Wang Yongli, former vice governor of the Bank of China, recently made a statement that completely tore apart the power game behind stablecoins.

The US dollar stablecoin market accounts for more than 99%? This number means that the entire track is already a "word hall" for the dollar. Stablecoins of other currencies do not even have the opportunity to appear, and there is no way to talk about the right to speak. Promoting RMB stablecoins in this pattern is tantamount to using one's own resources to strengthen other people's rule systems, but weakening one's own currency sovereignty.

This is not a strategy, it is a knife to the opponent.

Why is the digital yuan a smarter choice? Because it doesn't compete in the same dimension at all.

China's mobile payment infrastructure has long been ahead of the world, and the instant settlement capabilities, controllable anonymity characteristics, and compliance design of cross-border circulation of digital yuan are not comparable to stablecoins issued by private enterprises. One is national credit endorsement, the other is corporate commitment, and the gap between security and systemic risk is self-evident.

More importantly, the red line of financial security. The cross-border liquidity of stablecoins is too strong, the regulatory blind spots are too large, and the illegal fund transfer, money laundering risk, and systemic financial risk proliferation are all real threats. One-size-fits-all seems radical, but in fact it is an active stop loss in the chaotic track.

Instead of internal friction in other people's game rules, it is better to straighten out your own cards first. The move of digital yuan is a long-term layout.