According to TechFlame, on August 23, the official website of the Hong Kong University School of Economics and Management published “Offshore RMB Stablecoins Coexist”, which states that the development prospects of offshore RMB stablecoins are determined by three factors: usage requirements, underlying asset supply, and policy and regulatory support. At the demand level, the main applications of RMB stablecoins will focus on cross-border payments in the future. Stablecoins can use technical advantages such as high payment efficiency, low cost, and convenient procedures to serve the real economy. According to the data, RMB cross-border payments under current account reached 16 trillion yuan in 2024, which is eight times the total market value of the two major stablecoins USDT and USDC. It

is expected that this huge settlement volume will gradually shift to stablecoins in the medium to long term.