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Global landscape fragmentation: two digital-asset tracks:
China’s track: a state-led CBDC (digital renminbi)
The U.S./Western track: ban a federal CBDC and shift to regulated private stablecoins.
This split means: under the Western track, cryptocurrencies (especially stablecoins) gain clearer room for regulatory compliance, but under China’s track they face stronger sovereign substitution competition.
The competition between these two tracks themselves will become an important variable shaping the global cryptocurrency landscape.
$USDT