What will be a hot topic in both China and the United States in June 2025 ? It must be stablecoins.
On June 6, 2025, an announcement was published in the Hong Kong Gazette 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, was listed on the New York Stock Exchange at an issue price of US$31. Its first-day increase exceeded 160%, and it continued to rise to US$150 in the following days.
On June 17, the US Senate passed the GENIUS Act. Web2 giants such as Amazon and Walmart have considered launching their own stablecoins, and Circle has surged again. As of press time, Circle has risen above $240. In 15 days since its listing, Circle's stock price has risen nearly 7 times.
Also on June 17, JD.com founder Liu Qiangdong made a strong comeback. In his comeback speech, Liu Qiangdong specifically mentioned stablecoins.
Not only Liu Qiangdong, but also Pan Gongsheng, governor of the People's Bank of China, mentioned stablecoin 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’s stock, and the attention of China’s top figures such as Liu Qiangdong and the central bank governor to stablecoins, it is obvious that stablecoins have become a hot topic.
How to deal with the strong impact of the US dollar stablecoin? People from all walks of life, including senior government officials, entrepreneurs, economists, national think tanks, securities firms, etc., have held heated discussions on stablecoins. Relevant conference calls, articles, research reports, and speeches have emerged in an endless stream. It can be said that "stablecoins are always mentioned", which has triggered a lot of reflections and suggestions on RMB stablecoins, RMB internationalization, and even encryption policies.
It is stablecoins that have made the Chinese mainstream begin to take cryptocurrencies seriously. Some people even made a 360-degree turn in their attitude 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, business, and academic circles, on stablecoins and even cryptocurrencies, Jinse Finance has compiled the speeches of relevant people from all walks of life, from which we may be able to get a glimpse of China's future measures to deal with the impact of the US dollar stablecoin. As follows.
Senior government officials
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 a launching ceremony for the interconnection of the mainland and Hong Kong fast payment systems (referred to as cross-border payment pass), and the cross-border payment pass was officially launched on June 22. Through the direct connection between the mainland online payment interbank clearing system and the Hong Kong fast payment system "FPS", efficient, convenient and secure cross-border payment services are provided to residents of both places. (Analysts generally believe that this move may form a new channel for the internationalization of the RMB, "domestic RMB - cross-border payment pass to Hong Kong - (HKD/RMB) stable currency global circulation") Source: The People's Bank of China and the Hong Kong Monetary Authority jointly held a launching ceremony for the cross-border payment pass
Pan Gongsheng, Governor of the Central Bank, mentioned stablecoins for the first time: Emerging technologies such as blockchain and distributed ledgers have promoted the vigorous development of central bank digital currencies and stablecoins, realized "payment is settlement", reshaped the traditional payment system from the bottom up, greatly shortened the cross-border payment chain, and posed huge challenges to financial supervision. Technologies 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 - Keynote Speech by Pan Gongsheng, Governor of the People's Bank of China, at the 2025 Lujiazui Forum
Zhou Xiaochuan, former governor of the central bank: The US dollar stablecoin may further promote the dollarization phenomenon due to the strong support of the US dollar system behind it, and it is more likely to have a global impact. We must always remain vigilant. We need to conduct in-depth research on the potential impact of dollarization on the economies of different countries, especially in those countries that have not yet fallen into high inflation or high debt, whether dollarization is really suitable for them. Source: Zhou Xiaochuan: US dollar stablecoin may assist dollarization
Paul Chan, Financial Secretary of Hong Kong: Hong Kong's steady and prudent promotion of stablecoin development reflects Hong Kong's function as a "firewall" and "experimental field" under the "one country, two systems" principle, and provides experience and reference for the country's financial development. Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the anchor currency for issuing stablecoins. Source: Secretary's Essay
Xu Zhengyu, Secretary for Financial Services and the Treasury of Hong Kong: Hong Kong's Stablecoin Ordinance allows different legal currencies to be used as the underlying benchmark of stablecoins. From a regulatory perspective, the possibility of stablecoins being pegged to the RMB cannot be ruled out. If this is to be done, the exchange rate and monetary policy of the entire country must be taken into account. Source: Xu Zhengyu: Hong Kong regulations do not rule out the possibility of stablecoins being pegged to the RMB
Investors and entrepreneurs
Liu Qiangdong, founder of JD.com: JD.com will apply for stablecoin licenses in major currency countries around the world. Through stablecoin licenses, we can realize exchange between global companies, reduce global cross-border payment costs by 90%, and increase efficiency to within 10 seconds. I hope that one day when everyone consumes around the world, JD.com stablecoin can be used as a global means of payment. 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 heavyweight means of international currency competition. Now countries around the world are worried about the United States' debt repayment ability. The issuance of the US dollar stablecoin provides huge purchasing power for US debt. The strength of the United States lies in its repeated transformation of crises into opportunities and even changing the rules of the game. It is suggested that relevant Chinese departments should take immediate action to formulate relevant systems and bills to promote the issuance of RMB stablecoins overseas. Because the globalization of the RMB is a major long-term strategy related to the well-being of the Chinese people. The circulation of physical goods made in China around the world is a testament to the strength of China's national strength, but please remember that currency is also a special and highest-level commodity. This is the basic knowledge that undergraduate courses teach us. I think this is the so-called combination of soft power and hard power. Source: Prophecy of 2013: Mai Gang on Bitcoin, Currency Wars and the Internationalization of the RMB
Liu Peng, CEO of JD CoinChain Technology: We expect to be issued a license in the early fourth quarter of this year and launch the JD Stablecoin at the same time. We expect that international trade in Asia Pacific, the Middle East, Africa, South America and Europe may first use stablecoins issued in Hong Kong for payment and settlement. In terms of product technology, there is little difference between issuing offshore RMB stablecoins and Hong Kong dollar stablecoins. Whether the offshore RMB stablecoin can be implemented in the end still depends on mainland supervision. Source: Ten Questions for JD CoinChain CEO: How is the progress of JD Stablecoin 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". With its powerful technical attributes, it is reshaping the form of value exchange and is expected to become a key hub connecting reality and virtuality, the present and the future, and the human and machine economy. Its development process will profoundly affect the global financial landscape and the future direction of the digital economy. Source: Xiao Feng: From distributed ledgers to the future vision of stablecoins
The goal of the US dollar stablecoin is to maintain the US dollar's position as the world's mainstream currency. Its impact on China is multi-dimensional and has reached a stage where it must actively respond. China can consider using Hong Kong as a test field to carry out an offshore RMB stablecoin pilot and explore its coordination mechanism with the central bank's digital currency. Source: Stablecoin: A new stage in the evolution of currency
Economists and national think tanks
"China Economic Times" Stablecoin Special Planning: "China Economic Times" is a newspaper sponsored by the Development Research Center of the State Council
Shen Jianguang, Chief Economist of JD Group: Developing RMB stablecoins is a means to deal with the new US cryptocurrency policy and a new tool to accelerate the internationalization of RMB. It is better to launch offshore RMB stablecoins in Hong Kong as soon as possible. The development of stablecoins has a strong scale effect and network effect. It is very difficult for late-comers to catch up with early-comers. Source: Promoting RMB internationalization with offshore RMB stablecoins
Deng Jianpeng, Professor at the Central University of Political Science and Law: Global crypto asset regulation is shifting from the past "wild growth" to today's "rule reconstruction". In the face of this trend, China needs to adhere to the bottom line of financial security, avoid missing out on the opportunity of technological revolution due to policy lags, and actively participate in rule-making to gain the right to speak. Source: Deng Jianpeng: Global Crypto Asset Regulatory Trends 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 is clearly to serve 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 attach importance to the development of stablecoins. Facing the wave of stablecoins, China needs to advance on two tracks. On the one hand, we must firmly promote the internationalization of the RMB. On the other hand, we must see that the integration and development trend of stablecoins, cryptocurrencies and traditional financial systems will be difficult to reverse.
In terms of development path, we should make full use of Hong Kong's favorable conditions, rely on its status as a financial center and its existing institutional foundation, develop offshore RMB stablecoins, and build controllable international payment channels. We should also create conditions, take advantage of Shanghai's status as an international financial center, and actively and steadily develop RMB stablecoins. Source: Li Yang: Facing the wave of stablecoins, China needs to advance on two tracks
Yang Tao, deputy director of the National Financial and Development Laboratory: In the face of the global stablecoin market and regulatory trends, China should first promote stablecoin-related legislation as soon as possible. In the medium and long term, it can also study and explore the overall legislation of cryptocurrency regulation, and build China's Web3 financial "long-arm jurisdiction principle" in a hierarchical and phased manner. In the short term, China's stablecoin exploration should focus on RMB stablecoins and occupy a place in the global legal currency-collateralized stablecoin market as soon as possible. Source: Understanding the Theoretical and Practical Logic of RMB Stablecoins
Shen Jianguang, chief economist of JD.com, published an article in a financial magazine under the Joint Office (formerly the "Joint Office of Stock Exchange Research and Design"): It is recommended that China, in light of its national conditions, 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 "first offshore and then domestic offshore" to promote the development of offshore RMB stablecoins from the Hong Kong Special Administrative Region to the mainland's free trade zones and free trade ports, providing a new engine for the internationalization of the RMB. Source: Shen Jianguang, Zhu Taihui, Wang Ruohan, The Intention and Enlightenment of the US Stablecoin Act
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 status of the US dollar in the global currency. Other countries should attach great importance to it and actively respond to it, and develop their own stablecoins or central bank digital currencies as soon as possible to ensure that they will not fall behind in the wave of digital currency competition. Source: Zhang Ming: We should attach great importance to the development of global stablecoins
Shanghai Development Research Foundation: The Trump administration vigorously promoted the legislation of the US dollar stablecoin in its second term. Its intention was not to promote financial innovation alone, but was based on multiple strategic considerations, including trying to maintain the dominance of the US dollar, competing for the dominance of decentralized financial rules, and providing new channels for the demand for US debt. It is not feasible for China to issue and use RMB stablecoins domestically at present. It is of positive significance to issue offshore RMB stablecoins overseas. In order to steadily promote the development of RMB stablecoins, it is recommended to adopt the model of "first offshore, then domestic, and gradually advance". Source: Seminar: On Global Stablecoins and RMB Stablecoins
Zou Chuanwei, Director of the Front-end Financial Research Center of the Shanghai Finance and Development Laboratory: The US dollar stablecoin has promoted "dollarization" on a global scale in digital form. This digital form of "dollarization" has further enhanced the international status of the US dollar, eroded the monetary sovereignty of other countries, and may aggravate the imbalance of the economic structure of these countries. Can China use stablecoin technology? Under the linked exchange rate system, the Hong Kong dollar is pegged to the US dollar. The Hong Kong dollar stablecoin mainly expands the payment channels and scenarios of the Hong Kong dollar rather than competing with the US dollar stablecoin. In mainland China, mobile payments are highly developed, and onshore RMB stablecoins are of little significance and are difficult to be compatible with capital project management. In comparison, offshore RMB stablecoins are a more worthy issue to discuss. Source: Facing and responding to the challenges of US dollar stablecoins
Liu Xiaochun: Former President of Zheshang Bank and Vice President of Shanghai New Finance Research Institute: If China issues a RMB stablecoin, its primary purpose should not be to compete with the US dollar stablecoin, 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 the Bank of China: The field of stablecoins and crypto assets has become a battleground for large businesses and even countries. China needs to adjust its policies on crypto assets and stablecoins, at least actively participate in the development of crypto assets and stablecoins overseas, accelerate the improvement of its international competitiveness, and enhance the influence of international cooperation in this field. Source: The accelerated development of US dollar stablecoins brings profound warnings
Brokerage
CICC: The Hong Kong Stablecoin Act allows the issuance of non-US dollar stablecoins, which can expand the use of non-US dollar currencies in international payment, settlement, investment and financing, and accelerate the internationalization process. In short, the Hong Kong Stablecoin Act has a far-reaching impact on the internationalization of currency. Source: CICC: The potential impact of stablecoins on the financial system
Zhongtai Securities: At the current stage, stablecoins are an amplifier of the circulation capacity of the US dollar. Stablecoins do not challenge the credit of the US dollar, but they are quietly rewriting the circulation path of the US dollar, the choice of where funds fall, and the pricing method of global capital - this is a revolution about "path" rather than "currency". Stablecoins have not subverted the currency status of the US dollar, but they are changing the way the US dollar plays a global role. This is a quiet change in the way the US dollar system is implemented, and the impact may be more profound than what is seen on the surface. Source: From US dollar hegemony to US dollar on the chain: How do stablecoins reconstruct the global capital path?
CITIC Securities: Stablecoins, as encrypted digital currencies anchored to fiat currencies or other asset prices, are gradually evolving into a new type of 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. Both countries hope to further expand the influence of legal tender and consolidate their respective financial center positions by properly managing stablecoins. Source: Multi-Finance: Ten Questions on Stablecoins
Galaxy Securities: China is expected to launch RMB stablecoins in the future. First, 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 must join the on-chain financial system. Thirdly, a strong country needs a strong finance. Strong finance also needs to occupy a place 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 currency system gives the RMB the opportunity to overtake on the curve. Source: Zhang Jun: Stablecoins Out of the Jungle
CMB Macro View: Stablecoins have been deeply involved in the competition and reshaping of the international monetary system, and have become a strategic tool for the US and China in the currency competition in the digital economy. The US dollar stablecoin continues to consolidate the global currency hegemony of the US dollar. The Hong Kong dollar stablecoin and the offshore RMB stablecoin provide a new path for the internationalization of the RMB. They will become a major breakthrough in promoting the internationalization of the RMB and provide an important carrier for the reconstruction of the valuation of RMB assets. Source: The Nature and Investment Value of Stablecoins
