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Morgan Stanley: Hong Kong Plans to Launch USD and HKD Pegged Stablecoins, CNH Stablecoin Supported by Trillion Offshore RMB Fund Pool
Summary: According to Hong Kong media Ming Pao, Morgan Stanley's Chief Economist for China, Xing Ziqiang, analyzed that Hong Kong will first promote stablecoins pegged to the USD and HKD to establish technical and market trust, before further promoting CNH stablecoins. With the support of a trillion-dollar offshore RMB fund pool in Hong Kong, CNH stablecoins ...
According to Hong Kong media Ming Pao, Morgan Stanley's Chief Economist for China, Xing Ziqiang, analyzed that Hong Kong will first promote stablecoins pegged to the USD and HKD to establish technical and market trust, before further promoting CNH stablecoins. With the support of a trillion-dollar offshore RMB fund pool in Hong Kong, CNH stablecoins can validate real use cases for cross-border settlements. This serves as a reminder that RMB internationalization is a long-term battle, and relying solely on financial infrastructure like stablecoins is not enough. Stablecoins do not mean establishing a new supra-sovereign international monetary system, but are simply an extension of legal tender.
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Link: Morgan Stanley: Hong Kong Plans to Launch USD and HKD Pegged Stablecoins, CNH Stablecoin Supported by Trillion Offshore RMB Fund Pool [Copy]
