数字货币重塑国际货币格局！美元霸权遭遇前所未有挑战，各国央行探索新路径

Group 1 - The global financial system is undergoing profound changes, with the rise of digital currencies reshaping the international monetary landscape [1] - Digital currencies are no longer just a technological innovation but are becoming a core driving force in reconstructing the international monetary system [1] Group 2 - The emergence of digital currencies is altering the operational logic of traditional monetary systems, providing global investors with new options to hedge against currency risks [3] - The market capitalization of global stablecoins has exceeded $250 billion, with the majority pegged to the US dollar, and major stablecoins like USDT and USDC accounting for over 80% of the market [3] - The development of central bank digital currencies (CBDCs) represents a proactive response from sovereign nations in the digital currency space, with China's digital yuan showing significant potential for cross-border payments [3] Group 3 - The dominance of the US dollar in the international monetary system is facing multiple pressures, including a federal debt exceeding $36 trillion, which is over 123% of GDP [4] - The US is attempting to extend dollar hegemony through stablecoin legislation, aiming to create a regulatory framework that attracts institutional participation in the global digital currency market [4] - However, the reliance on stablecoins poses systemic risks, as large-scale redemptions could lead to forced sales of US Treasuries, impacting the bond market [4]