Professor Chen Jianqi from the Central Party School has highlighted the transformative impact of cryptocurrencies on the international monetary system. In a recent article, he emphasized that cryptocurrencies have shifted from being peripheral innovations to becoming central in strategic global competition. This evolution presents a significant opportunity for restructuring the international monetary system. China is pursuing a dual-engine strategy to capitalize on this shift. The strategy involves utilizing Hong Kong's status as an international financial hub to pilot stablecoin programs and integrate with the global ecosystem, while simultaneously advancing independent innovation through the digital yuan. This approach aims to position China strategically in the evolving global cryptocurrency landscape.