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Author: Mask
At the Gulf Financial Regulation and Asset Digitization Forum held in Abu Dhabi, financial strategy expert Tian Bangde posed a thought-provoking question to regulatory officials from various countries: "Is the global finance ready to use a set of financial foundational protocols not defined by the West?"
Behind this issue is the third path being explored by the UAE through a "dual-track parallel" monetary system—where Central Bank Digital Currency (CBDC) and stablecoins develop in synergy. Meanwhile, in the skyscrapers of Central Hong Kong, the passage of the "Stablecoin Regulation" by the Legislative Council indicates the impending licensing system set to be implemented on August 1, opening a new window for digital finance in Asia.
Stablecoins are the "trading vessels" of the crypto world—serving as a measure of value and a medium of payment on the blockchain, their core mission is to address the high volatility pain points of native cryptocurrencies. Currently, the mainstream models include fiat-collateralized (such as USDT, USDC), over-collateralized (