Opinion: The digital renminbi and stablecoins are more complementary than adversarial, but there is competition in user perception and payment entry points.

On September 15, according to Caixin reports, Liu Xingliang, a member of the Information and Communication Economic Expert Committee of the Ministry of Industry and Information Technology, stated that the Renminbi stablecoin (Hong Kong version "fiat-pegged stablecoin") is issued by licensed institutions, requires 1:1 high-quality reserves, and involves penetrating regulation and custody arrangements, making it closer to commercial innovation and the Web3 ecosystem. Stablecoins are more flexible in on-chain scenarios, 24×7 cross-platform settlement, DeFi/gaming/assets tokenization (RWA), and other "native on-chain" ecosystems, but strong constraints are needed to prevent bank runs and the spillover of on-chain risks. For cross-border and interoperability, the digital Renminbi's cross-border transactions are more about official interconnectivity (such as the mBridge wholesale multi-central bank platform), emphasizing instant, atomic settlement and compliance. Stablecoins are naturally available 24×7 across borders, connecting global on-chain liquidity, but compliance with AML/sanctions and reserve security are critical issues. Digital Renminbi = "national-level foundation" (stability and regulation), stablecoin = "market-oriented front end" (vitality and speed), complementing each other rather than opposing, but there will be some competition in user perception and payment gateways.