中國正在喚醒穩定的挑戰！

最近，美國的加密開發量翻了一番，宣布其打算建立國家戰略比特幣儲備。

Recently, the United States has doubled down on its cryptocurrency strategy.

最近，美國的加密貨幣戰略翻了一番。

The country is now planning to build a national strategic Bitcoin reserve, aiming to diversify the government’s treasury assets.

該國現在正計劃建立國家戰略比特幣儲備，旨在使政府的國庫資產多樣化。

This move comes amid the rapid spread of US dollar-backed stablecoins, which has raised concerns in Europe over diminished monetary control.

這一舉動是在美元支持的Stablecoins迅速傳播的同時，這引起了歐洲因貨幣控製而引起的關注。

Now, a top economist in China, Zhang Ming from the National Finance and Development Laboratory, has highlighted the risks of these digital assets strengthening the US dollar’s dominance.

現在，來自中國的頂級經濟學家，來自國家金融和發展實驗室的張明強調了這些數字資產增強美元統治地位的風險。

What Is the Rising Influence of Dollar Stablecoins?

美元Stablecoins的影響力上升是什麼？

Stablecoins pegged to the US dollar are becoming increasingly dominant in cryptocurrency trading and decentralized finance (DeFi).

與美元掛鉤的Stablecoins在加密貨幣交易和分散融資（DEFI）中越來越占主導地位。

Many people in countries with weaker currencies are also using them as a store of value.

貨幣較弱的國家的許多人也將其用作價值存儲。

Zhang notes that these digital assets could further solidify the US dollar’s standing as the world’s leading currency. They are effectively merging the real-world credit of the dollar with the virtual economy.

張指出，這些數字資產可以進一步鞏固美元作為全球領先貨幣的地位。他們有效地將美元的現實信貸與虛擬經濟相結合。

But how can China counter this trend?

但是中國如何應對這一趨勢呢？

What Is China’s Strategy to Count Stablecoins?

中國計算穩定的戰略是什麼？

One suggestion by Zhang is to expand the use of China’s central bank digital currency (CBDC), the digital yuan.

張提出的一個建議是擴大中國中央銀行數字貨幣（CBDC）的使用數字元。

Currently, it mainly serves as a digital alternative to cash (M0) for retail transactions. However, Zhang suggests that it should also cover bank deposits (M1 and M2) and business transactions.

目前，它主要用作現金（M0）零售交易的數字替代品。但是，張建議它也應涵蓋銀行存款（M1和M2）和業務交易。

Although China has already conducted some business-to-business (B2B) cross-border CBDC payments, Zhang believes it needs to go further to counter the rise of dollar-backed stablecoins. He did not mention mBridge, China’s existing cross-border CBDC project, which has international ambitions but also faces concerns over its involvement with sanctioned countries like Russia.

儘管中國已經進行了一些企業對企業（B2B）跨境CBDC付款，但張認為，需要進一步應對以美元支持的穩定股的興起。他沒有提到中國現有的跨境CBDC項目姆布里奇（Mbridge），該項目具有國際野心，但也面臨著與俄羅斯這樣的批准國家的參與而面臨的擔憂。

Another option is for China to develop its own stablecoins. Zhang views this as an unexplored area.

另一種選擇是中國發展自己的穩定劑。張將其視為未開發的區域。

But China has already started experimenting, mainly through Hong Kong. The region has recently approved several crypto exchanges and launched a stablecoin regulatory sandbox.

但是中國已經開始嘗試，主要是通過香港進行實驗。該地區最近批准了幾次加密交易所，並推出了一個穩定的監管沙箱。

Earlier this month, Standard Chartered is also planning to start a new stablecoin venture with Animoca Brands and Hong Kong Telecom.

本月早些時候，《標準憲章》還計劃與Animoca Brands和Hong Kong Telecom開設一家新的Stablecoin企業。

To strengthen the yuan’s international role, Zhang suggests leveraging major Chinese platforms like Ant Group's Alipay and Ant International.

為了加強人民幣的國際角色，張建議利用螞蟻集團和國際螞蟻的主要平台。

These companies already have a strong presence in Asia and beyond. By integrating digital tokens into their global payment networks, China could boost the yuan’s influence and balance out the dollar stablecoins.

這些公司已經在亞洲及以後擁有強大的業務。通過將數字代幣集成到其全球支付網絡中，中國可以增強人民幣的影響力並平衡美元的穩定股。

What Is the US-China Tech War and the Future?

美國 - 中國科技戰爭和未來是什麼？

The competitive narrative between China and the US spans not just trade but also technology.

中國與美國之間的競爭敘事不僅跨越貿易，而且跨越技術。

While the US supports innovation in the crypto space, China is focusing on a government-controlled model of digital finance. This difference in approach could shape the future of global finance.

儘管美國支持加密貨幣領域的創新，但中國正在關注政府控制的數字金融模式。這種方法的差異可以影響全球金融的未來。

If China’s strategy succeeds, it may change how large international transactions are conducted. But achieving widespread adoption of the digital yuan will take time, and it remains to be seen whether it can truly challenge the US dollar.

如果中國的戰略成功，它可能會改變國際交易的大規模進行。但是，實現數字人民幣的廣泛採用將需要時間，還有待觀察是否可以真正挑戰美元。