In the summer of 2025, a global financial competition surrounding stablecoins is intensifying at an unimaginable pace. As the U.S. Senate historically passes the GENIUS Act, paving the way for the compliance of USD stablecoins and triggering a surge in stock prices for issuers like Circle, a strong shockwave also crosses the Pacific, sparking profound reflection and anxiety from top to bottom in China, which has imposed the strictest bans on Crypto Assets.
From the first public mention by the Governor of the People's Bank of China, to the former Governor's warning about "dollarization", and then to corporate giants JD.com and Ant Group's high-profile announcement of applying for stablecoin licenses, a major debate on "how to respond to the impact of dollar stablecoins" is rapidly unfolding in China's political, business, and academic circles. This is not just a discussion about technical routes, but also a strategic shift concerning future monetary sovereignty and global financial discourse power. In this already ignited global competition, who can break through first?