全球首规生效！稳币合规化，美元95%霸权受冲击？跨境费跌至0.1%

Core Viewpoint - Hong Kong's new regulatory framework for stablecoins aims to significantly reduce cross-border payment fees, challenging the dominance of the US dollar in the global financial system [1][8]. Group 1: Regulatory Changes - The Hong Kong Monetary Authority (HKMA) has introduced a new regulatory sandbox that mandates stablecoins to be backed 100% by cash or government bonds, addressing vulnerabilities seen in previous algorithmic stablecoins [5]. - Licensed institutions are required to submit monthly audit reports, and reserve accounts will be monitored continuously, creating a robust safety framework [5]. - The new regulations allow for stablecoins pegged to the Hong Kong dollar, Chinese yuan, or even gold, providing flexibility in the market [5]. Group 2: Market Impact - The new regulations have led to a dramatic reduction in transaction costs, with examples showing a decrease from $6,000 to $600 for cross-border payments, enhancing profit margins for businesses [3]. - Everyday consumers are experiencing benefits, such as a reduction in remittance fees from $25 to $0.5, showcasing the positive impact on personal finances [3]. - Major financial institutions, including BlackRock, are adapting to these changes by tokenizing assets, lowering investment thresholds, and enabling 24/7 trading [3]. Group 3: Global Context - The global landscape for stablecoins is becoming increasingly fragmented, with the US pushing for dollar-backed stablecoins and the EU imposing restrictions on non-euro stablecoins [7]. - Hong Kong's approach contrasts with these strategies by promoting innovation and attracting global players with a lower capital requirement for registration [7]. - Currently, 95% of stablecoins are pegged to the US dollar, indicating the significant challenge Hong Kong's new framework poses to the existing dollar-centric system [8].