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Stablecoins and Cross-Border Payment Stocks Surge Following PBOC Draft Rules

The rise in stocks like Shiji Information and Xunxing aligns with the PBOC's public consultation on the RMB Cross-Border Payment System, signaling increased regulatory support for stablecoins.

Summary

On July 7, stocks related to stablecoins and cross-border payments saw significant gains, with Shiji Information and Xunxing stocks hitting their daily limit. This surge follows the People's Bank of China's (PBOC) public solicitation for feedback on the "Draft for Comments on the RMB Cross-Border Payment System Business Rules". Additionally, Hong Kong's Secretary for Financial Services, Xu Zhengyu, announced plans to issue stablecoin licenses within the year.

Terms & Concepts
  • Stablecoins: Cryptocurrencies designed to maintain a stable value relative to a fiat currency or a basket of goods.
  • Cross-Border Payment System: A financial system that facilitates the transfer of money across international borders.
  • People's Bank of China (PBOC): The central bank of China, responsible for monetary policy and financial regulation.