The Renminbi stablecoin "Dual-Track Acceleration" has been launched, and the Shanghai-Hong Kong collaboration reshapes the global financial landscape.

Against the backdrop of a rapidly reshaping global financial landscape, China is advancing a strategically significant initiative – the "dual-track acceleration" of the Renminbi stablecoin. Centered around the national credit of Shanghai and the Central Bank digital currency (e-CNY), and combined with the offshore financial hub advantages of Hong Kong, this strategy is permeating comprehensively from cross-border trade and offshore payments to the DeFi ecosystem, with the intention of opening a new chapter in the global payment and settlement system.

Shanghai-Hong Kong Dual Track: Complementary Functions of Internal and External

Shanghai 'Rooted': Leveraging Central Bank credit and e-CNY, focusing on large-scale cross-border trade Settlement and on-chain trade financing. BYD has completed automobile exports with e-CNY achieving second-level payments, while LONGi Green Energy has tokenized accounts receivable to enhance cash flow efficiency. The pilot free trade zone's 'Domestic Offshore stablecoin (CNYC)' isolates risks through an 'electronic fence', and the STEEL-CNY stablecoin from SPDB and Shanghai Steel Union automates cross-border payments for steel.

Hong Kong "Bloom": Issuing offshore RMB stablecoin (CNHC), pegged 1:1 to CNH, covering small and medium-sized cross-border payments and on-chain financial scenarios. From Southeast Asian e-commerce to Middle Eastern new energy procurement, CNHC reduces payment costs and enhances liquidity. Relying on the mBridge platform, CNHC has entered emerging applications such as DEX trading and NFT collateral lending.

Dual-track collaboration: Shanghai focuses on B2B and bulk trade, while Hong Kong concentrates on retail payments and Decentralized Finance, forming a "national credit + offshore liquidity" dual-layer currency engine.

Three-Stage Globalization Path

* Trade Settlement Breakthrough (2023–2025)

Shenzhen pilots e-CNY and CNHC two-way exchange, compressing cross-border trade financing from 5 days to 8 hours, significantly improving efficiency.

* Offshore Ecosystem Expansion (2025–2027)

CNHC penetrates the Southeast Asia, Middle East, and Latin America markets, and promotes RWA (Real World Asset tokenization) funds, breaking the boundaries between traditional and emerging finance.

* Reserve Currency Upgrade (2028+)

The goal is to build CNHC into the world's third-largest stablecoin, included in the liquidity reserves of various Central Banks, and to promote an increase in the share of RMB cross-border Settlement.

Technology and Application Scenarios

The technical ecosystem of the CNY stablecoin is structured in four layers:

Central Bank foundational layer: e-CNY cross-border Settlement

RWA On-chain Layer: BYD Accounts Receivable, Three Gorges Green Bond Tokenization

Stablecoin issuance layer: CNYC and CNHC version iteration

DeFi application layer: DEX trading, NFT collateral, cross-chain payment

Typical cases include the "Rare Earth e-RMB" pilot, which puts all 30 billion USD rare earth export contracts on-chain and achieves second-level Settlement using CNHC; Hong Kong has also completed its first Middle Eastern crude oil transaction paid in CNHC, amounting to 180 million USD.

Risk Control and Regulatory Design

To prevent impacts on foreign exchange controls, regulators have designed a three-tier "firewall":

Identity Gateway: For Overseas KYC Wallet Use Only

Scale Gate: Initial issuance quota of 200 billion yuan equivalent

Settlement gateway: Redemption can only return to offshore accounts.

Simultaneously deploy anti-quantum signature technology and promote CNHC's inclusion in the IMF settlement system to take the initiative in the game of international rules.

Global Responses and Strategic Significance

United States: Requesting the Treasury Department to assess the impact of CNHC on USD Settlement.

EU: Launch of Digital Euro Cross-Border Wholesale Pilot Ahead of Schedule

Singapore: Renew e-CNY Cross-border Cooperation Agreement

The Bank for International Settlements advisor pointed out that the "dual-layer currency rocket" formed by the Shanghai-Hong Kong dual center will enable China to simultaneously possess digital currency influence facing both official and private sectors.

Conclusion

The RMB stablecoin "dual-track acceleration" is not only an experiment in financial technology innovation but also a strategic layout for China in the global financial competition. When the international operation center of e-CNY in Shanghai forms a closed loop with the stablecoin sandbox in Hong Kong, the RMB is expected to open new opportunities in cross-border payments, international trade, and reserve currency, reshaping the global financial landscape. The policy review at the end of August may become a key node in this "digital financial breakthrough battle."