币界网报道：CICC released an economic analysis of stablecoins, which pointed out that from the perspective of holders, stablecoins are private currencies, not government currencies. Digital technology improves payment and settlement efficiency, but there is no decentralization. From the perspective of issuers, the stablecoin model is similar to "narrow banks" and is not just a liability. RMB already has stablecoins: WeChat Pay and Alipay. From the perspective of economic mechanisms, platform currencies of third-party payment tools have similar functions to stablecoins. At present, the user group of stablecoins in conventional retail payments is very small, and the application scenarios are limited. Third-party payment platforms such as WeChat, Alipay, Apple Pay, and PayPal have formed network effects and economies of scale, and have the first-mover advantage of incumbents. The growth potential of US dollar stablecoins first benefits from the international currency status of the US dollar, which can in turn promote dollarization. Taking Hong Kong as an active role in the controlled test field and regulatory correction field of RMB stablecoins is conducive to balancing the potential for technological innovation and maintaining the public goods attributes of payment, financial stability, and national monetary sovereignty.