陶冬：香港稳定币不宜过度炒作

Group 1 - The article discusses the contrasting approaches of the US and Hong Kong towards the development of stablecoins, highlighting the US's regulatory focus and Hong Kong's strategic positioning for cross-border payments [2][3] - The US government is shifting its stance on stablecoins, aiming to regulate the ecosystem to expand their capacity for new treasury bond purchases, particularly in short-term debt [2][3] - Hong Kong's stablecoin initiative is seen as a response to financial security concerns, with a focus on using HKD or offshore RMB as backing assets to facilitate international payments while mitigating risks from potential disruptions in the SWIFT system [2][3] Group 2 - The article emphasizes that Hong Kong's stablecoin framework is built on a centralized control system, requiring issuers to maintain 100% reserves and undergo regular audits, which contrasts with the more market-driven approach in the US [3][4] - The regulatory environment in Hong Kong is expected to be cautious, with authorities likely to avoid excessive speculation in the stablecoin market and ensure a stable and orderly development process [4][5] - The article notes the divergence in market reactions to US trade policies, with the stock market reaching new highs while the bond market anticipates multiple interest rate cuts, reflecting differing views on economic prospects and the impact of Trump's tariff strategies [5][6]