The Stablecoins Race in Monetary Sovereignty Between China and the US
Bibliographic record
Abstract
This study compares stablecoin and CBDC approaches in China (state-controlled e-CNY), Hong Kong (regulated private stablecoins), and the U.S. (market-driven USD stablecoins), analyzing their implications for monetary sovereignty and dollar dominance. China's e-CNY aims to supplant private crypto while advancing RMB internationalization, whereas Hong Kong's hybrid model fosters innovation under strict oversight. The U.S. leverages private USD stablecoins, now dominant globally, reinforcing dollar hegemony. Findings suggest USD stablecoins currently extend U.S. monetary power, but China's e-CNY and Hong Kong's regulatory experiments may gradually challenge this. The paper highlights risks (financial stability, digital dollarization) and recommends tailored policies—U.S. regulation, China's adoption incentives, and Hong Kong's interoperability—to navigate this evolving landscape.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.002 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.004 |
| Scholarly communication | 0.003 | 0.002 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".