彭博赵志轩：把握数字金融国际化窗口，技术先行成为共识

Group 1 - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing strong support for real economy exploration [1] - The Hong Kong Stablecoin Regulation came into effect on August 1, establishing a clearer regulatory framework that is expected to boost confidence in the stablecoin market [4][5] - The initial issuance of licenses will likely favor companies with strong compliance capabilities and Chinese backgrounds, enhancing the overall credibility of stablecoins [4][10] Group 2 - Stablecoins differ from cryptocurrencies like Bitcoin in that they are pegged to fiat currencies, resulting in lower price volatility [5] - Stablecoins are increasingly being used as payment tools, particularly in cross-border transactions, although they will not disrupt the existing payment systems entirely [6] - The internationalization of the RMB is seen as a structural process, with its usage in cross-border transactions exceeding 30% despite recent depreciation [8] Group 3 - Stablecoins carry two core risks: the credit risk of the issuer and the risk associated with the underlying assets they are pegged to [10] - The emergence of stablecoins is seen as a response to the increasing demand for dollar-denominated assets, especially in light of the U.S. debt situation [11][12] - The future financial ecosystem may evolve into a layered structure with central bank digital currencies (CBDCs), compliant stablecoins, and digital government bonds [13]