Group 1 - The core viewpoint of the article emphasizes that stablecoins are effectively becoming "shadow currencies" of the fiat currencies they are pegged to, as they are being integrated into regulatory frameworks [4][12]. - The recent approval of Guotai Junan International to provide comprehensive virtual asset trading services marks a significant development in the Hong Kong market, positioning it as the first Chinese broker to offer such services [2][4]. - JD Group's ambition to apply for stablecoin licenses in major currency countries aims to reduce cross-border payment costs by 90% and improve transaction efficiency to within 10 seconds [3][4]. Group 2 - The regulatory backdrop includes the implementation of the Stablecoin Ordinance in Hong Kong and the U.S. Senate's passage of the Stablecoin Innovation Act, both of which require stablecoins to be backed by high liquidity assets and linked to fiat currencies [4][9]. - The article categorizes currencies into several types, highlighting that the more stablecoins pegged to a currency, the greater its theoretical influence [5][9]. - The traditional cross-border payment system faces challenges, including high costs and inefficiencies, which are exacerbated by geopolitical tensions [6][9]. Group 3 - The international status of the Renminbi (RMB) is rising, becoming the second-largest trade financing currency and the third-largest payment currency globally [7][8]. - The article advocates for the rapid deployment of offshore RMB stablecoins, particularly in Hong Kong, to enhance the RMB's presence in the digital finance era [9][10]. - The development of offshore RMB stablecoins in Hong Kong is seen as a strategic move to support Chinese enterprises and facilitate RMB internationalization [10][11]. Group 4 - The article discusses the potential for RMB stablecoins to coexist with ongoing multilateral central bank digital currency bridge projects, which aim to create efficient and low-cost cross-border payment solutions [11][12]. - It concludes that the competition among stablecoins ultimately reflects the underlying changes in the comprehensive national strength of the currencies involved, rather than just the technical aspects of the currencies themselves [12].