According to Techub News and a report by Ming Pao, Morgan Stanley's latest research report indicates that the relevant policies of the Hong Kong stablecoin bill essentially pave the way for a legitimate path for offshore RMB stablecoins. Supported by a deep offshore liquidity pool of approximately 1 trillion RMB in Hong Kong, offshore RMB stablecoins will validate practical use cases for cross-border Settlement while avoiding violations of mainland capital controls or impacting onshore financial stability. The development of RMB stablecoins should be seen as a potential component of the cross-border RMB Settlement infrastructure, which includes relevant infrastructure such as RMB swap agreements, CIPS (Cross-Border Interbank Payment System for RMB), and the global RMB clearing service network.

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