Former Vice President of Bank of China Wang Yongli pointed out in an article that China already holds a global leading advantage in mobile payments and digital RMB. Promoting RMB stablecoins domestically offers no advantage, and internationally, it is unlikely to have much room for growth or influence. He also emphasized that China should not follow the path of USD stablecoins by vigorously promoting both onshore and offshore RMB stablecoin development. If China develops RMB stablecoins by following the USD stablecoin model, it will not only struggle to challenge the international position of USD stablecoins, but may even turn RMB stablecoins into mere appendages of USD stablecoins. This could impact national tax collection, foreign exchange management, and cross-border capital flows, posing a serious threat to RMB sovereignty, security, and the stability of the monetary and financial system.