中國的元穩定幣：挑戰美元數字優勢的戲劇？

中國以元資助的數字貨幣在Stablecoin領域進行遷移，有可能重塑全球貿易，並挑戰美元的統治地位。

The 'China, Yuan stablecoin, Dollar challenge' narrative is heating up as China explores ways to internationalize its currency and reduce reliance on the U.S. dollar through innovative digital financial instruments.

隨著中國探索通過創新的數字金融工具，中國探索國際化並減少對美元依賴的方式，“中國，元穩定，美元挑戰”的敘述正在加熱。

Yuan Steps Onto the Blockchain: AxCNH and China's Ambitions

元進入區塊鏈：AXCNH和中國的野心

The launch of AxCNH, an offshore yuan token, marks a significant step in China's strategy. Approved by regulators in Kazakhstan and running on the Conflux blockchain, AxCNH is designed for regional trade, particularly within the Belt and Road Initiative (BRI) network. This allows China to embed the yuan into digital settlement rails, offering partners an alternative to dollar-based infrastructure and potentially avoiding U.S.-led sanctions.

AXCNH的越野元代幣的推出標誌著中國戰略邁出的重要一步。 AXCNH經哈薩克斯坦的監管機構批准，並在Conflux區塊鏈上運行，專為區域貿易而設計，尤其是在Belt and Road Initiative（BRI）網絡中。這使中國可以將人民幣嵌入數字和解鐵軌中，為合作夥伴提供了基於美元基礎設施的替代方案，並有可能避免使用美國領導的製裁。

ChinaAMC's Ethereum Tokenization: A Broader Trend

ChinarAMC的以太坊代幣化：更廣泛的趨勢

Beyond AxCNH, China Asset Management Company (ChinaAMC) has launched a tokenized money market fund on Ethereum, the CUMIU fund, valued at over $500 million. This fund invests in short-term deposits and high-quality money market instruments, aiming to deliver stable returns denominated in Hong Kong dollars. While currently limited in distribution, it signals growing momentum in real-world asset (RWA) tokenization in China, despite regulatory scrutiny.

超越AXCNH，中國資產管理公司（ChinaAMC）已向Cumiu基金以太坊建立了一個令牌化的貨幣市場基金，價值超過5億美元。該基金投資於短期存款和高質量的貨幣市場工具，旨在提供以香港計算的穩定回報。儘管目前的分銷有限，但它表明儘管審查了監管審查，但在中國現實世界中的勢頭（RWA）的勢頭增長。

Competing Visions: US Dollar vs. Chinese Yuan

競爭願景：美元與中國人民幣

The United States and China are presenting competing visions for digital currency dominance. Washington is betting on dollar-backed stablecoins, while Beijing experiments with yuan-pegged alternatives. The GENIUS Act in the U.S. aims to solidify dollar-pegged tokens, but China's moves suggest a counter-strategy to carve out influence in cross-border trade.

美國和中國對數字貨幣主導地位提出了競爭的願景。華盛頓押注了美元支持的穩定幣，而北京以元觀察的替代品進行了實驗。美國的《天才法》的目的是鞏固美元的代幣，但中國的舉動暗示了對跨境貿易產生影響的反策略。

The Regulatory Landscape: A Key Factor

監管格局：關鍵因素

Regulatory environments in both the U.S. and China will play a crucial role in shaping the future of stablecoins. While the U.S. is moving towards clearer regulations with acts like the GENIUS Act, China faces scrutiny over RWA tokenization. The Hong Kong Monetary Authority (HKMA) has even dismissed rumors of authorizing a CNH stablecoin in the city, emphasizing a cautious approach.

美國和中國的監管環境將在塑造穩定的未來方面發揮關鍵作用。儘管美國通過《天才法》這樣的行為朝著更清晰的法規邁進，但中國面臨對RWA令牌化的審查。香港貨幣管理局（HKMA）甚至駁回了授權在該市授權CNH Stablecoin的謠言，強調了一種謹慎的態度。

My Take: A Marathon, Not a Sprint

我的看法：馬拉松，不是衝刺

While it's tempting to see this as a head-to-head showdown, it's more likely a long-term evolution. The dollar's dominance isn't going to disappear overnight. However, China's strategic moves in the stablecoin space, combined with the growing adoption of blockchain-based finance, suggest a gradual shift in the global financial landscape. The BRI provides a ready-made channel for pushing AxCNH into use. Also, China's digital yuan (e-CNY) is already in use domestically. The combination of all of these, will speed up the challenge to the US Dollar.

雖然很誘人地將其視為正面的對決，但更可能是長期的演變。美元的主導地位不會在一夜之間消失。但是，中國在Stablecoin領域的戰略遷移，加上基於區塊鏈的金融的日益增長的採用，這表明全球金融格局逐漸轉變。 BRI提供了一個現成的通道，用於將AXCNH推入使用。此外，中國的數字人民幣（E-CNY）已經在國內使用。所有這些的結合將加快美元對美元的挑戰。

Looking Ahead

展望未來

The stablecoin market is rapidly evolving, and the interplay between China and the U.S. will be fascinating to watch. Whether it's AxCNH, CUMIU, or other innovations, the 'China, Yuan stablecoin, Dollar challenge' is a story that's just getting started. Buckle up, folks; it's going to be an interesting ride!

Stablecoin市場正在迅速發展，中國與美國之間的相互作用將令人著迷。無論是AXCNH，Cumiu還是其他創新，“中國，元穩定，美元挑戰”都是一個剛剛開始的故事。搭扣，伙計們；這將是一個有趣的旅程！