Member of the Development Strategy Committee of the China Futures Association: Stablecoins will bring changes to cross-border payments in China's futures market

Xiao Cheng, a member of the Development Strategy Committee of the China Futures Association, wrote an article titled "A Preliminary Exploration of Using Stablecoins to Promote the Internationalization of the Futures Market." He noted that stablecoins will profoundly transform cross-border payments in China's futures market. Leveraging blockchain technology, he believes stablecoins can maximize the expansion of clearing platforms and improve clearing efficiency, enabling direct point-to-point payment and settlement between payers and payees. He noted that stablecoins present a significant opportunity to enhance the global influence of Chinese futures and derivatives, and are a crucial vehicle for efficient and secure cross-border settlement in the internationalization of China's futures market. He suggested leveraging the geographical advantages of the Guangzhou Futures Exchange and the Nansha Free Trade Zone relative to Hong Kong, and combining the new energy products already launched and to be launched by the Guangzhou Futures Exchange, to pilot RMB stablecoins in the Nansha Free Trade Zone. He also suggested expediting the issuance of regulatory rules for trading specific futures and derivatives products based on RMB stablecoins. He also suggested promoting pilot programs for on-chain transactions and actively exploring the feasibility of integrating stablecoins with commodity asset structures. (Zijing.com)