The Big Picture The world is living through a tectonic shift in digital finance. Block-chains are no longer “parallel” systems; they are being bolted directly on to the machinery of traditional money. Out of this fusion have emerged three new asset classes: central-bank digital currencies, private stable-coins and on-chain claims on real-world assets (RWA). Together they are redrawing the map of money itself. China’s response is unique. Instead of choosing “permission-less innovation” or “bla...
