The US dollar stablecoin has been deeply cultivated for many years, how can the Chinese yuan stablecoin break through the circle?

Stablecoins like USDT and USDC have dominated the global cryptocurrency market due to the global reserve currency status of the US dollar, a sound regulatory framework, and widespread market acceptance. For the renminbi stablecoin to achieve a "breakthrough," that is, to surpass existing limitations and gain greater recognition and usage in the international market, it needs to make a strong push in the following areas: 1. Policy and Regulatory Support Policy support is the cornerstone of the development of the renminbi stablecoin. The Chinese government needs to clearly support its development and formulate a clear regulatory framework to ensure its legality, safety, and stability. For example, Hong Kong, as an offshore renminbi trading center, is advancing stablecoin legislation, which provides a policy foundation for the renminbi stablecoin. In addition, collaboration between the mainland and Hong Kong, such as synchronized pilot programs in the Shanghai Free Trade Zone and Hong Kong, can lay a solid foundation for the internationalization of the renminbi stablecoin. 2. Technological Innovation and Advantages The renminbi stablecoin needs to have technological competitiveness to distinguish itself from the US dollar stablecoin. Through Blockchain and Distributed Ledger technology, it can achieve: Lower transaction fees: reduce user costs. Faster transaction speed: improve transaction efficiency. Better user experience: optimize operation processes and interface design. In addition, by combining the security and stability of the digital renminbi (central bank digital currency, CBDC), the renminbi stablecoin can technically form differentiated advantages, especially in providing efficient solutions in the field of cross-border payments. 3. Market promotion and education to enhance market awareness and acceptance is key. Promotion strategies include: Cooperative Promotion: Collaborate with financial institutions, payment systems, and enterprises to expand use cases, such as cross-border trade and international remittances. Public Education: Popularize the concept and advantages of stablecoins, eliminating misunderstandings and doubts. Through these measures, more users can understand and trust the existence and value of the RMB stablecoin. 4. International cooperation and application of the RMB stablecoin must go beyond borders and actively participate in international competition. Specific paths include: "Belt and Road" Initiative: As a tool for cross-border payments and settlements for countries along the route, it promotes trade and investment. International Cooperation: Establish partnerships with financial institutions, payment systems, and stablecoin issuers from other countries to expand the circulation. Through collaboration with global exchanges and payment platforms, the use cases and international influence of the RMB stablecoin will be significantly enhanced. To summarize, the RMB stablecoin needs to 'break the circle' by relying on policy support to solidify its foundation, leveraging technological innovation to create advantages, expanding recognition through market promotion, and broadening its stage through international cooperation. Only by addressing these areas simultaneously and forming a complete issuance business closed loop can its competitiveness and market acceptance be improved, ultimately securing a place in the global stablecoin market.