CICC Research Report: Internet Companies Have Advantages in Stablecoin Layout

ChainCatcher message, CICC pointed out in its research report that the popularity of stablecoins has limited impact on existing businesses like WeChat Pay. Domestic third-party payment essentially operates as a "quasi-stablecoin" mechanism anchored to the RMB, relying on legal reserves to ensure currency stability, and the domestic rates are as low as a few thousandths, far below the few percent of overseas platforms. Therefore, the necessity for independent blockchain stablecoins to gain popularity domestically is not high.

In terms of technology and market, CICC believes that internet companies have advantages in the stablecoin field, including mature payment scenarios with hundreds of millions of users (such as cross-border e-commerce), strong technological research and development capabilities, and ecological synergy between B-end (supply chain) and C-end (retail payment), which can strengthen the network effect of stablecoins.

However, the current efficient and low-cost mature third-party payment system poses challenges for independent blockchain stablecoins in the domestic market. In the future, internet companies may play a larger role in the promotion of stablecoin applications, but the overall market impact still needs to be observed.