对冲美元霸权，香港出手了

Core Viewpoint - The introduction of the "Stablecoin Ordinance" in Hong Kong marks a significant shift towards the regulation and legitimization of stablecoins, establishing high entry barriers for participants and aiming to enhance Hong Kong's role in the global monetary system [2][7]. Group 1: Purpose of Stablecoins - The push for stablecoins in Hong Kong serves two main purposes: to defend against the dominance of the US dollar and to seek greater influence in the future global monetary system [3]. - Stablecoins are essentially digital currencies that maintain price stability, often pegged to fiat currencies like the US dollar, providing a means for individuals to hedge against local currency depreciation [4][5]. Group 2: Mechanism and Impact - Stablecoins are seen as tools for collecting seigniorage, with over 95% of mainstream stablecoins pegged to the US dollar, allowing capital to bypass local capital controls and traditional banking processes [6]. - The issuance of stablecoins tied to local currencies is a strategy employed by various economies to reduce reliance on the US dollar and promote a multipolar currency system [6][7]. Group 3: Regulatory Framework - The "Stablecoin Ordinance" aims to establish a regulatory framework that ensures compliance and protects investors, addressing risks exposed by previous industry failures [8]. - The ordinance requires stablecoin issuers to have a physical presence in Hong Kong, maintain sufficient reserves, and undergo annual audits, thereby enhancing market order and reducing risks for investors [8][9]. Group 4: Future Considerations - The success of Real World Assets (RWA) tokenization relies on the quality of underlying assets, emphasizing that RWA should not be viewed as a solution for illiquid or low-quality assets [9]. - The initiative represents a strategic move by Hong Kong to assert its influence in the global financial landscape while ensuring a secure environment for digital finance [9].