Recently, the Crypto Assets market has experienced a series of significant events, attracting the attention of the global financial community. Fed Chairman Powell announced the launch of a stablecoin regulatory framework, and Hong Kong and Shanghai joined forces to introduce new policies. Even former U.S. President Trump claimed to be the "Crypto Assets President." This series of actions marks a shift in the global financial power struggle from covert competition to open confrontation.

In the United States, Wall Street has finally ended the mutual shirking of responsibility among regulatory agencies and has directly established clear rules. Bank-issued stablecoins will be regulated by the Fed, requiring 100% reserves and real-time audits, primarily for cross-border transfers. Other stablecoins will be regulated by the SEC, requiring public asset details and compliance with anti-money laundering reviews. This means that in the future, issuing stablecoins may require approval from large financial institutions.

China has adopted a "dual-center" strategy. Hong Kong started implementing a stablecoin licensing system in August, requiring traceable reserves, with only a limited number of licenses issued in the first batch. Shanghai is focused on testing the "blockchain + cross-border payment" system, providing low-cost, fast remittance services for international students, while also promoting the application of blockchain in supply chains and trade. This offers new possibilities for future overseas shopping and cross-border transfers.

However, the ultimate goal of the Fed may be to launch a digital dollar. As an officially issued digital currency, it will have 100% reserves and can be issued at any time, with the potential to become an important part of the global financial system.

In the face of these changes, investors should act with caution. It is recommended to stay away from unaudited and opaque stablecoins, follow the development of bank-backed stablecoins and related concept stocks, and closely monitor the practical applications in the cross-border payment field.

This transformation is not just an event in the Crypto Assets world, but a significant adjustment of the global financial system. The new regulatory policies are not an end, but a new starting point. Participants who can adapt to this trend will gain new opportunities, while those who cannot may be eliminated. In this financial version of the "game of power," only players who have insight and can actively respond will occupy advantageous positions in future markets.