Original Title: "Cobo Stablecoin Weekly NO.10: Is Circle the Next Generation Crypto Blue Chip? The Market is Repricing the Stablecoin Business Model"
Original Source: COBO
The way to bet on the crypto industry is changing.
From speculative crypto assets to corporate allocations of Bitcoin as reserves, and now betting on "stablecoins as financial infrastructure," the market's focus is quietly shifting towards a more certain direction. With the strengthening expectations of stablecoin legislation, stablecoins have become the "next generation opportunity" in the eyes of investors and entrepreneurs: lower volatility, higher profits, and more feasible business engines.
This issue of the stablecoin weekly report focuses on two key events: Circle successfully listed on the New York Stock Exchange under the ticker CRCL, receiving oversubscription and capital endorsement; Webus, a Chinese industrial company, integrated XRP into its cross-border payment system, gaining dual recognition from both the crypto market and the stock market. This combination of "capital side + application side" demonstrates how the market is truly buying into the stablecoin track. For investors, this means that high-quality targets in the crypto industry are emerging; for entrepreneurs, it represents a window to "embed stablecoins into the business backbone."
Market Overview and Growth Highlights
The total market capitalization of stablecoins reached $249.32 billion, with a week-on-week increase of $1.923 billion. In terms of market structure, USDT continues to dominate with a share of 62.01%; USDC ranks second with a market cap of $60.56 billion, accounting for 24.29%.
Growth Highlights
Top 3 fastest-growing stablecoins of the week:
· Ripple USD (RLUSD): Growth of $72.67 million (+23.52%)
· USDD (USDD): Growth of $54.06 million (+13.99%)
· Sky Dollar (USDS): Growth of $480.1 million (+13.67%)
Blockchain Network Distribution
Top three networks by stablecoin market cap:
Ethereum: $124.198 billion
Tron: $77.202 billion
Solana: $11.159 billion
Top 3 fastest-growing networks of the week:
Unichain: +19.85% (USDC share 51.40%)
Algorand: +12.40% (USDC share 95.80%)
Avalanche: +10.47% (USDC share 43.49%)
Data from DefiLlama
Focus Observations
Behind Circle's Listing: Stablecoins Become Core Targets in High-Profit Tracks
On June 5, USDC issuer Circle listed on the New York Stock Exchange under the ticker CRCL, with a final valuation of $12.6 billion, raising $1.1 billion, far exceeding the early estimate of $6.7 to $7.2 billion. This IPO received oversubscription, with ARK Fund and BlackRock subscribing $150 million and $60 million, respectively, accounting for 35% of the total financing. This phenomenon not only reflects top-tier capital's bet on Circle but also further strengthens the market consensus that "stablecoins are the next generation of financial infrastructure."
Circle's listing is an important milestone in the maturation of the entire crypto industry. As the issuer of USDC, Circle controls about $60 billion in stablecoin circulation, accounting for a quarter of the global stablecoin market (current market size is about $240 billion). Compared to highly volatile crypto assets, Circle offers institutional investors a "lower volatility but stable profit" investment target in the crypto market due to its compliance, transparency, and high profit margins in the stablecoin business.
Investors are beginning to notice the high profit margins of stablecoin businesses. Tether's profits for the entire year of 2024 are expected to reach an astonishing $14 billion, surpassing heavyweight U.S. companies like Pfizer, Tesla, and BlackRock, indicating that the cash flow capability of the stablecoin business has taken on the shape of "blue-chip assets." Although Circle's profit scale is not as large, it has advantages in compliance adaptation and institutional acceptance, making it a "pure investment target" with a greater institutional premium in the stablecoin field. This also complements trading platform Coinbase, providing traditional capital with another pathway into the crypto market.
Jon Ma's analysis indicates that based on Q1 2025 data, Circle's current valuation corresponds to an enterprise value/gross profit ratio (EV/Gross Profit) of 13.7 times and a price-to-earnings ratio (P/E) of 25.9 times, both lower than the fintech industry median (about 31.4 times), while accompanied by an annualized growth rate of 65%, indicating that its valuation, although high, remains attractive. However, the oversubscription and strong narrative have compressed the return space for new investors: under the base scenario, the internal rate of return (IRR) drops from 24% to 4.7%, and in the optimistic scenario, it drops from 47% to 23.7%.
In the short term, market enthusiasm may drive stock prices up, but long-term performance will still depend on whether it can continue to achieve growth targets and solidify its position as a core asset in the industry. If stablecoin regulations can be implemented within the year, it will provide Circle with further expansion policy dividends and accelerate the institutionalization process of the entire track.
The Safer the Stablecoin, the More Dangerous Economic Growth May Be
a16z crypto partner Sam Broner pointed out in a recent article titled "How stablecoins become money: Liquidity, sovereignty, and credit" that stablecoins face three major structural challenges, the most critical of which is: how to transcend the current "narrow banking model backed by government bonds" to become a truly "better currency."
The model currently adopted by mainstream stablecoins seems perfect—using short-term U.S. Treasury bonds as 100% reserves, which is both safe and stable. However, Broner warns that if this model expands on a large scale to the trillion-dollar level, it could trigger systemic issues.
Stablecoin issuers will become massive buyers in the U.S. Treasury market, which, while beneficial for U.S. government financing, will make it more difficult for other financial institutions to obtain government bonds and may disrupt liquidity in the repurchase market. More importantly, this "narrow banking" model could become a killer of credit creation.
When large amounts of funds flow from traditional bank deposits to 100% reserve stablecoins, the pool of funds available for banks to lend will shrink dramatically. The result will make mortgage loans, small and medium-sized enterprise financing, and personal credit scarcer and more expensive, suppressing the vitality of the entire real economy.
In other words, the safer the stablecoin, the more dangerous economic growth may become.
Broner proposed several solutions, with the core idea being to allow stablecoins to regain the ability to support credit creation while maintaining stability. This includes: tokenized deposits as the most direct path—allowing banks to issue stablecoins under the existing partial reserve system, enabling users to enjoy on-chain efficiency while banks can continue to lend; expanding the range of collateral, not limited to short-term government bonds, to include more high-quality liquid assets, reducing the impact on a single market; building on-chain liquidity circulation mechanisms to reinject idle reserves back into the credit market through repurchase, CDP, etc.; and drawing on diversified collateral models to achieve a certain degree of monetary expansion using on-chain assets.
Broner's core point is that the competitive advantage of stablecoins should not just be "safer dollars," but "better currency"—more efficient, programmable, and faster to circulate. This means that stablecoins must evolve from purely value storage tools to financial infrastructure that supports dynamic economic growth.
Stablecoins Step Out of the Crypto Circle, Cross-Border Business Becomes the Focus of Capital Pursuit
For years, the large-scale embrace of digital assets by mainstream enterprises has remained an unresolved prophecy. Cobo co-founder and CEO Shen Yu accurately predicted in "2023 Review and Outlook: What to Focus on After the BTC ETF Passes?" that as the new FASB accounting rules allow enterprises to account for crypto assets at fair value on their balance sheets by the end of 2024, this vision is about to become a reality. From then on, crypto assets will no longer be symbolic allocations but assets with clear compliance paths and financial significance.
An early case is Meitu. In 2021, Meitu purchased Bitcoin and Ethereum for $100 million, ultimately profiting nearly 600 million RMB, of which 80% was used for dividends. At that time, "buying coins for storage" was the starting point of corporate crypto strategies and almost the limit.
Now, a new growth curve is unfolding. Crypto assets are becoming tools for enterprises to enhance cash flow efficiency and solve cross-border settlement issues, rather than simply asset reserves.
Webus International is validating this path with practical actions. As a Chinese travel company serving global travelers, Webus faces challenges in cross-border settlements, including slow exchange rates, high costs, and fragmented accounts. By using XRP to build the company's treasury and achieve on-chain clearing, enabling two-way exchange between fiat currency and XRP, Webus has created an enterprise-level real-time payment network.
Interestingly, Webus did not choose to raise the $300 million through equity issuance but opted for loans and credit lines. This sends a clear signal: the management believes this payment system will generate sufficient returns to cover all financing costs. It can be said that this is a bet with full confidence in the return on investment.
The market has also provided positive feedback. Webus's stock price rose about 9% on the day the news was released, while XRP's price slightly increased, indicating that the capital market is recognizing this corporate strategy of "putting crypto assets to use."
From "Bitcoin as digital gold" to "stablecoins as operational engines," corporate crypto strategies are undergoing a structural shift. Companies that integrate stablecoins into cash flow and streamline payment and fund scheduling will become truly "crypto-native enterprises."
The so-called crypto-native essentially refers to enterprises actively using crypto assets and blockchain technology to solve real problems. Stablecoins, due to their value anchoring and efficient circulation, are becoming the key engine connecting financial systems and technological architectures.
As more enterprises integrate stablecoins into their operations, the market's valuation logic is shifting from "speculative assets" to "growth engines." Companies that truly enhance efficiency with stablecoins, as they do not rely on coin prices and possess sustainability, are gaining valuation premiums.
New Product Dispatch
Stablecoin Protocol USDT0 Launches XAUT0, Bringing Gold Assets into the DeFi Ecosystem
Key Highlights
· The stablecoin protocol USDT0 officially launched XAUT0, a DeFi-friendly gold token compatible with Tether's gold token.
· XAUT0 will first go live on The Open Network (TON) associated with Telegram, with plans to expand to more DeFi-oriented blockchain networks in the third quarter.
· The Tether-backed token of USDT0 has reached a circulation of $1.3 billion and is now available on ten DeFi-focused blockchains.
Why It Matters
The launch of XAUT0 reflects the ongoing trend in the blockchain industry to bring real-world assets (especially commodities) into the DeFi ecosystem. With inflationary pressures and market volatility, the demand for blockchain representations of safe-haven assets like gold is increasing. The USDT0 protocol is building cross-chain liquidity for physical assets by providing compatible DeFi asset tokens across different chains, which could bring more traditional assets and liquidity to the DeFi ecosystem, expanding the application of blockchain technology in the commodities market.
Paradigm Research Team Proposes Orbital Protocol, Breaking Through Capital Efficiency Bottlenecks of Multi-Stablecoin AMMs
Key Highlights
· The Paradigm research team has proposed an innovative AMM protocol called Orbital, supporting the simultaneous trading of 2, 3, or up to 10,000 stablecoins, extending the concept of concentrated liquidity into high-dimensional space.
· The protocol designs price boundaries as "orbits" around the $1 parity point, allowing traders to trade other stablecoins fairly even if one stablecoin becomes completely unpegged.
· Orbital allows liquidity providers to customize strategies, deploying funds near the $1 price point for maximum efficiency or providing broader coverage to earn more fees during market volatility.
Why It Matters
As the stablecoin ecosystem becomes increasingly diversified, existing AMM architectures struggle to efficiently handle the liquidity concentration issues of multi-currency pools. Orbital combines Uniswap V3's concentrated liquidity with Curve's multi-currency pool concept, achieving unprecedented capital efficiency for multi-currency stablecoin trading pools through innovative high-dimensional mathematical models. This protocol not only improves the efficiency of stablecoin swaps but also provides a scalable solution for a future market environment where many stablecoins coexist, potentially becoming key infrastructure connecting different stablecoin ecosystems.
Keeta and SOLO Jointly Launch On-Chain Bank-Level Financial Identity Layer PASS
Key Highlights
· High-throughput blockchain Keeta has collaborated with credit data platform SOLO to develop PASS, the first blockchain solution that transforms real-world financial credentials into verifiable, tokenizable credit data.
· PASS integrates KYC, income, crypto asset, and business credential information to create a modern credit infrastructure for wallets, decentralized applications, and embedded finance.
· The platform supports anonymous lending based on trusted credentials, allowing digital asset holders to access traditional lending services like mortgages and small business loans while protecting user privacy.
Why It Matters
Both Keeta and SOLO have received support from former Google CEO Eric Schmidt, indicating that traditional tech elites recognize the potential of blockchain to transform financial infrastructure. PASS represents a significant breakthrough in addressing core pain points in crypto finance, with the potential to shift crypto lending from an over-collateralized model to a more efficient credit assessment system by creating a "portable, programmable credit bureau." As this technology is applied, digital asset holders will be able to access traditional financial services based on their real financial conditions while maintaining the privacy characteristics of the crypto world, creating conditions for the deep integration of blockchain and traditional finance.
Bitfinex and Tether Launch the World's First USDT-Native Layer 1 Blockchain, Stable
Key Highlights
· Bitfinex and Tether have jointly launched Stable, the world's first Layer 1 blockchain that uses USDT as its native gas, supporting free peer-to-peer USDT transfers.
· Stable supports smart contracts running directly on stablecoins, applications providing a gas-free user experience, native integration of fiat on-ramps and off-ramps, seamless cross-chain transfers via USDT0, bridge-less cross-chain, compliant architecture, and priority execution channels.
· The platform has currently launched an internal testnet aimed at reconstructing financial infrastructure to make applications like remittances, cross-border payments, native stablecoin banking, and treasury management more convenient and efficient.
Why It Matters
With daily trading volumes of stablecoins exceeding those of Visa (with USDT alone settling over $100 billion daily), the launch of Stable marks the formation of a new monetary layer. The platform eliminates the constraints of traditional foreign exchange intermediaries and legacy systems, bringing settlement, credit, remittances, and foreign exchange entirely on-chain, allowing users to use blockchain without even realizing it. As a project directly supported by stablecoin giants, Stable is expected to become an important infrastructure for institutional-level stablecoin applications, driving the transition of stablecoins from speculative tools to practical financial instruments, providing more efficient solutions for DeFi, emerging markets, and cross-border trade.
Market Adoption
Uber CEO Considers Using Stablecoins to Reduce Operating Costs
Key Highlights
· Uber's CEO announced that the company is considering using stablecoins to lower operating costs, particularly emphasizing the potential of stablecoins for global companies.
· As a global tech company, Uber faces significant international payment demands in its cross-border businesses such as ride-hailing, food delivery, and freight, and stablecoins could help optimize its cash flow.
· If Uber adopts stablecoins, it would mark a significant milestone in mainstream large tech companies accepting crypto payments, potentially leading more companies to explore similar solutions.
Why It Matters
As a global tech giant with a market value of hundreds of billions of dollars, Uber's consideration of stablecoins shows that crypto payments are moving towards enterprise-level applications. For Uber, which needs to handle cross-border payments, driver compensation, and platform transactions, stablecoins can offer lower fees and faster settlement speeds compared to traditional bank transfers. If implemented, this move would provide stablecoins with significant real-world application scenarios and circulation, while validating the "coin-driven business" model, demonstrating how crypto technology can create real efficiency and cost advantages for large enterprises.
Digital Bank Revolut Plans to Enter the Crypto Derivatives Market
Key Highlights
· Revolut has posted a job listing on its website for a General Manager of Crypto Derivatives, responsible for scaling the new derivatives business "from zero to scale."
· The London-based company plans to launch a cryptocurrency trading platform for professional traders in the UK in May 2024, expanding its services to the entire EU six months later.
· The UK crypto derivatives market has recently gained momentum, with the first FCA-regulated central clearing derivatives platform GFO-X officially launching last month, and Galaxy also receiving FCA approval for derivatives trading in April.
Revolut's entry into the crypto derivatives market marks a further blurring of the lines between traditional finance and the crypto industry. As a leading digital bank in Europe, Revolut's expansion into crypto reflects the rising demand from institutions for complex crypto products. Against the backdrop of the gradual implementation of the MiCA regulatory framework in Europe, compliant crypto derivatives platforms may attract more professional investors. This trend also indicates that crypto investment products are gradually integrating into the mainstream financial system, bringing more liquidity and maturity to the crypto market.
Capital Layout
Limited Completes $7 Million Seed Round Financing to Advance Global Stablecoin Self-Custody Services
Key Highlights
· Limited has completed a $7 million seed round financing led by North Island Ventures, with participation from Third Prime, Arche Capital, Collab Currency, and SevenX Ventures, aimed at expanding self-custody dollar banking services globally.
· The company offers fully self-custodied USDC and EURC stablecoin accounts, allowing users to control funds with private keys, combined with Visa card payment functionality for instant cross-border transfers with zero fees.
· Limited has launched in 176 countries, supporting web, iOS, and Android platforms, primarily targeting global business users who need to avoid inflation and currency fluctuations, with a particular emphasis on no banking restrictions and real-time cross-border payment features.
Why It Matters
Limited represents an innovative application of stablecoins in the payment field, providing a solution for cross-border businesses to avoid local currency risks and banking restrictions by combining self-custody wallets with traditional payment card infrastructure. Its "non-bank" positioning and self-custody model reflect the shift of the stablecoin ecosystem from a medium of exchange to a daily payment tool. For businesses and freelancers in emerging markets, such services could become an important bridge connecting the global dollar settlement system while avoiding various restrictions and high fees from traditional financial institutions.
Tether Strategically Invests in Orionx to Promote Stablecoin Payment Infrastructure in Latin America
Key Highlights
· Tether has exclusively led the Series A financing of Chilean digital asset exchange Orionx, accelerating its business expansion and stablecoin payment infrastructure development in Chile, Peru, Colombia, and Mexico.
· According to Chainalysis data, the cryptocurrency trading volume in Latin America reached $415 billion from July 2023 to June 2024, with stablecoins dominating, especially in countries with rapidly depreciating local currencies like Brazil and Argentina.
· Orionx's "Remittances as a Service" platform provides near-instant, low-cost cross-border payment services for B2B and retail systems, addressing the financial inclusion issues in Latin America, which has the second-highest unbanked population ratio globally.
Why It Matters
This investment marks a shift for stablecoin issuers from merely providing tokens to building a complete payment infrastructure ecosystem. The high inflation and currency instability in Latin America provide a natural application scenario for stablecoins, and Tether is transforming them from a medium of exchange into practical payment tools by investing in local payment infrastructure. This strategic layout not only strengthens Tether's influence in emerging markets but also provides more real-world use cases for its stablecoins, while promoting regional financial innovation and inclusion, combating the high barriers and inefficiencies of traditional banking systems.
Tether Strategically Invests in African Fintech Shiga Digital to Promote On-Chain Payment Ecosystem Development
Key Highlights
· Tether, the largest company in the digital asset industry, has announced a strategic investment in Shiga Digital, a modern platform providing blockchain financial solutions for African businesses.
· This collaboration aims to address the cross-border payment and global liquidity access issues faced by African enterprises, establishing a seamless blockchain financial infrastructure based on USDT.
· Shiga Digital is developing an on-chain payment gateway that allows users to directly use USDT to purchase everyday goods and services without needing to convert to local currencies, breaking down cross-border economic barriers.
Why It Matters
Tether's investment in Shiga Digital demonstrates the key role of stablecoins in financial inclusion in emerging markets. As African countries like Morocco begin to prepare cryptocurrency regulatory legislation, the digital asset landscape in Africa is rapidly evolving. This collaboration strengthens USDT's position as a stable and efficient tool for cross-border business, providing better treasury and foreign exchange management services for African enterprises, helping independent contractors easily access foreign currency and global payments, ultimately integrating millions of underserved individuals and businesses into the global economy.
Chinese Company Webus Files $300 Million XRP Strategic Reserve Plan with the SEC, Stock Price Rises
Key Highlights
· Chinese company Webus International (WETO) submitted a 6-K form to the U.S. Securities and Exchange Commission on Tuesday, planning to establish a corporate treasury valued at $300 million in XRP.
· Webus plans to raise funds through loans and credit lines rather than issuing new shares and will integrate the Ripple payment network into its business to streamline cross-border payments and improve booking transparency for its global driver services.
· The company's stock price rose about 9% on Wednesday, while XRP's price increased by 2% within 24 hours, aligning with overall market performance.
Why It Matters
Webus's plan follows VivoPower International's establishment of a $121 million XRP treasury, indicating growing corporate interest in the fourth-largest cryptocurrency by market capitalization. Webus offers customized car and travel services for global travelers and has announced a renewed partnership with one of China's largest online travel agencies, Tongcheng Travel Holdings, extending the "Wetour x Tongcheng" charter routes and planning to use the XRP ledger for settling cross-border rides and driver payments. This trend shows that companies are actively exploring blockchain payment solutions to optimize international business operations, and XRP's utility is gradually gaining institutional recognition.
Regulatory Compliance
Crypto Lobbying Groups Urge U.S. Senators to Focus on Stablecoin Legislation, Avoid Irrelevant Amendments
Key Highlights
· The U.S. Senate is about to enter the final debate stage of the stablecoin legislation, but credit card-related bills are attempting to be added as amendments, threatening to disrupt the legislative process.
· Crypto industry lobbying groups are urging U.S. lawmakers to maintain focus on the core purpose of the bill, which is to establish a regulatory framework for stablecoin issuers.
· As the U.S. stablecoin bill enters its final debate stage, crypto industry lobbying groups in Washington are calling on senators to stay focused on the primary task amid attempts to insert contentious issues into other legislative efforts.
Why It Matters
This controversy highlights the political complexities in the crypto regulatory legislative process, where intertwining with other financial bills could dilute or delay the establishment of a stablecoin regulatory framework. In the context of countries worldwide accelerating the advancement of stablecoin regulations, delays in the U.S. legislative process could impact the country's position in the global crypto finance competition. The active lobbying by the crypto industry indicates that the sector is seeking to influence legislative direction and secure a more favorable regulatory environment while preventing unrelated issues from complicating this critical bill.
Dubai Financial Regulator Approves Ripple's RLUSD Stablecoin for Use in Financial Center
Key Highlights
· The Dubai Financial Services Authority (DFSA) has approved Ripple's USD stablecoin RLUSD for use as a payment channel in the Dubai International Financial Centre (DIFC), expanding its business footprint in the Middle East.
· This approval will allow approximately 7,000 businesses within the DIFC to use Ripple's stablecoin for cross-border settlements and cryptocurrency services. Ripple has previously been authorized to operate in the UAE's $40 billion international payment market.
· RLUSD is set to launch in December 2024, pegged 1:1 to USD reserves, has received approval from the New York Department of Financial Services, and has a market capitalization of $310 million, joining the $250 billion stablecoin market led by Tether and Circle.
Why It Matters
Dubai's approval of RLUSD signifies an increasing acceptance of stablecoin issuance by regulators and reflects the growing demand for crypto payment solutions in the Middle East. Ripple is actively expanding its practical application scenarios in the region by collaborating with local digital bank Zand and fintech platform Mamo, as well as partnering with infrastructure providers Ctrl Alt and the Dubai Land Department to tokenize real estate contracts on the XRP ledger. This development also shows that stablecoins as payment infrastructure are gradually gaining recognition across different jurisdictions globally, paving the way for broader commercial applications.
UK Launches First Regulated GBP Stablecoin tGBP
Key Highlights
· BCP Technologies has launched the UK's first regulated GBP stablecoin, Tokenised GBP (tGBP), which has been registered with the UK's Financial Conduct Authority (FCA).
· The stablecoin underwent a 14-month review process, including a month of testing in the FCA's regulatory sandbox, concluding its assessment on May 31.
· Each tGBP token is backed 1:1 by reserves held in segregated accounts at regulated financial institutions in the UK and can be fully redeemed for GBP at any time.
Why It Matters
The issuance of the UK's first regulated GBP stablecoin marks the formal entry of major European financial markets into the stablecoin competition. Unlike the U.S. GENIUS Act and stablecoin regulatory strategies in Asian financial centers, the UK is gradually advancing stablecoin compliance development through a regulatory sandbox model. The launch of tGBP may enhance the competitiveness of GBP in the digital finance space while providing UK fintech companies with localized GBP settlement infrastructure, reducing reliance on USD stablecoins.
U.S. House Financial Services Committee Chair: House and Senate Stablecoin Bills Still Need to Reconcile Multiple Differences
Key Highlights
· U.S. House Financial Services Committee Chair French Hill stated that the House and Senate stablecoin bills still need to reach consensus on several key points before final legislation can be achieved.
· Points of contention include the extent of foreign regulatory acceptance, which U.S. agencies are responsible for oversight, and restrictions on stablecoin issuance by large tech companies.
· The Senate version of the GENIUS Act (Genuine Economic Negotiations for Issuance and Use of Stablecoins Act) is expected to be approved as early as this week, after which it will need to be reconciled with the House version.
Why It Matters
The U.S. stablecoin legislative process is at a critical stage, and whether the two chambers can reconcile their bills will determine the final shape of the regulatory framework for stablecoins in the world's first major economy. Provisions regarding the regulatory authority, entry thresholds, and asset reserve requirements for stablecoin issuers will directly impact market dynamics and innovation space. Restrictions on stablecoin issuance by large tech companies are particularly sensitive and could affect the digital currency strategies of tech giants like Meta. Once established, the U.S. stablecoin regulatory framework will provide a reference template for other countries globally while offering legal certainty for the global use of USD stablecoins.
Macro Trends
USD Stablecoins: A New Channel for Treasury Bonds and a Paradigm Shift in the USD Settlement System
Key Highlights
· The GENIUS Act requires payment stablecoins to be backed by U.S. Treasury bonds as reserve assets, creating a new global distribution channel for U.S. Treasuries and facilitating the flow of funds back to the U.S. Treasury.
· Blockchain-based stablecoins are embedded in distributed payment systems in the form of "on-chain dollars," breaking through the limitations of traditional SWIFT interbank settlement networks and expanding the international use cases of the USD.
· Hong Kong and Singapore are taking different approaches to stablecoin regulation: Hong Kong has established a strict licensing system treating stablecoins as "virtual bank substitutes," while Singapore retains more innovation space through a "stablecoin sandbox."
Why It Matters
Stablecoins are becoming an extension tool of U.S. dollar hegemony in the digital age, not only solidifying the dollar's status as a global reserve currency but also providing global liquidity for U.S. Treasuries. However, regulatory differences among Asian financial centers may lead to regulatory arbitrage for issuing institutions, undermining the stability of the regional financial system. If this regulatory divergence is not coordinated, it will affect Asia's voice in the global stablecoin system and reflect the competition among countries for financial dominance in the digital currency era.
XRP Rises as Global Tensions Enhance Cross-Border Payment Utility
Key Highlights
· XRP has risen, driven by strong technical momentum and increased on-chain activity, as geopolitical uncertainty raises market demand for alternatives to traditional settlement mechanisms, enhancing XRP's appeal as a cross-border payment solution.
· Ripple's RLUSD stablecoin has received regulatory approval in Dubai, further strengthening XRP's application prospects in international payments. In the context of escalating global tensions, XRP's value as an alternative cross-border payment tool is increasingly highlighted.
Why It Matters
As traditional banking channels face more challenges, the fast, low-cost international transfer solutions offered by XRP are attracting more practical applications. Ripple's stablecoin gaining regulatory recognition in the Middle East also signifies that its ecosystem is gradually integrating into the global payment infrastructure. This trend may lead to broader institutional adoption of XRP, especially in markets that need to circumvent the restrictions of traditional banking systems.
Bitcoin Billionaire Wang Chun: Space Travel Will Generate Real Payment Demand
Key Highlights
· F2Pool co-founder Wang Chun has become the first Bitcoin billionaire to enter Earth's orbit, cashing out some of his Bitcoin to pay for private spaceflight expenses.
· Wang Chun proposed and completed the first-ever manned space mission to traverse the Earth's polar orbits, undergoing 14 months of professional training alongside two astronauts.
· At the 2025 Bitcoin conference, Wang Chun stated that Bitcoin should "help humanity" rather than merely hoard, suggesting that as space travel expands in the future, cryptocurrency payments in space will become a real demand.
Why It Matters
Wang Chun's space journey is not only a personal milestone but also showcases the practical applications of cryptocurrency in supporting cutting-edge technological exploration. As commercial space travel becomes increasingly popular, the demand for payments in space will genuinely exist, providing new application scenarios for cryptocurrencies like Bitcoin.
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