Group 1 - The core viewpoint of the articles emphasizes the dual nature of stablecoins, highlighting their potential for financial innovation while also acknowledging the systemic financial risks they pose [1][2][3] - Stablecoins are defined as digital assets that maintain stable value by being pegged to sovereign currencies and backed by reliable financial assets, with Tether's USD Tether being the first mainstream stablecoin [2][3] - The recent legislative developments in the U.S. and Hong Kong signify that stablecoins are officially entering the global financial stage, necessitating further observation of their roles in the global monetary system [3][4][5] Group 2 - The U.S. is accelerating the opening of decentralized finance, with significant regulatory changes such as the adoption of fair value accounting for crypto assets and the approval of Bitcoin spot ETFs [4][5] - The passage of the CLARITY Act and the Anti-CBDC Act in the U.S. Congress marks a significant step in promoting decentralized finance, allowing traditional financial institutions to participate in the crypto market [5][6] - The structural issues of the U.S. economy, particularly the "twin deficits," are highlighted as potential risks to the stability of the dollar and, consequently, the dollar-pegged stablecoins [6][7] Group 3 - Hong Kong's stablecoin regulations reflect a cautious approach, with a unified regulatory framework and strict requirements for issuance and management [7][8] - The core functions of Hong Kong's stablecoins are limited to payment mediums and value storage, contrasting with the broader investment functionalities seen in other stablecoins like Tether [8][9] - The potential for Hong Kong stablecoins to facilitate cross-border payments is significant, especially as they could connect China with global markets, enhancing their utility [10][11] Group 4 - The internationalization of the Renminbi (RMB) is supported by the development of Hong Kong's stablecoin, which may eventually be pegged to both the Hong Kong dollar and the RMB [13][14] - The Hong Kong government aims to position the region as a global innovation center for digital assets, with policies that promote the development of tokenized products and cross-border payment applications [13][14] - The articles suggest that stablecoins could create new scenarios for RMB internationalization, emphasizing the need for a diversified international monetary system [15][16] Group 5 - The articles call for close monitoring of decentralized finance trends, particularly in the context of U.S. developments, to understand their implications for global financial competitiveness [16][17] - Research is encouraged on the integration of decentralized finance with traditional financial systems, as well as the regulatory frameworks needed to manage associated risks [16][17]