Zhongjin: Stablecoins are unlikely to shake up domestic third-party payments. Internet giants have obvious advantages in cross-border布局.

On July 15, Zhongjin released a research report stating that the impact of stablecoin adoption on existing businesses like WeChat Pay is limited. The essence of domestic third-party payment is a "quasi-stablecoin" mechanism anchored to the RMB, relying on legal reserves to ensure currency value stability, with domestic rates as low as a few thousandths, far better than the few percent rates on overseas platforms. Therefore, it is believed that under the current efficient and low-cost mature third-party payment system, the necessity for independent Blockchain stablecoins to be popularized domestically is not high, thus the impact on existing businesses is limited. On the other hand, internet companies related to cross-border payments are more actively laying out in the stablecoin field. It is believed that internet companies have advantages in their layout of stablecoins:

1. User Scenario: A certain enterprise has hundreds of millions of users and a mature payment scenario (such as cross-border e-commerce), which can quickly promote stablecoin applications;

2. Technical capabilities: Internet companies possess the ability for technological research and development;

3. Ecological collaboration: The B end (supply chain) + C end (retail payment) closed loop can strengthen the stablecoin network effect.