Wang Yongli, former Vice President of Bank of China (5.810, -0.07, -1.19%), stated in an article that China already holds a globally leading position in mobile payments and the digital yuan. Promoting RMB stablecoins offers no advantages domestically, nor does it have much room for development or influence internationally. Furthermore, China should not follow the development path of U.S. dollar stablecoins to fully promote the development of onshore and offshore RMB stablecoins.  

He further pointed out that if China develops RMB stablecoins by following the path of U.S. dollar stablecoins, it will not only struggle to challenge the international status of U.S. dollar stablecoins but may even reduce RMB stablecoins to appendages of U.S. dollar stablecoins. This would impact national tax collection, foreign exchange management, and cross-border capital flows, and pose severe threats to the sovereignty security of the RMB and the stability of the monetary and financial system.