美国很少讨论一个问题：如果中国也推出稳定币会怎样？

Core Viewpoint - The article discusses the emergence of stablecoins, particularly in the context of China's regulatory framework and the implications for global financial systems, highlighting the strategic competition between countries in the digital currency space [1][2][4]. Group 1: Development of Stablecoins - The Hong Kong "Stablecoin Regulation" has officially come into effect, marking a significant step in digital asset governance [1]. - The development of digital currencies can follow two paths: top-down (central bank digital currencies) and bottom-up (cryptocurrencies like Bitcoin) [2][4]. - Central bank digital currencies (CBDCs) are easier to integrate with existing financial systems and offer regulatory advantages, but lack the market-driven demand seen in cryptocurrencies [2][4]. Group 2: International Competition and Strategy - The differences in digital currency approaches among countries, particularly between China and the U.S., stem from varying levels of recognition and emphasis on digital currencies [4][5]. - The competition in digital currencies is viewed as a form of currency warfare, with emerging powers seeking to establish their currencies while traditional powers respond with stablecoins [5][7]. - The U.S. is pushing for stablecoins to enhance demand for U.S. Treasury bonds, particularly short-term bonds, while the long-term bond market faces challenges [8][9]. Group 3: Implications for Monetary Sovereignty - The rise of stablecoins poses significant challenges to national monetary sovereignty, as they could lead to a loss of control over domestic currencies [18][19]. - The development of a global stablecoin market could undermine traditional monetary policies and create a scenario where countries lose their ability to manage their currencies effectively [18][19]. - The article suggests that the emergence of stablecoins could lead to a unified global currency market, further complicating the monetary sovereignty of smaller nations [19][20]. Group 4: China's Response and Future Outlook - China is encouraged to adopt a dual strategy of promoting both CBDCs and stablecoins to counter the influence of U.S. stablecoins [33][34]. - The potential for a Chinese stablecoin is seen as a strategic move to provide an alternative to the dollar and enhance the internationalization of the renminbi [41][42]. - The article emphasizes the importance of international cooperation and rule-setting in the digital currency space to ensure that China can effectively navigate the challenges posed by stablecoins [31][32].