Morgan Stanley's latest research report pointed out that the Hong Kong stablecoin bill essentially paved the first legal path for offshore RMB stablecoins. With the support of a deep offshore liquidity pool of about 1 trillion RMB in Hong Kong, offshore RMB stablecoins will validate the actual use case of cross-border settlement. The development of RMB stablecoins should be seen as a potential component of cross-border RMB settlement infrastructure, including RMB swap agreements, CIPS (Cross-border Interbank Payment System for RMB), and a global RMB clearing service network.
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Morgan Stanley: Offshore RMB stablecoin will verify the actual use case of cross-border settlement
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