The Future of Finance: A Tale of Two Digital Currency Strategies (Keynote)

This report analyzes the global competition between state-led central bank digital currencies (CBDCs) and private-sector stablecoins, focusing on the contrasting strategies of China and the United States. It highlights how China’s digital yuan (e-CNY) advances monetary sovereignty and cross-border initiatives like the mBridge project, while the U.S. GENIUS Act reinforces dollar dominance through regulated stablecoins. The report also examines how Asian financial hubs, particularly Hong Kong and Singapore, are innovating within this landscape by establishing regulated environments and fostering digital asset ecosystems. Ultimately, these developments are reshaping global finance, with profound implications for monetary systems, cross-border payments, and geopolitical influence.