Wu Jie Zhuang: The Legislation of Hong Kong and US Stablecoins Reflects a New Type of Financial Game

[Wu Jie Zhuang: The Legislation of Stablecoins in Hong Kong and the US Reflects a New Type of Financial Game] Hong Kong Legislative Council member Wu Jie Zhuang stated in an article that the legislation of stablecoins in Hong Kong and the US reflects a new type of financial game. He pointed out that the essence of the US GENIUS Act is to allow stablecoins to continue the “USD - US Treasury” circular system in a new form in the digital age. The Hong Kong “Stablecoin Bill” not only maintains monetary sovereignty but also reserves space for the experimentation of offshore RMB stablecoins. The legislative competition between Hong Kong and the US is essentially a microcosm of the struggle for monetary sovereignty in the digital economy era. The US attempts to incorporate private stablecoins into the national strategic framework through regulatory measures, while Hong Kong explores the digital extension path of sovereign currency. The collision of these two models will profoundly impact the future international financial order. Wu Jie added that in promoting the compliance process of offshore RMB stablecoin, it is necessary to support the internationalization strategy of RMB, focusing on leveraging Hong Kong’s status as an offshore RMB hub to issue compliant stablecoins backed by offshore RMB as the underlying asset.