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A recent research report from China International Capital Corporation (CICC) underscores the emergence of stablecoins as a pivotal new infrastructure in the financial landscape. The report delves deeply into the intricate incentive compatibility mechanisms among various stablecoin participants and anticipates their transformative impacts on financial markets and the global monetary system. Furthermore, the report delves into China's strategic approach to the burgeoning stablecoin sector, proposing that the issuance of offshore Renminbi (RMB) stablecoins represents a priority avenue for China's engagement. Crucially, the report underscores that stablecoins serve merely as a catalyst for RMB internationalization, emphasizing that the currency's ultimate credibility and global acceptance hinge on its robust legal and functional foundations.
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