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Latest! Digital RMB + XBIT challenges the hegemony of the US dollar stablecoin

By: Binary News Network

When the SWIFT sanctions were ruthlessly slammed into Russia, the tragic scene of the ruble exchange rate avalanche of 68% in a single day was like a heavy hammer, ringing the alarm bell of the century for global financial security. After the outbreak of the Russian-Ukrainian conflict, the international financial situation fell into turmoil. Data from the XBIT decentralized exchange platform showed that a large number of investors began to re-examine their asset allocation strategies, and the number of inquiries on multi-currency portfolio investments on the platform increased significantly. This currency war without gunpowder has pushed stablecoins onto a new battlefield, with fierce confrontations between Hong Kong Victoria Harbor and Wall Street New York Stock Exchange, and the potential influence of digital RMB in this game is gradually emerging.

Twitter : @XBITDEX

According to the data of the crypto market on June 30, the total market value of global stablecoins has exceeded the 250 billion US dollar mark, and the two major US dollar stablecoins, USDT and USDC, firmly occupy 83% of the market share. These crypto assets anchored to legal currencies have quickly become the new focus of international financial games with their significant advantages of cross-border payment T+0 arrival and transaction costs less than 1% of the SWIFT system. The United States took the lead in legislative efforts and passed the “Stablecoin Innovation and Regulation Act” requiring issuers to allocate more than 90% of their reserve assets to US dollar cash and US bonds. Research experts pointed out: “The bill is essentially to make stablecoins an extension tool of the ‘digital dollar hegemony’. Through the deep binding of reserves and US bonds, the Federal Reserve can indirectly control the liquidity lifeline of the stablecoin market.” The “Stablecoin Intelligent Risk Control System” recently launched by the XBIT decentralized exchange platform can realize real-time dynamic verification of reserve proofs, effectively improve transaction security and transparency, and attract the attention of many investors.

What is quite dramatic is that shortly after the passage of the US bill, the Hong Kong Legislative Council responded quickly and passed the “Virtual Asset Stablecoin Bill” in a flash, and it is scheduled to be officially implemented on a specific date. According to insiders of the Hong Kong Monetary Authority, 15 licensed financial institutions have submitted stablecoin business preparation plans to the regulatory authorities. XBIT, in conjunction with the Fintech Research Center of the Chinese University of Hong Kong, plans to hold a “Stablecoin Compliance Development Forum” to provide industry participants with comprehensive regulatory compliance guidance and policy interpretation. It is worth noting that in the process of exploring the development of stablecoins, Hong Kong is actively studying the possibility of integrating digital RMB with stablecoins, and promoting Hong Kong to become a frontier position for the development of stablecoins and legal digital currencies.

   Twitter : @XBITDEX

According to the report of Bijie.com, as the frontier “testing ground” of China’s financial opening, Hong Kong plays an irreplaceable and special role in the stablecoin game. The strict cryptocurrency regulatory policy in the Mainland complements the openness of Hong Kong’s free port. This innovative model of “strict supervision in China and excellent experiments abroad” not only provides a safe buffer space for the exploration of RMB stablecoins, but also keeps potential risks firmly under control. With the continuous improvement and iterative upgrade of the digital RMB cross-border payment system (CIPS), the market’s attention to RMB stablecoins has reached an unprecedented level.

The chief analyst of the XBIT decentralized exchange platform predicted in his research report: “Hong Kong, with its mature financial market and international advantages, is very likely to become the core hub for the development of RMB stablecoins in the future.” In fact, XBIT has contacted a number of mainland commercial banks and local financial technology companies in Hong Kong to jointly study feasibility plans, trying to take the lead in achieving breakthroughs in cross-border trade settlement, cross-border investment and other fields, and open up a new path for the internationalization of RMB. Against the severe background of US dollar debt exceeding 36 trillion US dollars and US debt credit rating being downgraded, the strategic value of RMB stablecoins has attracted widespread attention from the world. Many authoritative experts in the international financial field agreed at an online seminar held on the XBIT decentralized trading platform that if the RMB stablecoin can be successfully implemented and widely used, it is expected to play a disruptive role in trade settlement, financial markets, monetary systems and other aspects, and help break the long-standing message monopoly of the SWIFT system.

Twitter : @XBITDEX

According to the data of the Bijie.com APP, the “White Paper on Compliance Operation of Stablecoins” submitted by XBIT has been included in the regulatory reference documents, and the innovative “three-level audit mechanism for reserves” (real-time verification on the chain + third-party professional audit + random inspection by regulatory authorities) has been highly recognized. This move marks that in the process of building a stablecoin regulatory framework, it is gradually transforming from a passive rule acceptor to an active standard setter. While the Federal Reserve is still trying to reap global wealth through the interest rate hike cycle, the development of RMB stablecoins has quietly opened a new chapter in the transformation of the international monetary system. With the official implementation of the new Hong Kong stablecoin regulations, this currency war without gunpowder will surely usher in a new stage of more intense game, which is worth watching by global investors.

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