中国正在唤醒稳定的挑战！

最近，美国的加密开发量翻了一番，宣布其打算建立国家战略比特币储备。

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

最近，美国的加密货币战略翻了一番。

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

该国现在正计划建立国家战略比特币储备，旨在使政府的国库资产多样化。

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

这一举动是在美元支持的Stablecoins迅速传播的同时，这引起了欧洲因货币控制而引起的关注。

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.

现在，来自中国的顶级经济学家，来自国家金融和发展实验室的张明强调了这些数字资产增强美元统治地位的风险。

What Is the Rising Influence of Dollar Stablecoins?

美元Stablecoins的影响力上升是什么？

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

与美元挂钩的Stablecoins在加密货币交易和分散融资（DEFI）中越来越占主导地位。

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

货币较弱的国家的许多人也将其用作价值存储。

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.

张指出，这些数字资产可以进一步巩固美元作为全球领先货币的地位。他们有效地将美元的现实信贷与虚拟经济相结合。

But how can China counter this trend?

但是中国如何应对这一趋势呢？

What Is China’s Strategy to Count Stablecoins?

中国计算稳定的战略是什么？

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

张提出的一个建议是扩大中国中央银行数字货币（CBDC）的使用数字元。

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，它主要用作现金（M0）零售交易的数字替代品。但是，张建议它也应涵盖银行存款（M1和M2）和业务交易。

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.

尽管中国已经进行了一些企业对企业（B2B）跨境CBDC付款，但张认为，需要进一步应对以美元支持的稳定股的兴起。他没有提到中国现有的跨境CBDC项目姆布里奇（Mbridge），该项目具有国际野心，但也面临着与俄罗斯这样的批准国家的参与而面临的担忧。

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

另一种选择是中国发展自己的稳定剂。张将其视为未开发的区域。

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

但是中国已经开始尝试，主要是通过香港进行实验。该地区最近批准了几次加密交易所，并推出了一个稳定的监管沙箱。

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

本月早些时候，《标准宪章》还计划与Animoca Brands和Hong Kong Telecom开设一家新的Stablecoin企业。

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

为了加强人民币的国际角色，张建议利用蚂蚁集团和国际蚂蚁的主要平台。

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.

这些公司已经在亚洲及以后拥有强大的业务。通过将数字代币集成到其全球支付网络中，中国可以增强人民币的影响力并平衡美元的稳定股。

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

美国 - 中国科技战争和未来是什么？

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

中国与美国之间的竞争叙事不仅跨越贸易，而且跨越技术。

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.

尽管美国支持加密货币领域的创新，但中国正在关注政府控制的数字金融模式。这种方法的差异可以影响全球金融的未来。

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.

如果中国的战略成功，它可能会改变国际交易的大规模进行。但是，实现数字人民币的广泛采用将需要时间，还有待观察是否可以真正挑战美元。