On July 10, the Shanghai State-owned Assets Commission’s Party Committee held a study session to dive into the trends and strategies around cryptocurrencies and stablecoins. Meanwhile, The China National Institute for Finance and Development dropped an article on their WeChat account called "RMB Stablecoin Development: Blending Domestic and Global Approaches." It suggests kicking off innovative RMB stablecoin projects in both the Shanghai Free Trade Zone and Hong Kong at the same time. One idea is to set up an RMB stablecoin issuer in the Shanghai Free Trade Zone, backed by clearing organizations, major commercial banks, top payment platforms, and big-name investment firms, to figure out how to issue and manage RMB stablecoins on a blockchain. Another option is to use branches of digital RMB operators in the Shanghai Free Trade Zone to directly create and run RMB stablecoins on the blockchain. Conflux Network has its research and development branch “Shanghai Tree Graph Blockchain Research Institute” located in Shanghai. It receives grants from Shanghai and Central government on “One Belt One Road” project. Conflux Network is playing a role of the underlying infrastructure, where RMB stablecoins are issued on its blockchain system.