Zhong Jin: The increase in the share of stablecoins backed by the US dollar may impede the internationalization process of the Renminbi.

The Zhongjin Research Report stated that the increase in the share of the US dollar stablecoin may hinder the internationalization process of the RMB. The global stablecoin market has surpassed a size of over 260 billion US dollars, with over 95% of them pegged to the US dollar. If the US dollar dominates the stablecoin field, it may squeeze the cross-border payment share of the RMB, which is not conducive to the internationalization process of the RMB.