美元稳定币：科技精英与传统秩序之间的一次博弈

Core Viewpoint - The article discusses the restructuring of the global financial and monetary order, highlighting the challenges faced by the US dollar and the implications for asset allocation strategies in the coming years [1]. Group 1: Dollar and Monetary Policy - The article emphasizes the "Triffin Dilemma" faced by the US dollar due to fluctuating tariff policies, indicating a mid-term rebalancing pressure on dollar assets [1]. - The introduction of dollar stablecoins represents a dual effort by the US government to re-centralize emerging cryptocurrencies while tacitly allowing the decentralization of traditional dollars [3][5]. - The stability of dollar stablecoins is questioned, suggesting that the underlying "dollar credit" may not be reliable, thus favoring decentralized digital currencies like Bitcoin and diversified stablecoins for mid-term growth [6]. Group 2: Renminbi Internationalization - Future directions for the internationalization of the Renminbi include trade settlement, currency swap liquidity, offshore bond financing, and the development of offshore financial markets, particularly in Hong Kong, which is positioned as the largest offshore Renminbi market [8]. - The article notes that there is significant room for improvement in the internationalization of the Renminbi, especially when compared to China's GDP and trade volume as a percentage of global figures [9]. Group 3: Strategic Asset Allocation - The article suggests a focus on non-dollar assets, gold, and Bitcoin as alternative assets that present revaluation opportunities [10]. - Tactical asset allocation for the next 3-6 months includes standard equity positions, underweighting oil and US Treasuries, while overweighting gold; for the next 6-12 months, there may be trend opportunities in global equities and risk assets like copper [10]. - The article highlights that the allocation of funds in Chinese, Japanese, and European stock markets remains low, indicating potential for growth, while US stock market allocations are at high levels and may decrease [10].