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JPMorgan: Offshore RMB Stablecoin to Validate Cross-Border Settlement Use Cases

Summary: According to JPMorgan's latest research report, the Hong Kong stablecoin bill has essentially paved the way for offshore RMB stablecoins. With the support of a deep offshore liquidity pool of around 1 trillion RMB in Hong Kong, offshore RMB stablecoins will validate the practical use cases of cross-border settlement. The development of RMB stablecoins should ...

According to JPMorgan's latest research report, the Hong Kong stablecoin bill has essentially paved the way for offshore RMB stablecoins. With the support of a deep offshore liquidity pool of around 1 trillion RMB in Hong Kong, offshore RMB stablecoins will validate the practical use cases of cross-border settlement. The development of RMB stablecoins should be seen as a potential component of cross-border RMB settlement infrastructure, including RMB swap agreements, CIPS (Cross-Border Interbank Payment System), and a global RMB clearing service network. (Ming Pao)

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