#稳定币监管风暴

The essence of balancing innovation and compliance is 'dynamic calibration':

Short term: China's penetrating regulation and Hong Kong's dual-track system provide a model for emerging markets (such as Vietnam, Southeast Asia), helping them avoid Terra-style collapse risks;

Long term: It must be acknowledged that the ecological hegemony of the US dollar stablecoin is difficult to shake — the US transforms global stablecoin demand into purchasing power for US Treasury bonds through the 'Genius Act', while China can only circumvent this through 'technical compliance + offshore pilot projects'.

The future's decisive factor lies in the 'competition for payment scenarios': If JD's Hong Kong dollar stablecoin (JD-HKD) successfully reduces cross-border payment costs by 90%, or if the digital renminbi and stablecoins form a closed loop in Southeast Asia, China may transform from a 'regulatory follower' to a 'rule maker'. Until then, the pragmatic choice is: to use Hong Kong as a testing ground to export technical standards, rather than an overall regulatory framework.