How to Address Risks

　　He Zhijian pointed out that some large-scale enterprises have opened settlement accounts in many overseas banks, with some companies having as many as 6,000 to 7,000 accounts. This lengthens the settlement process due to differences in interfaces and technical environments. Therefore, it is recommended that such enterprises centrally manage their overseas accounts, such as by incorporating them into a cross-bank account centralized service system, which can help mitigate capital risks.

　　In fact, industry insiders noted that stablecoins are becoming a new choice for traditional banks, payment processors, asset management companies, and other institutions due to their advantages in cross-border payments, e-commerce, and payroll settlements, such as "point-to-point direct access," "near real-time clearing," and "significantly reduced costs."

　　What changes will stablecoins bring to cross-border trade settlements and capital flows for enterprises?

　　Liu Yang stated that stablecoins are a cross-border payment model based on blockchain distributed ledger technology, which offers high efficiency, speed, and low cost. In terms of volume, China's current cross-border RMB payments are already eight times the total volume of mainstream stablecoins (e.g., USDT, USDC), indicating immense potential and room for imagination. However, it is important to note that currently, only about 1% of global transactions involve digital currencies. Progress in this area will require the implementation of relevant laws and regulations in various countries. At this stage, large-value payments by enterprises can already benefit from preferential rates and convenient processing through traditional banking systems. In the future, small and medium-sized enterprise transactions and individual transactions may increasingly rely on digital currencies for payments.

　　"The stability of stablecoins comes from the high-quality, highly liquid safe assets that back them as underlying assets. Therefore, it is crucial to expand and deepen the offshore RMB safe asset pool in the future. At the same time, it is necessary to manage the relationship between onshore RMB, offshore RMB, and stablecoins under the condition of limited capital account openness. Currently, Hong Kong dollar stablecoins are a good way to pilot and test this approach," Liu Yang said.