Behind 'China and the US are still important partners' is the fact that in 2023, China's holdings of US debt fell below 800 billion (halving since 2018), yet 40% of revenue for US chip giants still relies on the Chinese market. This fragile symbiotic relationship is akin to Bitcoin and the dollar index—seemingly antagonistic, yet mutually nourishing.

The subtext of 'mutual benefit is the only way' is the 340% surge in the market value of offshore RMB stablecoins (spurred by Hong Kong's licensing policy). When traditional trade routes are blocked, crypto channels have become new lifeblood.

Beneath the warm veil of 'dialogue and consultation to solve problems' lies the nuclear-level chip of Tether holding 110 billion in US Treasury bonds—if China reduces its holdings of US debt, offshore stablecoins will become the financial counterattack button.

Amid the call to 'defend international fairness and justice', Hong Kong licensed exchanges have captured 30% of the Asian market against the trend, using on-chain clearing to break SWIFT's hegemony.

The three kingdoms of the crypto world: Two dark lines harvesting globally

First rule: The compliant hunting war

The US leveraged the FTX crash to promote (the crypto banking bill), forcing Chinese-funded exchanges to exit the dollar channel. In response, Hong Kong issued its first stablecoin license, allowing offshore dollar settlement. Binance and OKX hurriedly migrated to the Middle East, using sovereign wealth funds to fend off strangulation.

Second rule: The dual-edged sword of debt and currency

China sold US Treasury bonds, and the yield broke 5%, triggering a crypto crash; as US interest rate cut expectations rise, the weakening dollar pushed BTC to break 120,000. In this bond and currency defense battle, the annual issuance of stablecoins is equivalent to 3 Swiss GDPs, becoming a new settlement weapon.

Third rule: The arms race of computing power

North American mining farms are swallowing the computing power flowing out of China (300,000 graphics cards migrating to Texas), while state-owned assets in the mainland are taking over NVIDIA A800 chips, building compliant mining pools in Mongolia. 56% of global Bitcoin computing power is becoming geopolitical collateral.

⚔️ Retail survival rule: Pick up gold amidst the gunfire

1. Follow closely the offshore aircraft carriers

Heavily invest in tokens related to licensed institutions in Hong Kong (such as CNHC stablecoin) to avoid the regulatory crossfire between China and the US.

2. Betting on the clearing revolution

The volume of blockchain cross-border settlements has increased by 190% annually, targeting protocol tokens like Ripple (XRP) and Stellar (XLM).

3. Locking in the sovereignty of computing power

After Bitcoin halving, the value of computing power is reassessed, and investors are positioning themselves in compliant mining company stocks (such as MARA, BITF) during low points.

4. Shorting Cold War pawns

While the US shorts Coinbase (COIN) under pressure, China takes advantage of the opportunity to bottom fish as it regulates Hong Kong platforms.

There is no utopia on the chain, only blood-stained channels.

When the Ministry of Commerce shouts 'defend fairness and justice',

The real battlefield has long spread to every crypto wallet—

Remember three iron rules:

US debt is a bright arrow, stablecoins are dark arrows—Tether's holding of US debt has become a hostage in US-China finance.

A Hong Kong license is not a talisman; it is bait to lure you into the trap.

In the era where computing power reigns, the roar of mining machines is the artillery fire of the new continent.

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