复旦大学白钢：稳定币是中美博弈新赛道，中国需以“虚力”突围

Group 1 - The core issue of stablecoins has gained significant attention across various industries since June 2025, driven by substantial policy initiatives from both the US and China [1][3] - The US is pushing for stablecoins as a response to its debt crisis, where traditional methods have become ineffective, leading to a reliance on stablecoins as collateral to alleviate financial pressure [1][4] - China, as a manufacturing superpower, must adopt a stablecoin strategy to avoid being adversely affected by US policies, especially in the context of its own economic challenges such as deflation and internal competition [1][6] Group 2 - The concept of "virtual power" is introduced, emphasizing that currency is not solely a matter of hard power but also involves the ability to influence perceptions and beliefs, which is currently lacking in China compared to the US [2][7] - China’s strong manufacturing capabilities are not matched by its "virtual power," leading to significant capital outflows and a stagnant capital market [2][7] - A unique approach to stablecoin implementation is suggested for China, leveraging its comprehensive supply chain and production capabilities while enhancing its global financial influence [2][8] Group 3 - The US has established a framework for stablecoins that could potentially shift risks to other countries, as it seeks to create a financial system centered around stablecoins without relying on foreign central banks [5][6] - The competition between the US and China in the stablecoin arena highlights the geopolitical stakes involved, with both nations vying for dominance in global currency issuance [6][8] - The need for China to innovate in its stablecoin strategy is underscored, as simply mimicking the US model may not yield the desired outcomes [2][8]