#### Introduction: The Global Arena of Digital Finance
The global financial system is entering the digital age, and stablecoins, as a key bridge connecting traditional finance and the crypto world, have led to a global competition regarding the establishment of their regulatory framework, which concerns the future discourse power of digital finance. Recently, Hong Kong, the United States, and the European Union have successively introduced landmark regulations, revealing three distinctly different regulatory paradigms, signaling profound changes in the direction of global capital flows and the future monetary system.
#### Core Model Comparison: The Tripartite Regulatory Philosophy
The regulatory models of Hong Kong, the United States, and the European Union exhibit fundamental differences in goals, principles, and market impacts, creating distinct strategic divides.
#### In-depth Analysis of Discourse Power: The Game of Three Powers
Behind the regulatory models of the three regions is a competition for three different types of global influence (discourse power).
1. *United States: Market-dominated discourse power*
> Leveraging the massive network effects established by USD stablecoins like USDT/USDC, the (GENIUS Act) aims to solidify this *factual standard* into a *legal standard*. Its discourse power stems from actual control over existing digital financial infrastructure, further extending the dollar hegemony into the digital realm by linking stablecoin reserves with U.S. Treasury bonds.
2. *European Union: Rule-making discourse power*
> MiCA is the world's first comprehensive and systematic regulatory framework for crypto assets. The European Union plays the role of a 'legislator' in global digital financial governance by exporting high standards and strong protective 'rule products'. Its discourse power is a kind of 'normative power', compelling global market participants to actively align with its rules to enter its unified market.
3. *Hong Kong: Strategic pivot discourse power*
> The discourse power of the Hong Kong model does not come from the current market size but from its unique role as a 'super connector'. As a frontier 'testing ground' for the internationalization of the renminbi and a bridge connecting East and West, Hong Kong is building a digital financial ecosystem independent of the Western system. It offers another option outside of the dollar system for the world, and its influence will increase with the process of renminbi internationalization.
Future trend: The global stablecoin landscape is shifting from a situation dominated by the dollar to a competitive and coexisting tripartite structure involving the U.S., Europe, and China (through Hong Kong). The core of competition has shifted from mere technological innovation to deep games of institutional design, geopolitical strategy, and monetary sovereignty.
#### Conclusion and Outlook: A Multipolar New Pattern of Digital Currency
The global stablecoin regulatory competition is not a simple compliance issue but a strategic layout of major powers in the digital economy era.
- The U.S. model is a *defender of the status quo*, aiming to consolidate the digital hegemony of the dollar.
- The European Union model is a *rule maker*, striving to establish a global regulatory benchmark.
- The Hong Kong model is a *strategic disruptor*, opening up a new path for the internationalization of the renminbi.
Looking ahead, these three major models will influence each other and evolve together in competition. The global monetary system will thus become more diverse, and the discourse power of digital finance will no longer be dominated by a single force; a multipolar new pattern of digital currency is accelerating its arrival.
