Odaily News The official account of the National Financial and Development Laboratory published an article titled "The Development Model of RMB Stablecoin Can Be "Internal and External Combination"", which pointed out: It is possible to consider promoting innovative exploration of related RMB stablecoins in the Shanghai Free Trade Pilot Zone and Hong Kong simultaneously. One of the domestic offshore RMB stablecoin (CNY Coin, CNYC) models is that clearing organizations, large commercial banks, leading payment institutions, well-known investment institutions, etc. can jointly initiate the establishment of a RMB stablecoin issuing institution in the Shanghai Free Trade Zone to explore the establishment of an on-chain issuance and operation mechanism for RMB stablecoins; the second model is to rely on the branches of some digital RMB operating institutions in the Shanghai Free Trade Zone to directly mint and operate RMB stablecoins on the chain.