Wu Jiezhuang: Hong Kong US stablecoin legislation reflects a new type of financial game

According to a report by Golden Finance, Hong Kong Legislative Council member Ng Kit chung stated in an article that the legislation on stablecoins in Hong Kong and the United States reflects a new type of financial game. He pointed out that the essence of the US GENIUS bill is to allow stablecoins to continue the new form of the "US dollar US bond" circulation system in the digital age. The Hong Kong Stablecoins Bill not only safeguards monetary sovereignty, but also reserves space for offshore RMB stablecoin testing. The legislative competition between Hong Kong and the United States is essentially a microcosm of the currency sovereignty battle in the digital economy era. The United States is attempting to incorporate private stablecoins into its national strategic track through regulatory frameworks, while Hong Kong is exploring the digital extension path of its sovereign currency. The collision of these two models will profoundly affect the future international financial order. Wu Jiezhuang added that in promoting the compliance process of offshore RMB stablecoins, it is necessary to support the internationalization strategy of RMB, with a focus on issuing compliant stablecoins with offshore RMB as the underlying asset, in conjunction with Hong Kong's position as an offshore RMB hub.