Recently, stablecoins dominated the trending searches for several days, and today the news of the Shanghai State-owned Assets Supervision and Administration Commission holding a meeting to discuss and study stablecoins has gone viral.

🇺🇸 I looked at the current response methods of the United States, which mainly have 2:

One is to support private enterprises to issue coins (Circle, Paxos)
In addition, the bill is establishing regulations (proposing to pass the "Stablecoin Payment Bill").

The main goal is to make the "digital dollar" widespread in Web3, cross-border payments, and emerging markets.

🇨🇳 How about over at Dongda?

First, the digital renminbi takes the lead, used for urban trials + cross-border e-commerce.
Then Hong Kong allows the trial of RMB stablecoins: HKDC, CNHC

The paths chosen by the two countries are completely different, but the end goal is aimed at "the dominance of the settlement currency."

With the Sino-US relationship moving towards a hybrid model of "regulatory inclusiveness + technological confrontation", fiat-backed stablecoins are bound to become mainstream in the future.

Moreover, emerging market countries are highly likely to "stablecoin" to replace the US dollar, and commercial banks will gradually connect to the stablecoin network in the future.