In the context of the global stablecoin competition landscape, the strategic significance of the CLARITY Act

Looking worldwide, the regulatory race for stablecoins has long gone beyond the crypto industry itself, becoming an extension of the fight for financial sovereignty. The European Union has taken the lead in institutionalizing the stablecoin system through the MiCA framework, followed closely by Japan, Singapore, and Hong Kong. If the United States continues to be absent, it will face an absurd situation: the most widely circulated dollar stablecoin globally, subject to the regulatory rules of other countries. The core strategic importance of the CLARITY Act is to regain the “rule-making authority” of the dollar on the blockchain. This is not just Wall Street’s business; it is also the institutional anchor of dollar hegemony in the digital age. No matter how many reasons the banking alliance has, at the national strategic level, ceding control over stablecoin regulation is an unbearable burden. On May 11, the decision is about more than just the fate of a bill; it’s a choice about what role the U.S. will play in the next round of financial infrastructure competition.
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