#PI# Why are China and the United States competing to issue stablecoins?

Stablecoins are not funded by the government, but rather institutions or enterprises pay a 100% fiat collateral or physical collateral (Bitcoin, Ethereum, oil, real estate, gold, etc.) to the financial regulators, obtaining the corresponding amount of stablecoins pegged to the fiat currency of that country (or region) ⚡️ After institutions or enterprises obtain stablecoins by paying, they indirectly promote a country's fiat currency globally through their respective stablecoin blockchain ecosystems (actual use cases).
The consequence is that the fiat currencies of many weak countries are not stable enough and are prone to devaluation, which will gradually marginalize them among local users, leading them to adopt the stablecoins of stronger countries, such as those pegged to the RMB and USD.
Some people might say that stablecoins themselves do not generate interest, and companies instead pay a large amount of collateral to regulators. How can the funds be utilized? How can benefits be generated? For individuals using stablecoins, since stablecoins themselves do not earn interest, why would individuals use them?
A company or institution can sell its products globally using stablecoins through a blockchain network or its own network, with peer-to-peer payments, quick fund recovery, easy circulation of goods, and on-chain query and traceability.
You can also use stablecoins to tokenize assets and raise funds quickly.
As Bank of China Securities, the company and its subsidiaries already possess securities, brokerage, futures, wealth management, and insurance licenses. If they obtain a stablecoin license, they can tokenize their own or other enterprises' stocks, assets, insurance orders, and wealth management products, and realize the functionality of cryptocurrency asset trading through stablecoins, cryptocurrencies, and business licenses.
In this way, Bank of China Securities has effectively transformed into a large investment bank with a market value of hundreds of billions, spanning securities, brokerage, wealth management, insurance, stablecoin, and cryptocurrency intermediary services.
Of course, after saying so much, stablecoins are used by many people, and naturally, decentralized Bitcoin (BTC), Ethereum (ETH), and Pi coins will also be used by more people.
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