$USDC The national team's dimensionality reduction strike: The dual shock of traditional finance and stablecoins. President Pan mentioned that 'blockchain promotes central bank digital currency,' which actually contains three strategic implications.

Firstly, distributed ledger technology is like a sharp blade, targeting the foundation of dollar hegemony - the cross-border settlement system. Once adopted universally by central banks around the world, the long-standing monopoly position of the dollar in cross-border payments will face collapse.

Secondly, the encirclement of private stablecoins has already begun. The comprehensive implementation of central bank digital currencies (CBDCs) in various countries means that USDT, a 'private IOU' lacking national credit endorsement, will gradually lose its space for survival. Under the wave of digitalization of sovereign currencies, the credit risk of these private stablecoins will be infinitely magnified. Even more noteworthy is the rapid advancement of China's digital yuan. Currently, the digital yuan pilot has covered 26 provinces and cities, with full salary payments in digital yuan for civil servants in Suzhou, and countries such as Thailand and the UAE adopting Chinese technology to build cross-border payment networks. This dual advantage of technology and market has positioned China in a leading position in this financial revolution.