The stablecoin bill in Europe was passed in 2024.
The United States has just passed it, followed closely by Hong Kong.
In the future, the stablecoins with strong backing will likely be from Europe, the United States, and China.
Hong Kong's stablecoin will first be issued in Hong Kong dollars, and the Hong Kong dollar is pegged to the US dollar, but the content of the backing assets is still unknown.
There will be offshore RMB stablecoins in the future.
It is uncertain whether onshore RMB stablecoins will be issued, so it is unclear whether today's speculation in A-shares related to digital currency is just following the trend.
Stablecoins are all asset-backed; if US stablecoins purchase US Treasury bonds, it can alleviate the pressure of the US government repaying debts, bypassing the Federal Reserve.
All illicit funds can be laundered by buying stablecoins, resulting in a win-win situation.
Currently, there are $200 billion in US stablecoins, with speculation that it could reach $2 trillion in five years, a tenfold increase.
The assets linked to stablecoins represent national strength, including economy, military power, resources, manufacturing capacity, etc.
The timely introduction of Hong Kong's stablecoin reflects China's intention to compete with the United States in this field, preventing the US and Europe from profiting from seigniorage.