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CICC: Limited Necessity for Domestic Popularization of Blockchain Stablecoins under Current Payment System, Internet Companies Have Advantages in Stablecoin Layout
Summary: According to a report by CICC, the popularization of stablecoins is judged to have limited impact on existing businesses like WeChat Pay in China. Third-party payment systems in China essentially function as a 'quasi-stablecoin' mechanism anchored to the RMB, relying on legal reserves to ensure value stability, with domestic fees as low as a fraction ...
According to a report by CICC, the popularization of stablecoins is judged to have limited impact on existing businesses like WeChat Pay in China. Third-party payment systems in China essentially function as a 'quasi-stablecoin' mechanism anchored to the RMB, relying on legal reserves to ensure value stability, with domestic fees as low as a fraction of a percent, far superior to overseas platforms. Therefore, it is believed that under the current efficient and low-cost mature third-party payment system, the necessity for independent blockchain stablecoins to become popular in China is low, thus having limited impact on existing businesses. On the other hand, internet companies related to cross-border payments are more actively laying out in the stablecoin field. It is believed that internet companies have advantages in stablecoin layout: 1) User scenarios: Companies like Amazon have hundreds of millions of users and mature payment scenarios (such as cross-border e-commerce), enabling rapid promotion of stablecoin applications; 2) Technological capabilities: Internet companies have technical research and development capabilities; 3) Ecological synergy: The B-side (supply chain) + C-side (retail payment) closed loop can strengthen the network effect of stablecoins.
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Link: CICC: Limited Necessity for Domestic Popularization of Blockchain Stablecoins under Current Payment System, Internet Companies Have Advantages in Stablecoin Layout [Copy]
