CICC: Under the current payment system, the necessity of popularizing blockchain stablecoins in China is not high, and there are advantages in deploying stablecoins on the Internet

By: odaily.com|2025/07/15 08:26:37

Odaily News According to a CICC research report, we believe that the popularization of stablecoins will have limited impact on existing businesses such as WeChat Pay. The essence of domestic third-party payment is a quasi-stablecoin mechanism anchored to the RMB, relying on legal reserves to ensure currency stability, and domestic fees are as low as a few thousandths, which is far better than the few percent of overseas platforms. Therefore, we believe that under the current efficient, low-cost mature third-party payment system, the necessity for independent blockchain stablecoins to be popularized in China is not high, so the impact on existing businesses is limited. On the other hand, Internet companies related to cross-border payments are more actively deploying in the field of stablecoins. We believe that Internet companies have advantages in the layout of stablecoins:
1) User scenarios: Companies such as Amazon have hundreds of millions of users and mature payment scenarios (such as cross-border e-commerce), which can quickly promote the application of stablecoins;
2) Technical capabilities: Internet companies have technical research and development capabilities;
3) Ecological synergy: The B-end (supply chain) + C-end (retail payment) closed loop can strengthen the stablecoin network effect. (Jinshi)

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