According to U.S. law, the Chinese government can also issue stablecoins backed by U.S. Treasury bonds, surprising, right?
This means that the Chinese government has gained another channel and means to intervene in U.S. Treasury bonds, and can even indirectly manipulate the impact on U.S. Treasury bonds.
This is the fundamental reason for the Shanghai State-owned Assets Supervision and Administration Commission to organize collective learning. For example, China can issue stablecoins as a means of foreign payment instead of the actual U.S. dollar, preserving tangible foreign exchange reserves; China can also further connect stablecoins with the renminbi, becoming an indirect alternative payment method to the U.S. dollar, achieving a practically parallel currency that can still be influenced by the renminbi; or it can speculate on rival currencies or even hunt U.S. Treasury bonds, increasing their yields; or even leverage the vast stablecoin to indirectly expand the influence of U.S. Treasury bonds, laying the groundwork for creating a big spectacle~···.