On July 27, Chinese state television CCTV aired a 30-minute special focused on the United States’ cryptocurrency policies and its strategy to maintain dollar hegemony through stablecoins. In this analysis, China openly criticized U.S. legislation—especially the GENIUS Act—and highlighted the emergence of new dark markets on Telegram linked to Huione’s technological infrastructure, a significant player in Asia.

CCTV Special: Stablecoins and Dollar Hegemony

CCTV discussed the evolution of stablecoins and their geopolitical impact, noting that U.S. legislation not only regulates these digital assets but also aims to reinforce the dollar’s global position through digital debt.

The GENIUS Act prohibits the creation of a Federal Reserve-issued digital currency (CBDC), but allows stablecoins to back U.S. Treasury debt, effectively exporting this debt worldwide in digital form. CCTV described this practice as the “third phase of dollar hegemony,” following the Bretton Woods agreements and oil dependence.

Telegram and Huione Infrastructure in Dark Markets

The special also spotlighted the proliferation of dark markets on Telegram, which use infrastructure provided by tech supplier Huione. These markets facilitate anonymous transactions with cryptocurrencies, complicating regulatory oversight.

Huione is known for providing technological services to Asian crypto exchanges and platforms. Its potential connection to illicit activities raises regulatory concerns across Asia and globally.

Impact on Bitcoin, Ethereum, and Decentralized Cryptocurrencies

China’s criticism of U.S. policies indirectly impacts decentralized cryptocurrencies like Bitcoin and Ethereum. Regulated stablecoins may attract users seeking stability, potentially diverting capital away from traditional cryptocurrencies.

However, this dynamic strengthens Bitcoin’s perception as an asset resistant to centralization and political influence, offering an alternative to government-controlled digital currencies.

Ethereum remains the leading platform for decentralized finance (DeFi) and algorithmic stablecoins, which operate without state backing. Geopolitical tension may further drive the development of protocols designed to avoid reliance on government-linked assets.

Regulatory and Geopolitical Dimensions

The GENIUS Act reflects a U.S. effort to shape the global crypto ecosystem in order to preserve economic and financial supremacy. The ban on a Federal Reserve-issued CBDC, alongside support for stablecoins backed by public debt, is part of this strategy.

From China’s perspective, this policy threatens other nations’ monetary sovereignty and increases global dependence on the dollar. CCTV warned that this digital infrastructure could displace weaker currencies and exacerbate economic inequality.

At the same time, the rise of dark markets on Telegram and Huione’s infrastructure highlights the regulatory challenges of controlling illicit cryptocurrency use both in Asia and worldwide.

Conclusion

CCTV’s special reflects growing geopolitical tension surrounding cryptocurrencies and control of the digital financial system. U.S. stablecoin legislation is seen by China as a tool to perpetuate dollar dominance, emphasizing the strategic importance of digital currencies.

The connection between dark markets on Telegram and regional tech infrastructures like Huione poses major regulatory challenges. For Bitcoin, Ethereum, and other decentralized assets, these developments present both risks and opportunities, depending on regulatory context and global adoption.

The convergence of policy, technology, and geopolitics in the crypto space continues to evolve rapidly, drawing international attention to the next moves by the U.S., China, and other key players.