HK has been selected to handle China’s 4 trillions US$ based assets

Video: 10x bigger than Bitcoin, Tether, and Gold: China's Central Bank Digital Currency will dwarf them all. HK has been selected to handle China’s 4 trillions US$ based assets 比比特幣、Tether 和黃金大 10 倍：中國央行數位貨幣將使它們相形見絀。中國正在推動香港成為中國4兆美元資產穩定幣的全球中心，穩定幣是由法定貨幣支持的數位貨幣.

https://www.reuters.com/technology/tethers-100-bln-stokes-stablecoin-stability-concerns-2024-03-05/
https://www.markets.com/education-centre/how-tether-usdt-makes-money/
https://coingeek.com/hong-kong-to-increase-digital-asset-regulation-in-next-18-months-with-focus-on-stablecoins/
https://coinmetrics.substack.com/p/state-of-the-network-issue-243
https://merics.org/en/6-china-contends-central-position-global-economy
https://www.thinkchina.sg/economy/asean-ultimate-winner-china-us-rivalry-part-i
https://tether.to/en/

China is pushing Hong Kong as a global hub for Stablecoins, which are digital currencies backed by fiat money.

Western analysts correctly point out that China, uniquely among large economies, is aggressively building out the financial infrastructure and regulation for digital currencies, issued by the central bank. But these analyses err on a major point: the stablecoins issued by Hong Kong institutions will not be China-yuan denominated, as they assume. Instead, they will be denominated in US dollars, and will be a powerful driver of economic growth to the benefit of the Chinese financial system, and without exposing their own currency to outside speculators, seizure, or debt issuance.

To see how this may play out, consider the explosive growth of Tether, a stablecoin with stated US dollar reserves of $116 billion and 1-to-1 parity with the US dollar. The sudden rise and global acceptance of Tether serve as a playbook for Chinese banking regulators, who are sitting on nearly $4 trillion in US dollar reserves, with hopes to deploy these deep capital pools but without exposure to the Western banking system.

中國正在推動香港成為穩定幣的全球中心，穩定幣是由法定貨幣支持的數位貨幣。

西方分析家正確地指出，中國在大型經濟體中是獨一無二的，它正在積極建立由央行發行的數位貨幣的金融基礎設施和監管。 但這些分析在一個要點上犯了錯誤：香港機構發行的穩定幣不會像他們所假設的那樣以人民幣計價。 相反，它們將以美元計價，並將成為經濟成長的強大推動力，有利於中國金融體系，並且不會將本國貨幣暴露給外部投機者、扣押或發行債務。

為了看看結果如何，可以考慮一下 Tether 的爆炸性增長，這是一種穩定幣，其規定的美元儲備為 1160 億美元，與美元的匯率為 1 比 1。 Tether 的突然崛起和全球接受度為中國銀行業監管機構提供了參考，中國銀行業監管機構擁有近 4 兆美元的美元儲備，希望部署這些深厚的資本池，但又不接觸西方銀行體系.