National Institution for Finance and Development: Consider Synchronous Promotion of RMB Stablecoin Innovation in Both Shanghai Free Trade Zone and Hong Kong

Odaily Planet Daily reported that the National Institution for Finance & Development published an article titled "The Development Model of RMB Stablecoins Can Combine Domestic and International Approaches." The article suggests that innovative exploration of RMB stablecoins could be promoted simultaneously in the Shanghai Free Trade Zone and Hong Kong. One model for offshore RMB stablecoins (CNY Coin, CNYC) is to establish an RMB stablecoin issuing institution in the Shanghai Free Trade Zone, jointly initiated by clearing organizations, major commercial banks, leading payment institutions, and well-known investment firms, to explore on-chain issuance and operational mechanisms for RMB stablecoins. Another model would rely on certain digital RMB operating institutions' branches in the Shanghai Free Trade Zone to directly mint and operate RMB stablecoins on-chain.