Stablecoins: The Digital "Trojan Horse" of Dollar HegemonyIn May 2025, Hong Kong’s Legislative Council unanimously passed the Stablecoin Ordinance, becoming the first jurisdiction to establish a comprehensive regulatory framework for fiat-backed stablecoins. On the surface, this appears to be another milestone in fintech progress. But beneath lies a power struggle over the future of global monetary order. For decades, dollar hegemony relied on the trinity of oil, U.S. Treasuries, and SWIFT. Y...

Stablecoins: The Digital "Trojan Horse" of Dollar HegemonyIn May 2025, Hong Kong’s Legislative Council unanimously passed the Stablecoin Ordinance, becoming the first jurisdiction to establish a comprehensive regulatory framework for fiat-backed stablecoins. On the surface, this appears to be another milestone in fintech progress. But beneath lies a power struggle over the future of global monetary order. For decades, dollar hegemony relied on the trinity of oil, U.S. Treasuries, and SWIFT. Y...