According to online reports, Morgan Stanley's latest research report pointed out that the policies related to the Hong Kong stablecoin Act have essentially paved the way for offshore RMB stablecoin. Supported by Hong Kong's deep offshore liquidity pool of approximately RMB 1 trillion, offshore RMB stablecoins will verify practical use cases for cross-border settlement while avoiding violating mainland capital controls or affecting onshore financial stability. The development of RMB stablecoins should be seen as a potential part of cross-border RMB settlement infrastructure, including RMB swap agreements, CIPS (RMB Cross-Border Inter-bank Payment System) and the global RMB clearing service network.