Economic Observer: The CNH stablecoin may be promoted in three phases based on the pilot experience of RMB business

ChainCatcher news, Economic Observer article "How the Offshore Renminbi Stablecoin Experiment in Hong Kong Breaks the Deadlock," points out that the proposed Hong Kong stablecoin regulations set to be implemented in August may signal the imminent trial of offshore renminbi (CNH) stablecoins. Referring to the experience of the renminbi business pilot in 2003, the implementation of CNH stablecoins can be advanced in three phases:

First, sandbox trial (2025---2026): Pilot issuance of CNH stablecoins by licensed Chinese institutions for trade scenarios in the Greater Bay Area;

Second, regional expansion (2026---2027): Connecting to cross-border projects such as mBridge (Multilateral Central Bank Digital Currency Bridge), while piloting applications like bond tokenization and other RWA (real-world assets);

Third, global promotion (starting in 2028): Collaborating with international organizations such as the IMF (International Monetary Fund) to establish technical and regulatory standards, promoting CNH stablecoins as a regional commodity pricing tool. (Economic Observer)