[{"type":"paragraph","children":[{"text":"China is evaluating the launch of a RMB-denominated stablecoin to support the currency’s internationalization. If approved, its implications go far beyond crypto—it would influence the "},{"text":"future structure of global currency competition","bold":true},{"text":"."}]},{"type":"paragraph","children":[{"text":"\n"}]},{"type":"heading-two","children":[{"text":"1. Core Value of a RMB Stablecoin","bold":true}]},{"type":"paragraph","children":[{"text":"Stablecoins are not “crypto tools”—they are "},{"text":"digital containers","italic":true},{"text":" for global payment and settlement."}]},{"type":"paragraph","children":[{"text":"A RMB stablecoin would enable:"}]},{"type":"bulleted-list","children":[{"text":"Instant cross-border settlement\nValue transfer across time zones\nPartial replacement of SWIFT functions\nSignificantly improved RMB global circulation\nThis represents a "},{"text":"digital pathway","bold":true},{"text":" for RMB internationalization."}]},{"type":"bulleted-list","children":[{"text":"\n"}]},{"type":"heading-two","children":[{"text":"2. Impact on the Global Stablecoin Landscape","bold":true}]},{"type":"paragraph","children":[{"text":"USDT currently dominates, but it is fundamentally a digital proxy for the USD.\nA RMB stablecoin would introduce a second axis of influence."}]},{"type":"paragraph","children":[{"text":"Possible effects:"}]},{"type":"bulleted-list","children":[{"text":"Different currency choices in global trade\nAdoption in emerging market payment systems\nRetail-level cross-border usage scenarios\nIts geopolitical impact is far greater than its crypto-market impact."}]},{"type":"heading-two","children":[{"text":"3. Why Now Is the Best Timing","bold":true}]},{"type":"bulleted-list","children":[{"text":"Global stablecoin regulatory frameworks are maturing\nChina has accumulated practical experience through digital RMB\nWestern financial systems are slow in digital transformation\nTrade partners are actively seeking low-cost alternatives\nA RMB stablecoin would be the product of "},{"text":"policy readiness + market demand","bold":true},{"text":"."}]},{"type":"heading-two","children":[{"text":"Conclusion","bold":true}]},{"type":"paragraph","children":[{"text":"If launched, the RMB stablecoin would become one of the most important variables in global payment competition.\n\nIt would not be merely a digital asset—but a "},{"text":"new value transmission network","bold":true},{"text":"."}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"\n\n"}]}]