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Stablecoins have opened a new field in the rivalry between China and the United States. This is a type of cryptocurrency that can maintain a fixed value by being pegged to other assets such as Bitcoin, or the US dollar, or the Chinese renminbi.

In Hong Kong and Washington, bills to regulate stablecoins have recently become law. Hong Kong is attempting to reestablish a position in the global financial world by setting up an economic hub for stablecoins and other ventures in what is known as “Web3”, the next generation of the internet based on decentralisation and blockchain technology. Meanwhile the Trump administration is heavily involved with cryptocurrencies, bolstered by the support of “crypto bros” who funded President Donald Trump’s campaign.

Stablecoins could have far reaching consequences for the two economies, while also reshaping global finance.

Hong Kong as stablecoin base

The Stablecoins Bill, passed by the Hong Kong Legislative Council in May, is a comprehensive regulatory framework designed to regulate stablecoins that are pegged to traditional currencies. The Hong Kong stablecoin bill adds to Beijing’s efforts to create an alternative to the US-dominated economic order. Alongside the Cross-Border Interbank Payment System (CIPS), plans for BRICS Pay, the digital renminbi and the growing use of the renminbi for international transactions, Hong Kong stablecoins present another avenue for China to conduct international trade outside of the dominance of the US dollar.

Promoters of cryptocurrency have long been convinced of its capacity to change the world.

China appears keen to keep government-backed stablecoins in Hong Kong, while ensuring that stablecoins and other cryptocurrencies are kept outside of the mainland. Although not officially banned by the central government, Stablecoins and cryptocurrencies such as Bitcoin are heavily restricted in mainland China. Beijing plans to ensure central financial control for digital currency, urging its citizens to use the digital renminbi instead of decentralised digital assets.

But Hong Kong has been allowed to enter the stablecoin market. After the 2019 protests and the Covid-19 pandemic, the Chinese government has been intent on restoring Hong Kong’s place as a global financial hub. The stablecoins bill is a part of that effort to entice foreign banking organisations to return to Hong Kong. The city will once again become another gateway for China, this time for Web3 and cryptocurrencies. While within the mainland crypto will remain suppressed, it will likely bloom in Hong Kong, allowing China to trade with them internationally. Domestic markets will be free from its volatility and anarchic nature.

America: The land of crypto

Last month, Trump signed the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) into law. This bill similarly aims to create a “comprehensive regulatory framework” for stablecoins. It requires stablecoins to be pegged to the US dollar or other low risk assets, to be registered with regulators, and ensure that they meet audit requirements. The GENIUS act seeks to maintain the supremacy of the US dollar in the ever-growing world of digital payments. Stablecoins are seen as more than just an investment but as a form of payment, with those pegged to the US dollar already rising in use, even in China’s fintech sector.

The question, however, is how much the US tilt to stablecoins can truly be seen as the American government advancing the interests of the country versus how much of it is about advancing the interests of Trump and his close allies? A pillar of Trump’s support in his 2024 campaign was the “crypto-bros,” tech investors and executives with portfolios heavily based on cryptocurrencies and their connecting technologies. These figures, including Elon Musk, supported Donald Trump on the hope that he would in turn pass favourable legislation. The GENIUS act sees those hopes coming to fruition.

Trump’s actions have fostered doubts. His “$Trump” meme coin, launched three days before his inauguration, rose some 300% over the initial price, before dropping by half. The people behind the $trump coin (including Trump) reportedly made an estimated US$100 million in trading fees. It appeared to be a rug pull, where developers of a coin abandon the coin after making initial profits, leaving buyers with a useless asset. The GENIUS Act could see such schemes proliferate.

Promoters of cryptocurrency have long been convinced of its capacity to change the world. As the new forms of digital currency become more like real world currency, with underlying regulations and stability, its integration into the global financial order will increase. Stablecoins are another step. But the dangers of crypto remain.

On August 10th, NING Service, an independent aftermarket brand under CATL, celebrated its first anniversary alongside the 10th anniversary of CATL’s after-sales business. The NING Service Brand Day themed “Now Action” was officially launched, with the flagship experience center in Shanghai and the first overseas directly-operated store in Bangkok, Thailand, opening on the same day. Leveraging its continuous innovation in battery maintenance technology, a globally leading service network and talent system, and a full battery lifecycle ecosystem, NING Service addresses the pain points of new energy vehicle consumers, leading the new energy vehicle aftermarket into a new phase.

A Decade of Dedication: Building a Robust Triangle of Service-Talent-Standard

“As the global energy structure transition accelerates, China’s new energy industry has entered a critical turning point for large-scale development. In NEV industry, existing service systems struggle to meet new demands such as testing of the battery system, electric drive and power electronics, as well as the battery health assessment. As a pioneer in the field of new energy services, NING Service always places customer needs at the forefront, driven by technological innovation and aiming for win-win cooperation to promote high-quality development in the new energy aftermarket,” said Li Wei, President of CATL’s Aftermarket Business Department.

Originally established in 2015 as CATL’s After-Market Business Department, NING Service officially upgraded to an independent brand in 2024. Leveraging CATL’s globally leading expertise in power battery technology, NING Service provides comprehensive chain services including battery inspection, maintenance, and recycling through directly-operated experience centers, authorized service providers, and a global service network for both enterprises and consumers. After ten years of efforts, NING Service has built a robust presence across 75 countries, operating more than 1,100 service outlets and managing 67 spare parts warehouses with a total area exceeding 370,000 square meters.

Building on 24 various industry standards led or involved by CATL’s after-sales team, and supported by self-developed service systems covering passenger vehicles, commercial vehicles, energy storage product lines and 6 major application scenarios, NING Service has fulfilled the promise of “general faults repaired within 8 hours, complex faults within 72 hours”, firmly holding the top position in the industry. Globally, CATL’s overseas service network has achieved 24-Hour response, ensuring seamless service experience for global customers.

Furthermore, NING Service collaborates with partners to establish professional new energy detection and repair training bases across 18 provinces and municipalities in China, addressing the growing demand for skilled professionals in the national new energy aftermarket. It has cultivated over 8,600 industry specialists, building a complete talent ecosystem encompassing talent supply, cultivation, and management layout, continuously injecting fresh blood into the industry.

Breaking Technical Barriers: Ending the “Replace-Only, No Repair” Maintenance Dilemma

While bottom-impact incidents involving battery packs in new energy vehicles are relatively uncommon, they often result in severe damage requiring full pack replacement- a costly repair. Additionally, third-party repair processes pose safety risks, making it difficult to ensure vehicle and user safety. To address this issue, NING Service has innovatively launched its CTP repair service. Utilizing CATL original equipment components, the service strictly adheres to CATL’s technical standards and quality requirements and comes with official warranty coverage, ensuring safe and reliable repairs. The repair service is significantly more affordable than full pack replacement, saving substantial repair costs for users and breaking the industry’s “replace-only, no repair” deadlock for CTP batteries.

During the battery pack repair process, NING Service consistently upholds standardized operating protocols – conducting repairs in a professional and dust-free environment with constant temperature and humidity while rigorously following the original equipment manufacturer’s meticulous inspection and repair procedures. This stringent system precisely ensures the reliability of cell-level repairs, effectively eliminating the risk of  secondary damage caused by improper handling or substandard parts, thereby safeguarding battery performance and safety at their core.

Additionally, to further enhance service professionalism and safety, NING Service has independently developed a non-destructive testing device. This device can complete fault detection in just 15 minutes, achieving an accuracy rate of over 90%. Utilizing ultrasonic guided wave technology, the device enables precise internal damage detection without the need to disassemble the battery pack, effectively avoiding secondary damage that could result from disassembly and inspection. This not only ensures battery safety and longevity but also saves time and repair costs for users. The non-destructive testing device is expected to be officially launched by the end of this year.

Leveraging the triple advantages of OEM’s technology, genuine parts assurance, and authoritative certification, NING Service has successfully overcome the industry-wide challenges of “difficult and expensive battery pack repairs”, providing customers with professional solutions that are both reliable and cost-effective.

Closed-Loop Ecosystem: Comprehensive Management Across the Battery’s Full Lifecycle

NING Service is committed to providing new energy users with services that span the entire lifecycle of a battery – “from production and usage to recycling and regeneration”. By integrating a professional battery health assessment system comprising 45 online analyses and 28 offline inspections, NING Service delivers authoritative battery testing and maintenance, helping users promptly identify potential risks, extend battery lifespan, and simultaneously enhance transparency and residual value in the used vehicle market. At the same time, leveraging the globally leading circular supply chain of Brunp Recycling, a CATL subsidiary, NING Service has established a “72-Hour Express Recycling” network, achieving triple the regional coverage rate of third-party platforms. By establishing an efficient green recycling supply chain, NING Service actively fulfills its commitment to sustainable development.

In the future, consumers will be able to easily complete the recycling of retired batteries through NING Service’s platform. Recovered batteries will undergo strict screening and classification, followed by tailored processing based on their condition and performance – either repaired and remanufactured, cascade utilized, or broken down for reusable raw materials. Through this model, NING Service not only provides consumers with a convenient recycling channel but also maximizes battery lifecycle extension and minimizes resource waste.

Moreover, adhering to the philosophy of “co-creation”, NING Service collaborates with high-quality industry partners to expand into diversified business areas such as electric vessel operations and the low-altitude economy. This collaborative approach extends the boundaries of service offerings and creates new growth opportunities. Through an open partnership model, NING Service not only drives its own sustainable business growth but also injects fresh vitality into the broader new energy industry.

As a key strategic move by CATL in the aftermarket services sector, NING Service not only provides vehicle owners with superior technical support but also sets a new benchmark for the new energy industry through its closed-loop ecosystem approach. Currently, NING Service’s flagship experience centers have been established in seven domestic cities in China, including Wuhan and Guangzhou. The store in Bangkok, Thailand, spanning over 2000 square meters and integrating CATL’s global service standards, marks its first overseas location and serves as a crucial step for CATL’s global technology deployment and service coordination. Looking ahead, NING Service will continue to drive innovation in maintenance technology, service models, and network expansion, injecting new momentum into the healthy, stable, and orderly development of the new energy vehicle aftermarket.