Recently, I came across an interesting perspective—the global battle for financial discourse power, where stablecoins and central bank digital currencies are actually an under-the-table contest.

The reality is harsh: USD stablecoins have already monopolized the track. Other fiat currencies trying to issue stablecoins? Basically, there's no way out. The US legal framework may seem like it's digging its own grave, but they still manage to maintain tight control.

Some suggest issuing a RMB stablecoin to counterbalance? Wishful thinking. Not only does it lack advantages, but it could also undermine monetary sovereignty and plant landmines for financial security. Not to mention the stablecoin and virtual currency systems have too many cross-border money laundering and fraud cases—the risk exposure is frighteningly high.

But from another angle, we do have some cards to play. In mobile payments, we lead globally, and the digital RMB is progressing solidly. Rather than following the path of USD stablecoins, it’s better to focus on central bank digital currency—this is the track where we can truly seize the initiative.

To put it bluntly, whoever leads the rules for digital currency in the future will hold the key to the next generation of financial order. Behind the stablecoin battle lies a deeper contest over monetary sovereignty.