中国的元稳定币：挑战美元数字优势的戏剧？

中国以元资助的数字货币在Stablecoin领域进行迁移，有可能重塑全球贸易，并挑战美元的统治地位。

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.

随着中国探索通过创新的数字金融工具，中国探索国际化并减少对美元依赖的方式，“中国，元稳定，美元挑战”的叙述正在加热。

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

元进入区块链：AXCNH和中国的野心

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的越野元代币的推出标志着中国战略迈出的重要一步。 AXCNH经哈萨克斯坦的监管机构批准，并在Conflux区块链上运行，专为区域贸易而设计，尤其是在Belt and Road Initiative（BRI）网络中。这使中国可以将人民币嵌入数字和解铁轨中，为合作伙伴提供了基于美元基础设施的替代方案，并有可能避免使用美国领导的制裁。

ChinaAMC's Ethereum Tokenization: A Broader Trend

ChinarAMC的以太坊代币化：更广泛的趋势

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，中国资产管理公司（ChinaAMC）已向Cumiu基金以太坊建立了一个令牌化的货币市场基金，价值超过5亿美元。该基金投资于短期存款和高质量的货币市场工具，旨在提供以香港计算的稳定回报。尽管目前的分销有限，但它表明尽管审查了监管审查，但在中国现实世界中的势头（RWA）的势头增长。

Competing Visions: US Dollar vs. Chinese Yuan

竞争愿景：美元与中国人民币

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.

美国和中国对数字货币主导地位提出了竞争的愿景。华盛顿押注了美元支持的稳定币，而北京以元观察的替代品进行了实验。美国的《天才法》的目的是巩固美元的代币，但中国的举动暗示了对跨境贸易产生影响的反策略。

The Regulatory Landscape: A Key Factor

监管格局：关键因素

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.

美国和中国的监管环境将在塑造稳定的未来方面发挥关键作用。尽管美国通过《天才法》这样的行为朝着更清晰的法规迈进，但中国面临对RWA令牌化的审查。香港货币管理局（HKMA）甚至驳回了授权在该市授权CNH Stablecoin的谣言，强调了一种谨慎的态度。

My Take: A Marathon, Not a Sprint

我的看法：马拉松，不是冲刺

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.

虽然很诱人地将其视为正面的对决，但更可能是长期的演变。美元的主导地位不会在一夜之间消失。但是，中国在Stablecoin领域的战略迁移，加上基于区块链的金融的日益增长的采用，这表明全球金融格局逐渐转变。 BRI提供了一个现成的通道，用于将AXCNH推入使用。此外，中国的数字人民币（E-CNY）已经在国内使用。所有这些的结合将加快美元对美元的挑战。

Looking Ahead

展望未来

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市场正在迅速发展，中国与美国之间的相互作用将令人着迷。无论是AXCNH，Cumiu还是其他创新，“中国，元稳定，美元挑战”都是一个刚刚开始的故事。搭扣，伙计们；这将是一个有趣的旅程！