PBoC: Limited Need for Domestic Adoption of Independent Blockchain Stablecoins

By: theblockbeats.news|2025/07/15 09:01:59
0
Share
copy

BlockBeats News, July 15th: The People's Bank of China released a research report stating that the widespread adoption of stablecoins has limited impact on existing businesses such as WeChat Pay. China's third-party payment providers fundamentally operate on a mechanism similar to a "stablecoin" anchored to the RMB, relying on legal reserves to ensure the stability of the currency value. Domestic transaction fees are as low as a fraction of a percent, far lower than those of overseas platforms. Therefore, it is believed that in the current efficient and low-cost mature third-party payment system, the necessity for the widespread adoption of independent blockchain-based stablecoins in China is low, thus posing limited threat to existing businesses. On the other hand, internet companies involved in cross-border payments are more actively exploring the stablecoin field. It is believed that internet companies have advantages in stablecoin adoption:

1) User Scenarios: Companies like Amazon have hundreds of millions of users and mature payment scenarios (such as cross-border e-commerce), making it possible to quickly promote stablecoin applications;

2) Technical Capabilities: Internet companies have strong technology R&D capabilities;

3) Ecosystem Synergy: The combination of B2B (supply chain) and B2C (retail payments) loops can enhance the network effect of stablecoins. (Jinse)

You may also like

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com