gathering brought together leading experts to examine "Global Stablecoin Development Trends and Policy Evolution" through keynote speeches and panel discussions.
Key Participants
- Wang Yongli (Co-Chairman, Digital China Information Service Group)
- Zhu Taihui (Senior Research Fellow, National Finance and Development Laboratory)
- Panelists included renowned academics from Hong Kong International Finance Society, Tsinghua University, and Shanghai Finance & Development Laboratory
Core Discussions
1. Dollar-Denominated Stablecoins: Opportunities and Warnings
Wang Yongli's Analysis:
- Stablecoins like USDT initially emerged as bridges between crypto assets and traditional fiat systems
- Rapid expansion has highlighted regulatory gaps, prompting recent legislative actions in the U.S. and Hong Kong
Key regulatory requirements now include:
- Full reserve backing
- Licensed operations
- Interest payment prohibitions
👉 Discover how stablecoins are reshaping global finance
2. Global Stablecoin Ecosystem Evolution
Zhu Taihui's Framework:
- Operational Models: Stablecoins combine crypto technology with fiat stability
Market Impact:
- USD stablecoins reinforce dollar dominance through new circulation mechanisms
- Potential for RMB stablecoins to advance currency internationalization
Regulatory Pillars:
- Functional scope definition
- Issuer qualifications
- Operational standards
- Reserve management
- AML compliance
Regional Perspectives
Hong Kong's Strategic Position
Xiao Geng's Recommendations:
Develop RMB-anchored stablecoins to:
- Reduce cross-border transaction costs
- Create independent monetary ecosystems
- Enhance financial infrastructure resilience
Technological Bridges
Tang Ke's Observations:
- Stablecoins effectively connect blockchain with traditional finance
Successful models demonstrate:
- Physical asset collateralization
- Balanced centralized/decentralized governance
- Progressive licensing frameworks
Systemic Implications
International Monetary Shifts
Zeng Gang's Perspective:
- Stablecoins represent transitional assets during dollar system transformation
Potential long-term effects:
- Diversification of reserve assets
- Emergence of new monetary mechanisms
- Gradual move toward multi-asset systems
RMB Internationalization Pathways
Tu Yonghong's Proposal:
Leverage China's digital economy leadership through:
- Dual-track CBDC/stablecoin systems
- Offshore market pilots (e.g., Hainan Free Trade Port)
- Sandbox regulatory approaches
FAQ Section
Q1: What distinguishes stablecoins from other cryptocurrencies?
A: Stablecoins maintain price stability through collateralization (fiat, commodities, or algorithms), unlike volatile assets like Bitcoin.
Q2: How do stablecoins impact traditional banking?
A: They create new channels for payment efficiency but require careful integration with existing financial infrastructure.
Q3: Why is RMB stablecoin development strategically important?
A: It provides tools for circumventing dollar dominance while maintaining monetary policy independence.
Q4: What are the key regulatory challenges?
A: Balancing innovation with risk management across jurisdictions with varying legal frameworks.
👉 Explore the future of digital currencies
Conclusion
This salon highlighted stablecoins' dual role as both financial innovation and policy challenge. As the technology matures, its integration with national monetary strategies—particularly for currency internationalization—will require continued academic and regulatory collaboration. The discussions underscored China's unique position to shape this evolving landscape through coordinated institutional and technological development.
Academic Note: The Grand Finance Thought Salon series honors Professor Huang Da's pioneering work in developing China's "macro-finance" theoretical framework.
Key SEO Elements Incorporated:
- Primary Keywords: stablecoin, policy evolution, digital currency, RMB internationalization, financial regulation
- Secondary Keywords: crypto assets, monetary system, cross-border payments, blockchain technology
- Semantic Structure: Hierarchical headings with logical progression