Morgan Stanley: Hong Kong stablecoin bill lays the first legal path for offshore RMB stablecoins

BlockBeats News: On June 21st, Morgan Stanley's latest research report pointed out that the policies related to the Hong Kong stablecoin bill have essentially laid the first legal path for offshore RMB stablecoins. Supported by a deep offshore liquidity pool of approximately RMB 1 trillion in Hong Kong, offshore RMB stablecoins will validate practical use cases for cross-border settlement while avoiding violating mainland capital controls or affecting onshore financial stability. The development of RMB stablecoins should be seen as a potential component of cross-border RMB settlement infrastructure, including RMB swap agreements, CIPS (China Interbank Payment System), and the global RMB clearing service network. (Ming Pao)