PANews reported on June 3 that Wang Yongli, former vice president of the Bank of China, published an article titled "The accelerated development of US dollar stablecoins brings profound warnings". The market value of US dollar stablecoins has exceeded 240 billion US dollars, accounting for more than 99% of the global legal currency stablecoins, and the annual settlement volume exceeds 27.6 trillion US dollars, which has surpassed the scale of Visa and MasterCard. The United States has passed legislation to support the development of encrypted assets and US dollar stablecoins, and is actively seizing the commanding heights in the field of digital finance and enhancing the international influence of the US dollar, which is of great strategic significance.

Wang Yongli suggested that China adjust its crypto asset and stablecoin policies, learn from Hong Kong's stablecoin supervision experience, and consider launching offshore RMB stablecoins. At the same time, the digital RMB should break through the M0 and retail positioning, integrate resources to improve efficiency, and accelerate its widespread use at home and abroad. He emphasized that by combining the advantages of digital currency and digital identity, China is fully likely to achieve world leadership in the development of digital finance and digital economy.