Zhongjin: Stablecoins have the potential to become a new type of infrastructure.

The Zhongjin Research Report stated that we proposed that stablecoins have the potential to become a new type of infrastructure, and by analyzing the incentive compatibility mechanism of various participants in stablecoins, we look forward to the potential impact of stablecoins on the financial market and the international monetary system, and further explore China's response strategies. We believe that the embryonic period of infrastructure is an important development opportunity, and issuing offshore Renminbi stablecoins or China's participation in stablecoin development is a priority choice; however, it is important to note that stablecoins are just a "means" to promote the internationalization of the Renminbi, whether the Renminbi can become a widely trusted international currency ultimately depends on the "way", that is, the "legal anchor" and "functional anchor" of the Renminbi.