Morgan Stanley: Offshore RMB stablecoin will verify the actual use case of cross-border settlement

Odaily Planet Daily News Morgan Stanley's latest research report pointed out that the relevant policies of the Hong Kong Stablecoin Act have essentially paved the first legal path for offshore RMB stablecoins. Supported by Hong Kong's deep offshore liquidity pool of about 1 trillion yuan, offshore RMB stablecoins will verify the actual use cases of cross-border settlements. The development of RMB stablecoins should be regarded as a potential component of cross-border RMB settlement infrastructure, including RMB swap agreements, CIPS (Cross-border RMB Interbank Payment System) and the global RMB clearing service network. (Ming Pao)