The annual settlement of US dollar stablecoins amounts to 27.6 trillion USD, directly surpassing Visa. The United States is legislating to seize digital hegemony; what should China do? China is also starting to panic 🇨🇳! Bao Er Ye repeatedly calls for China to seize the opportunity to capture the market!
The scale of US dollar stablecoins is enormous, with a market value exceeding 240 billion USD, accounting for over 99% of global fiat stablecoins. Its annual settlement volume is 27.6 trillion USD, already surpassing Visa and Mastercard. The United States is supporting crypto assets and US dollar stablecoins through legislation, aiming to seize the high ground of digital finance and expand the international influence of the US dollar.
Wang Yongli, former deputy governor of the Bank of China, believes this situation is a warning for China. He suggests that China adjust its policies on crypto assets and stablecoins, learning from Hong Kong's regulatory methods, and consider launching an offshore RMB stablecoin. At the same time, the digital RMB should not only be used as cash or for retail purposes; its usage scope should be expanded, resources integrated to improve efficiency, and promotion accelerated both domestically and internationally.
Wang Yongli mentioned that China has advantages in digital currency and digital identity. If these are combined, there is a complete opportunity to lead in digital finance and the digital economy globally. The key point is that policies need to keep up, actions must be swift, and there can be no more waiting. The whole world is competing for dominance in digital finance, and China needs to present practical solutions to respond.
In the face of such a complex financial situation, Bao Er Ye is right; China should promptly purchase large amounts of Bitcoin to capture the market. Time is of the essence!
