In 2025, the United States passed the GENIUS Act, establishing a clear regulatory framework for stablecoins, requiring issuers to hold high-quality reserve assets and undergo regular audits. This initiative is seen as a key step for the U.S. in consolidating the dollar's position in the global financial system.
Meanwhile, the European Central Bank is promoting the digital euro project, attempting to address the challenge of the dollar's dominance by issuing a euro stablecoin. Despite facing internal disagreements, the launch of the digital euro is still actively progressing.
In the UK, the Bank of England proposed restrictions on the holding of stablecoins, triggering a strong reaction from the industry. The Bank of Canada is also considering developing regulatory policies for stablecoins to respond to the growing influence of digital assets.
Tether announced the launch of the domestic stablecoin USAT, which is planned to go live by the end of the year. USAT will comply with the provisions of the GENIUS Act, with Anchorage Digital Bank as the issuer, aiming to enhance competitiveness in the U.S. market.
Circle successfully listed on the New York Stock Exchange in June 2025, reaching a market capitalization of $31 billion, further solidifying USDC's position in the market.
Additionally, emerging companies like Rain are actively building stablecoin payment infrastructure, particularly in regions like Latin America, promoting the use of stablecoins in cross-border payments and savings.
The technological infrastructure for stablecoins is also continuously evolving. Ethereum remains the primary platform for stablecoin issuance, but other chains like Solana, Tron, and Stellar are also actively expanding support, especially in cross-border and micropayment scenarios.
At the same time, the application scenarios for stablecoins in the payment field are constantly expanding, including cross-border remittances, corporate payments, and digital wallets, driving the digital transformation of the global payment system.
Stablecoins are evolving from a singular digital asset tool into an important component of the global financial system. The improvement of regulatory policies, intensifying market competition, and the push for technological innovation indicate that stablecoins will play an increasingly important role in the future financial ecosystem.
However, the development of stablecoins also faces challenges, including regulatory compliance, market risks, and technological security issues. Governments and financial institutions need to find a balance between promoting innovation and ensuring financial stability to ensure the healthy development of stablecoins in the global financial system.
Related: New Bitcoin (BTC) Staking ETP Listed on the London Stock Exchange
Original: “The Stablecoin Competition Landscape: A Triple Play of Regulation, Market, and Technology”
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