Group 1 - The ongoing battle for global financial order revolves around the dominance of the US dollar, particularly concerning the $37 trillion US national debt, which poses significant risks to the global financial system [1] - President Trump has been pressuring the Federal Reserve to lower interest rates to alleviate the burden of national debt, but Fed Chairman Powell remains resistant to such measures to maintain the Fed's independence [1][3] - In April, there was a notable sell-off of US Treasuries, with global central banks selling $30.1 billion and private investors offloading $20.5 billion, indicating a significant loss of confidence in US debt [3] Group 2 - The Trump administration is exploring a new regulatory framework for stablecoins, aiming to anchor them 100% to dollar assets and invest reserves in short-term US Treasuries, which could create new demand for US debt [4] - However, this strategy carries risks, as a loss of trust in stablecoins could lead to severe financial repercussions, potentially worse than the 2022 TerraUSD collapse [4] - China is responding with its own digital currency initiatives, including the digital yuan and stablecoin regulations in Hong Kong, which are designed to enhance cross-border payment efficiency [5][6] Group 3 - The efficiency of Hong Kong's stablecoin payments is significantly higher than traditional SWIFT payments, with transaction times reduced to seconds and costs nearly eliminated, indicating a shift in financial infrastructure [6] - The competition between the US and China in the digital currency space will ultimately depend on who can offer more equitable and efficient payment solutions, with China currently positioned as a leader in this area [6]