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10x bigger than Bitcoin, Tether, and Gold: China's Central Bank Digital Currency will dwarf the
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.
Resources and links:
Reuters, Tether's $100 billion stokes stablecoin stability concerns
https://www.reuters.com/techno....logy/tethers-100-bln
Learn how Tether (USDT) Makes Money
https://www.markets.com/educat....ion-centre/how-tethe
Inside the Russian Shadow Trade for Weapons Parts, Fueled by Crypto
Hong Kong to increase digital asset regulation in next 18 months, with focus on stablecoins
https://coingeek.com/hong-kong....-to-increase-digital
Tether’s Ascent: Breaking Down the Dominant Stablecoin's Growth
https://coinmetrics.substack.c....om/p/state-of-the-ne
Forbes, The House Bans The Fed From Building A CBDC Like The Digital Yuan
https://www.forbes.com/sites/d....igital-assets/2024/0
Reuters, What and where are Russia's $300 billion in reserves frozen in the West?
https://www.reuters.com/world/....europe/what-where-ar
China contends for the central position in the global economy
https://merics.org/en/6-china-....contends-central-pos
ASEAN: The ultimate winner of a China-US rivalry (Part I)
https://www.thinkchina.sg/econ....omy/asean-ultimate-w
Tether Stablecoin Home Page
https://tether.to/en/
Closing scene, Hong Kong
China has now become the manufacturing superpower of the world. China is now building a robust financial system to back up its manufacturing and technological growth and innovations.
All of this was outlined in China’s 5 years plan, which is to develop their financial and banking sector so that they can insulate and protect themselves from the United States and the west and break away form the western monopoly on the global financial and banking system.
This was done to protect the wealth of China that was accumulated through WISE governance, short and long term goals and visions, hard work, a strong and growing economy, and a powerful sovereign political system.
China has now become the manufacturing superpower of the world. China is now building a robust financial system to back up its manufacturing and technological growth and innovations.
All of this was outlined in China’s 5 years plan, which is to develop their financial and banking sector so that they can insulate and protect themselves from the United States and the west and break away form the western monopoly on the global financial and banking system.
This was done to protect the wealth of China that was accumulated through WISE governance, long term visions and goals, hard work, a strong and growing economy, and a powerful sovereign political system.
China is using the U.S. dollar to take over the financial and banking system of the world.
Genius.
“The Plan: Use the U.S. dollar to take over the financial system of the world.”
What a brilliant strategy by China, using the U.S. dollar to work for China’s financial and banking system. Instead of having these U.S. treasury bonds and dollars sit idle in U.S. and western banks where it can be frozen at any time, China is using the U.S. dollar into good use to build up China’s economy, China’s financial and banking systems and in the end take over the world’s financial and banking system altogether.
Genius.
This is not an endorsement of China, This is to show the mindset of a people who wants to build and be a superpower and those who are content and wants to be consumers at the bottom of the totem pole.