一场国际金融暗战，正悄然展开

Core Viewpoint - The introduction of the stablecoin regulation in Hong Kong signifies a potential challenge to the dominance of the US dollar in international finance, as major internet companies like Alibaba and JD.com are entering the market, and financial institutions worldwide are accelerating their involvement [1]. Group 1: Stablecoin Regulation and Impact - The new regulation allows cross-border e-commerce to settle transactions using stablecoins pegged to the Hong Kong dollar, reducing transaction fees by 80% compared to traditional USD settlements via SWIFT [2]. - The Hong Kong Financial Secretary has indicated that there is a possibility of stablecoins being pegged to the Chinese yuan, which could create tension for SWIFT [2]. - The stablecoin system enables faster transactions, allowing merchants to receive payments within hours, bypassing the traditional banking system [4][5]. Group 2: SWIFT and Financial Dominance - SWIFT, the global payment system used by over 11,000 institutions in more than 200 countries, has been a tool for the US to exert financial control and has been used in geopolitical conflicts [6][10]. - The US Senate has passed the "Guidance and Establishment of a National Stablecoin Innovation Act," which mandates stablecoin issuers to hold reserves in cash or US Treasury securities, reinforcing the dollar's dominance [10][13]. - The US aims to replicate the success of the "petrodollar" system by linking stablecoins to the dollar, effectively turning global payment needs into a means to absorb US national debt [13][14]. Group 3: China's Position and Strategy - China is exploring the issuance of stablecoins pegged to the yuan, leveraging the rapid internationalization of the yuan and existing currency swap agreements with various countries [15]. - The strategy is described as a "Go" tactic, where China aims to establish a foothold in areas where US dollar control is weaker, gradually encroaching on the dollar's central market [16]. - The recent downgrade of the US credit rating by Moody's raises questions about the stability of the dollar, suggesting that the dominance of the US dollar may be weakening [17].