Prospects for the Internationalization of the Renminbi in the Era of Stablecoins
FAN Zuo-jun1, SUN Yi-ke2, HUANG Xian-jing3
1. School of Asian Studies, Guangxi University of Finance and Economics, Nanning, Guangxi, 530007; 2. College of Economics, Shenzhen University, Shenzhen, Guangdong, 518060; 3. School of Finance, Guangxi University of Finance and Economics, Nanning, Guangxi, 530007
Abstract：Against the backdrop of ongoing adjustments in the global financial system surrounding digital currencies, the development of the stablecoin market is exerting a profound influence on the evolution of the international monetary system and generating both new opportunities and challenges for internationalization of the Renminbi(RMB). Building on the historical evolution and current foundations of RMB internationalization, this paper focuses on how stablecoin market development affects RMB asset liquidity, the structure of the offshore RMB market, the efficiency of cross-border payment and settlement, the development of financial infrastructure, and the capacity to withstand external shocks. The findings show that, while the development of the stablecoin market is reshaping cross-border payment and settlement methods as well as the competitive landscape of international currencies, it also opens up new avenues for improving the convenience of RMB use in cross-border transactions and enhancing the international attractiveness of RMB-denominated assets. The well-regulated development of stablecoins can help improve the RMB cross-border payment and settlement system, ease financial frictions in traditional payment arrangements, and strengthen the resilience and shock-absorption capacity of RMB internationalization. Accordingly, steadily advancing pilot programs for RMB-denominated stablecoins, optimizing the linkage between onshore and offshore markets, improving cross-border regulatory and information disclosure frameworks, and refining stablecoin risk-response mechanisms under external shocks are of great importance for alleviating the structural constraints facing RMB internationalization, enhancing China’s capacity to participate in international monetary cooperation and global economic governance, and reinforcing the financial support for high-standard opening-up.
范祚军, 孙亦可, 黄娴静. 稳定币市场发展背景下的人民币国际化[J]. 《深圳大学学报》（人文社科版）, 2026, 43(3): 85-97.
FAN Zuo-jun, SUN Yi-ke, HUANG Xian-jing. Prospects for the Internationalization of the Renminbi in the Era of Stablecoins. , 2026, 43(3): 85-97.
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2026, Vol. 43 
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