Chinese internet companies were once quite impressive, and it was not easy for them to catch up to the second tier on the global internet track: with Baidu competing with Google, Huawei rising strongly in hardware and 5G, and super platforms like Alibaba, Meituan, and JD.com, their market value was once a source of pride.
But let’s take a look at the United States—'the Magnificent Seven' now have market values in the tens of trillions of dollars: Apple, Microsoft, Tesla, Nvidia, Meta, Google, Amazon... especially companies like Tesla and Nvidia, whose market values have soared from trillions to three or four trillion or even higher, with a growth rate that is astonishing.
Why is the financing capability of American companies so strong? An increasingly important underlying change is happening: stock assets going on-chain + the legalization of dollar-backed stablecoins.
In 2025, the Trump administration strongly promoted and signed the (GENIUS Act) (guiding and establishing the National Innovation Act for U.S. stablecoins), which is the first systematic regulatory framework for stablecoins at the federal level in the U.S. The act requires stablecoin issuers to maintain a 1:1 full reserve of U.S. dollar cash, short-term U.S. Treasuries, and other highly liquid assets, and to accept strict regulation.
What does this mean?
• Anyone in the world, as long as they have a stablecoin wallet, can use a few cents (for example, 0.01 USD stablecoin) to buy a tokenized version of stocks like Tesla, NVIDIA, Apple, etc.
• Corporate financing instantly becomes globally barrier-free: no need for traditional IPOs, cross-border approvals, or exchange restrictions; anyone from any time zone, any country can participate.
• What's even tougher: the reserve for stablecoins must be in U.S. dollar cash + U.S. Treasuries → this means continuously directing global new liquidity towards U.S. Treasuries, indirectly helping the U.S. government finance at a low cost.
• Historically, the United States has disseminated the dollar and U.S. Treasuries globally through the gold standard and petrodollars; now, stablecoins have become the third generation of "dollar export weapons"—more efficient, more hidden, and more digital.
The result is: the United States has once again gained control over the pricing rights of global wealth + the stock pricing rights of top tech companies.
In contrast to China: we have so many excellent companies—Huawei, ByteDance, Tencent, Alibaba, Xiaomi, BYD... but the financing environment is restricted.
• Want to buy A-shares directly with RMB? Cross-border currency exchange, capital controls, and QDII quotas are all barriers.
• Although the process of RMB internationalization is advancing, the stablecoin version of RMB (or similar mechanisms) has not yet been widely implemented, making it difficult for global users to conveniently hold and use.
In these two moves, the U.S. has been too fast and ruthless, almost using "a piece of digital paper" (and possibly in the future not even needing paper) to directly harvest global liquidity and wealth.
So now it's time for us to think about the opportunities in Hong Kong.
Hong Kong has always played the role of a financial bridge between the East and the West. In 2025, Hong Kong also quickly passed the (stablecoin regulations), becoming the first region in the world to implement full-chain regulation of fiat-backed stablecoins, which itself is a first mover advantage.
If Hong Kong could be a bit bolder, like the Shenzhen Special Economic Zone back in the day, and truly open up in the Web3 space:
• Allow compliant stablecoin issuance and trading
• Promote the tokenization (RWA) of quality mainland tech companies' stocks/assets
• Build a bridge between RMB stablecoins and global crypto liquidity
• Attract global Web3 talent, enterprises, and funds to land
Thus, Hong Kong could potentially become a dual testbed for RMB internationalization + new finance in Web3, allowing quality Chinese assets to truly achieve unobstructed global financing and letting seigniorage and wealth pricing rights partially flow back to us.
At the national level, this is part of the Chinese dream: contributing financial strength for the great rejuvenation of the Chinese nation and the construction of a strong country.
Now this window period is very critical. If you keep up, you can overtake in the curve; if you can't keep up, you might be left behind even further.
Entrepreneurs and Web3 practitioners in Hong Kong, it's time to take action!#加密市场观察 #RWA #WEB3.0
