Key Takeaways

Stablecoins—cryptocurrencies pegged 1:1 to fiat currencies—are emerging as a hotspot in global politics and finance. With the U.S. and Hong Kong passing supportive legislation, stablecoins are shifting from “wild tokens” to “legitimate financial instruments.” Behind this transition lies not only vast market potential but also the “great financial shadow war” in which major powers, especially the U.S. and China, compete for new monetary hegemony and financial discourse power. Stablecoins, Real-World Asset Tokenization (RWA), and broader blockchain applications are seen as the “datafication of human wealth,” poised to unleash a wave of prosperity comparable to the mobile internet—while simultaneously carrying risks of bubbles and speculation.

Stablecoin Overview and Historical Evolution

A stablecoin is a blockchain-based cryptocurrency issued by private institutions, typically pegged 1:1 to fiat money (mainly the U.S. dollar). Its primary role is providing liquidity within crypto markets and enabling fund transfers between users and digital asset exchanges.