This issuance is by no means coincidental!
Tether has just issued 1 billion USDT on Ethereum, and the global share of the US dollar stablecoin has surged to 99%, almost monopolizing cross-border payments and the crypto market.
On the other side, JD.com and Ant Group are intensifying their lobbying for the central bank's approval of offshore RMB stablecoins, hoping to take advantage of the 'Stablecoin Regulations' that come into effect in Hong Kong on August 1 as a breakthrough. Currently, the share of cross-border payments in RMB has dropped to 2.89%; if no action is taken soon, the digital economy's influence may completely be dominated by the 'U.S.'.
Some netizens discuss:
The dollar's hegemony should have been broken long ago.
The liquidity issue of RMB stablecoins must be addressed first.
The new regulations in Hong Kong are a timely blessing.
This covert battle is not just a technological upgrade, but a struggle for financial lifelines. As blockchain networks begin to replace the SWIFT system, and as BlackRock moves trillions of assets onto the chain, the rules of global payments are being rewritten on the chain. Can the RMB overtake in a curve? The issuance of Hong Kong licenses will reveal the answer. #pi #PiJS #BTC #ETH
