Economic Observer: The reshaping effect of stablecoin cross-border payments can no longer be ignored, and Hong Kong is building a digital "outlet".

On June 20, the Economic Observer published an article titled "How to Break the Hong Kong Experiment of Offshore RMB Stablecoins", which pointed out that Hong Kong's "Stablecoin Ordinance" came into effect on May 30, and the United States also passed the "National Innovation Act for Guiding and Establishing American Stablecoins" (GENIUS Act). In the face of the global trend of digital asset regulation from disorderly germination to rule-based formation, Hong Kong has responded quickly and built a legal closed loop in the institutional vacuum, which may indicate that the experiment of offshore renminbi (CNH) stablecoins is approaching - and the digital path of renminbi internationalization is becoming clearer and more feasible. The CNH stablecoin has not yet been launched, but the entry into force of the Stablecoin Regulations has opened up institutional imagination for it. If Hong Kong takes the lead in piloting the CNH stablecoin, it may open up a new digital path for RMB internationalization and become a key fulcrum for the reconstruction of the cross-border payment system in the future. As a modern monetary tool that integrates monetary attributes and international payment functions, stablecoins are not only an indispensable infrastructure in the era of digital economy, but also a tool for rule games. Hong Kong's 2003 pilot project for personal RMB business laid the institutional foundation for RMB cross-border trade settlement in 2009, and now Hong Kong is once again standing at a watershed moment in the internationalization of RMB. The CNH stablecoin may become the next breakthrough in digital finance, ushering in the era of "Hong Kong Experience" 2.0. If the CNH stablecoin is regarded as an institutional incision for the internationalization of the RMB, it is not only possible to supplement the CIPS (Cross-border Payment System for Renminbi), but also to build a RMB channel independent of the SWIFT (International Funds Clearing System) system. In the technological race of global payment networks, Hong Kong is trying to build a digital "gateway" to the renminbi.