对冲美元霸权，香港出手了

Core Viewpoint - Hong Kong's Stablecoin Regulation, effective from August 1, 2025, marks a significant shift from a chaotic environment to a structured legal framework, allowing only robust and compliant companies to issue stablecoins, while excluding individuals and non-compliant entities [1][6] Group 1: Purpose of Stablecoin Regulation - The introduction of stablecoins in Hong Kong serves two main purposes: to defend against the dominance of the US dollar and to seek greater influence in the global monetary system [1][4] - Stablecoins are seen as tools to mitigate the risks of local currency depreciation, especially in countries with severe currency devaluation [2][4] Group 2: Advantages of Stablecoins - Stablecoins provide significant advantages in cross-border payments and real-time settlements compared to traditional banking systems, reducing costs and increasing transaction efficiency [3][4] - The dominance of US dollar-pegged stablecoins in global transactions allows the US to benefit from substantial "seigniorage" while challenging other nations' monetary sovereignty [4][5] Group 3: Regulatory Framework - The new regulation establishes a licensing mechanism with high entry barriers, ensuring that only well-capitalized and compliant entities can issue stablecoins, thereby enhancing market order and protecting investors [6][8] - The regulation mandates that all stablecoin issuers must have a physical presence in Hong Kong, maintain adequate reserves, and undergo annual audits to ensure redemption capabilities [6][8] Group 4: Future Implications - The regulation aims to position Hong Kong as a leader in digital asset regulation, enhancing its financial reputation while addressing past industry issues such as lack of transparency and risk management [6][8] - The successful implementation of the regulation could lead to the integration of real-world assets (RWA) into the digital finance ecosystem, provided that the underlying assets are of high quality and compliant [7][8]