The U.S. Congress enacted the GENIUS Act this year, which explicitly requires that the issuance of stablecoins must be backed one-to-one by U.S. dollars or low-risk assets. It also strengthens mechanisms such as anti-money laundering, customer due diligence, and regular audits to enhance the transparency and trustworthiness of stablecoin issuance and circulation.
Meanwhile, the European Union passed the MiCA Act, which sets forth licensing, reserve asset disclosure, and consumer protection standards for asset-referenced stablecoins and electronic money stablecoins, creating a forward-looking regulatory framework.
In the UK, the Bank of England proposed limiting the amount of systemic stablecoins that individuals and businesses can hold to prevent large-scale substitution or erosion of the traditional banking system's deposit base. This has sparked widespread debate among industry insiders and crypto companies regarding policy boundaries and innovation freedom.
In the Asia-Pacific region, regulatory attitudes are shifting from leniency to refinement. Singapore has introduced an "opt-in" program allowing issuers to adhere to stricter standards for redemption, safe reserves, and risk management to gain recognition; Hong Kong has mandated a licensing system requiring stablecoin issuers to demonstrate genuine use, rather than mere speculation or repeated issuance.
In terms of use cases, stablecoins are increasingly being utilized for cross-border payments, settlements, and liquidity pool operations. For example, the Singapore Exchange has seen the emergence of paired trading between U.S. dollar money market fund token assets and stablecoins, enabling institutional investors to allocate digital assets in a compliant environment.
In the banking and financial institution sector, Société Générale's subsidiary has launched a U.S. dollar-pegged stablecoin called "USD CoinVertible," which plans to operate on the Ethereum and Solana blockchains, with international custodial banks responsible for reserve asset custody, marking a significant engagement of large European financial institutions in the stablecoin market.
Mastercard has partnered with Fiserv to integrate a new stablecoin called FIUSD into Mastercard's payment system, aiming to allow merchants and institutional users to experience the liquidity and reliability of stablecoins in real-world usage.
Additionally, Ripple has acquired the stablecoin infrastructure platform Rail, a move seen as a key step in its stablecoin strategy expansion, closely related to the increasingly clear U.S. regulatory framework.
Although regulation and market innovation are driving the maturation of the stablecoin ecosystem, risks still exist. Industry analysis firms warn that stablecoins may face issues such as insufficient transparency of reserve assets, excessive reliance on short-term government bonds or questionable collateral quality, and smart contract vulnerabilities.
There are still hidden dangers in liquidity and redemption mechanisms, especially during significant market volatility or redemption pressure. If issuers or custodians are unprepared, it could lead to decoupling or delayed redemptions. Regulatory agencies in various countries are strengthening their scrutiny of such issues.
Moreover, significant policy differences across regions pose compliance and operational challenges for stablecoins used cross-border or in global operations. For instance, the proposed holding limits in the UK have sparked widespread discussion in the context of global competition.
As regulatory systems and infrastructure continue to improve, stablecoins are expected to evolve from being "a part of crypto assets" to "the cornerstone of mainstream finance and payment systems." Key areas to watch in the coming years include:
Institutional issuance and transparency: More countries will introduce frameworks similar to GENIUS or MiCA, requiring 1:1 backing, regular audits, and user rights protection.
Deep participation of banks and traditional finance: Large banks will no longer be mere bystanders but will issue, custody, and even incorporate stablecoins into their core services.
Innovations in cross-border payments and settlements: Stablecoins will become important tools in developing regions or markets with significant foreign exchange volatility.
Security and resilience building: The security of smart contracts, quality of collateral, and fiat exchange channels will be crucial in determining which stablecoins survive long-term.
Related: One-stop exchanges aim to unify cryptocurrency and foreign exchange markets
Original article: “The Stablecoin Ecosystem Matures: From Regulatory Clarity to Infrastructure Deployment”
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