Former Vice President of Bank of China Wang Yongli recently made a thought-provoking statement: the US dollar now accounts for 99% of the global stablecoin market. Behind this figure lies not just a battle over technological routes, but a contest of monetary sovereignty.

Some ask, why doesn't China launch a RMB stablecoin? The answer is straightforward—in the current landscape, launching a RMB stablecoin would essentially be adding bricks to the US dollar system. China's real trump card is the digital RMB (DCEP). This system is backed by national credit, offers instant settlement, and has clear advantages in cross-border payment scenarios. What RMB internationalization needs is such a foundational tool, not just following others in issuing stablecoins.

Back to the market itself. The most critical variable right now is still US policy moves. Fed rate cut expectations have soared to 97%, which means the liquidity floodgates may open again. A look at historical data shows that bear markets are rare during large-scale easing cycles. Trump’s new policies, combined with the Fed’s possible rate cuts, are forming the main drivers of the current market cycle.

Although Bitcoin has experienced a technical pullback, on-chain data shows that major players like BlackRock and MicroStrategy have not moved their holdings at all. This kind of holding structure indicates the trend remains unchanged.

CZ’s recent view is also interesting: truly strong projects don’t need to beg exchanges for listings. He’s now focusing on developing BNB Chain’s ecosystem and global compliance. This shift actually signals that the era of pure hype and narrative may be coming to an end; what matters next is real value, ecosystem depth, and compliance capability.

If you’re looking to make moves, here are a few directions to watch:

First, keep a close eye on US macro data. Once a rate cut is implemented, it’s often the signal for a market rally.

Second, focus on core tracks. Cross-border payment applications related to DCEP, as well as derivative opportunities in leading ecosystems like BNB Chain, offer relatively higher certainty.

Third, pay attention to compliance trends. Traditional funds entering the market will do so through compliant channels, not gray areas.

Ultimately, the decisive factor in this game may be the showdown between the digital RMB and US dollar stablecoin systems. Who do you think will take the lead in the next decade?