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At 7:55 a.m. on December 7,1941 Hawaii time, Japan launched a surprise attack on the U.S. Britain and the United States immediately declared war on Japan, and the Pacific War broke out. As in its invasion of China, Japanese militarists systematically expanded the war across the Asia-Pacific, plundering resources from various places to achieve the so-called goal of “making war pay for war.” In fact, more than an hour before the surprise attack on Pearl Harbor, they had already launched an offensive against Malaya (present-day Malaysia), and then proceeded to attack Hong Kong, the Philippines, Singapore, Guam, and other locations. At 8 a.m. on December 8, the Japanese attacked Hong Kong. Hong Kong held out until it fell on Christmas Day, December 25, ushering in a grueling three years and eight months of hardship.

On August 1, 2025, Hong Kong’s “Stablecoin Ordinance” will take effect, marking China’s gradual participation in the stablecoin market and its exploration of how to use Hong Kong, an offshore financial center, to promote the internationalization of the RMB through stablecoins. To answer this question, we need to understand, rationally and objectively, the development logic of offshore RMB stablecoins in the context of the current heightened market sentiment.