新一轮货币战争在路上，这次我们派香港迎战！

Group 1: Market Dynamics - Recent international events indicate a subtle shift in the financial landscape, highlighted by a lackluster US Treasury auction with a bid-to-cover ratio dropping to 2.46, the lowest in six months [1] - Concurrently, Hong Kong's Legislative Council passed the Stablecoin Regulation Bill, with major companies like JD.com and Standard Chartered applying for licenses, signaling a significant regulatory shift in the stablecoin market [1] Group 2: Stablecoin Definition and Functionality - Stablecoins are defined as digital currencies that maintain a stable value, typically pegged to fiat currencies or commodities, making them more suitable for daily transactions compared to volatile cryptocurrencies like Bitcoin [3][9] - They facilitate faster and cheaper cross-border transactions, appealing to individuals such as overseas workers and students who require efficient remittance options [4] Group 3: Investment and Economic Implications - The global market for stablecoins has surpassed $150 billion and continues to grow rapidly, indicating strong demand and adoption [7] - The US government mandates that all dollar-pegged stablecoins must be backed 100% by US Treasury reserves, effectively linking stablecoin investments to US debt [8][10] Group 4: Competitive Landscape - The passage of Hong Kong's Stablecoin Regulation Bill emphasizes a commitment to asset-backed stablecoins, requiring a 100% collateralization with real assets, contrasting with the US approach [12][13] - China's trade surplus and its position as the largest exporter globally suggest that the strength of its currency, including the digital yuan, will increasingly be tied to trade volumes, potentially enhancing its global influence [14][15]