Recently, a well-known expert in the field of currency finance expressed his views on the topic of the US dollar stablecoin. He pointed out that although the US dollar stablecoin has attracted widespread attention globally, we should not overly idolize or mythologize this concept. The expert emphasized that the US dollar stablecoin is not an official currency of the United States and lacks state credit backing, therefore we should focus more on developing our own Digital Money and advancing the internationalization of the Renminbi.

Experts also mentioned the existing practices related to stablecoins in the country. He illustrated that the Hong Kong dollar maintains a fixed exchange rate of 1:7.8 with the US dollar, allowing for the mutual conversion of the two currencies. In addition, popular domestic electronic payment platforms like WeChat and Alipay have their funds custodied by the central bank, effectively pegged to the Renminbi at a 1:1 ratio.
However, it is worth noting that, although domestic electronic payment systems share similarities with stablecoins in certain aspects, they fundamentally differ from blockchain-based crypto stablecoins (such as USDC). This difference is mainly reflected in the underlying technological architecture and the degree of decentralization.
The experts' viewpoints have sparked in-depth consideration within the industry regarding the development direction of Digital Money. In the context of rapid global financial technology advancement, how to draw on international experience while focusing on national realities to promote Digital Money innovation has become an important issue worthy of follow.