Odaily Planet Daily reported that Xiao Cheng, a member of the Development Strategy Professional Committee of the China Futures Association, wrote an article entitled "A Preliminary Exploration of Using Stablecoins to Promote the Internationalization of the Futures Market", in which he pointed out that stablecoins will bring profound changes to cross-border payments in China's futures market. Relying on blockchain technology can maximize the expansion of the clearing platform and improve clearing efficiency, realizing point-to-point direct payment and clearing between payers and payees.

Xiao Cheng pointed out that stablecoins present a significant opportunity to enhance the global influence of Chinese futures and derivatives. They are a crucial vehicle for achieving 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, the Guangzhou Nansha Free Trade Zone, and Hong Kong, and combining the new energy products already launched and to be launched by the Guangzhou Futures Exchange, to conduct a pilot program for RMB stablecoins in the Nansha Free Trade Zone. He also suggested expediting the issuance of management rules for trading specific futures and derivatives products based on RMB stablecoins. Furthermore, he suggested promoting pilot programs for on-chain transactions and actively exploring the feasibility of integrating stablecoins with commodity asset structures. (Zijing.com)