When everyone is talking about airdrops, Hong Kong is playing a big game—on May 21, Hong Kong officially passed the "Stablecoin Bill," which may be the most significant regulatory breakthrough in the Asian market since the approval of the Bitcoin ETF. Why should every Web3 enthusiast pay attention to this? Because this is not just another regulatory document, but a silent revolution about "who should issue the money of the future." While the US uses USDT/USDC to continue the dollar hegemony, and Europe is still hesitant about CBDCs, Hong Kong is trying to forge an unprecedented "third path"... ▌Why is this considered Hong Kong's "Normandy landing" in finance? 1️⃣ The strongest challenge to dollar hegemony - Currently, 95% of the $300 billion global stablecoin market is dominated by dollar stablecoins - USDT's daily on-chain settlement volume has surpassed the total of Visa and Mastercard - Hong Kong aims to break the "digital colonization" of the dollar in the crypto world 2️⃣ A new breakthrough for RMB internationalization - Offshore RMB (CNH) stablecoins will debut on the world stage - Future cross-border trade may directly use digital RMB for settlement - Hong Kong becomes the "digital gateway" for RMB 3️⃣ Financial security upgrade - Establishing an independent and controllable blockchain payment network - Reducing reliance on the SWIFT system - Preventing potential financial sanctions risks ▌Hong Kong's "secret weapon": Dual-anchor stablecoin 💎 ✔️ Anchored to both USD and RMB ✔️ Dynamic adjustment of reserve ratio ✔️ Maintains the advantage of the HKD peg ✔️ Opens a digital channel for RMB Technical architecture: - Smart contracts automatically balance dual-currency reserves - Real-time on-chain audit, transparent and verifiable - Supports multi-chain interoperability ▌Global stablecoin war intensifies ⚔️ 2025 latest battle status: 1️⃣ USDT: $80 billion market cap, 66% market share 2️⃣ USDC: $30 billion market cap, 25% market share 3️⃣ Others: DAI, FDUSD, etc., struggling to catch up Hong Kong's opportunity: - The world's first regulated legal stablecoin - Backed by the Greater Bay Area's 60 million population market - Radiates "Belt and Road" digital trade ▌Ten-year roadmap 🗺️ 2023-2025: Foundation period · Complete legislative and regulatory framework · First batch of licenses issued · HKD stablecoin pilot 2025-2027: Expansion period · Launch dual-anchor stablecoin · Establish regional payment network · Implement cross-border application scenarios 2027-2030: Globalization · Multi-currency stablecoin matrix · Participate in international standard setting · Target $200 billion market cap 2030+: Integration period · Interconnect with various CBDCs · Become a digital financial super hub ▌Life and death test: The "three mountains" Hong Kong must overcome ⚠️ 1️⃣ Technology hurdle - Smart contract security - Cross-chain interoperability - System resilience against attacks 2️⃣ Trust hurdle - Transparent management of reserves - Strict compliance audits - Crisis response mechanism 3️⃣ Regulatory hurdle - Balancing innovation and risk - Cross-border coordination challenges - Geopolitical influences ▌Ultimate prophecy? : Hong Kong's "Digital Switzerland" path 🇨🇭 ✅ If successful: · Global digital asset pricing center · Key pivot for RMB internationalization · New generation financial infrastructure standard setter ❌ If failed: · Traditional financial center status weakened · Marginalized in the digital financial wave · Loss of monetary sovereignty discourse 🔗Read the original from Quantum School: -------- When Tether and Circle monopolize the $300 billion stablecoin market, and the US SEC uses regulatory power to divide territories, what Hong Kong is doing is preserving a "non-dollar option" for the crypto world. This is not a simple regulatory follow-up, but a carefully designed financial breakthrough—using HKD stablecoins to maintain local payment sovereignty, using RMB stablecoins to open new offshore routes, and ultimately building a "digital financial breakwater" outside the dollar system. #usdt #usdc #fusd