Abstract
Financial security is the core of national economic security, and financial innovation is an important guarantee for maintaining financial security. As a product of financial innovation, stablecoin relies on asset anchoring mechanisms to achieve price stability. However, the current mainstream US dollar stablecoin is deeply embedded in the US dollar reserve system, which not only strengthens the international monetary status of the US dollar, but also delays the diversification process of the international monetary system and poses a potential threat to China’s financial security. In the context of the increasing game of global monetary sovereignty, this paper systematically analyzes the impact of stablecoin on China’s financial security from the perspectives of “stable anchor” and “ternary paradox” of stablecoin, combined with its key application in the field of cross-border payment. On this basis, it is proposed to promote the internationalization of the RMB with financial security as the strategic core, and adhere to the equal emphasis on security and openness. The specific paths include: promoting the deep integration of RMB internationalization and financial technology innovation, building an RMB asset ecosystem, developing a digital RMB cross-border payment system, strengthening the compliance of RMB payment system, establishing a regional cooperation mechanism of RMB internationalization, and actively participating in international rule-making. Only in this way can we stabilize the process of RMB internationalization in the fierce competition of monetary sovereignty, consolidate the foundation of national financial security, and support the high-quality development of China’s economy.
