Introduction

Stablecoins, as a bridge connecting traditional fiat currencies and the world of digital currencies, are becoming the core battleground for capital markets and fintech companies due to their price stability, efficient and low-cost cross-border payments, and strong support for innovative scenarios like DeFi.

Against the backdrop of the rapid development of the global digital economy, the stablecoin ecosystem has experienced explosive growth. Whether it is the influx of capital or the gradual improvement of policy regulation, it highlights the key role of stablecoins in the future global payment system, cross-border settlement, and asset management. This article will deeply analyze the ecological layout of Circle and USDC, the compliance logic behind it, capital arbitrage opportunities, and global regulatory trends, comprehensively showcasing how stablecoins are igniting a capital frenzy in digital assets.

The Background and Value of Stablecoin Rise

Stablecoins, as digital assets anchored to the value of traditional fiat currencies, have rapidly emerged in recent years, becoming an important part of the cryptocurrency market. Unlike the highly volatile mainstream digital currencies like Bitcoin and Ethereum, stablecoins achieve price stability through a 1:1 peg to fiat currencies like the US dollar, significantly reducing the risks associated with digital asset trading. Leveraging blockchain technology, stablecoins not only accelerate the efficiency of cross-border transfers and payments but also provide robust infrastructure support for diverse scenarios such as DeFi, digital asset exchanges, and global merchant payments.

The core advantages of stablecoins are reflected in three aspects:

• Price stability, avoiding volatility risks
  The cryptocurrency market is characterized by extreme price fluctuations. Stablecoins anchor to fiat currency values, ensuring the stability of transaction and settlement amounts, greatly reducing trading risks.

• Fast cross-border transfer speed and low cost
  Based on blockchain technology, stablecoins achieve global transfers within minutes, far below the time and fees associated with traditional bank cross-border remittances.

• Support for diverse financial applications
  Stablecoins directly connect to innovative scenarios such as DeFi lending, asset exchanges, and digital goods payments, greatly expanding the usage boundaries of digital assets.

These are achievements that traditional fiat currencies find difficult to realize, significantly enhancing the convenience and efficiency of digital asset trading.

Circle's Stablecoin Ecosystem Layout

Founded in 2013, Circle focuses on digital payments and blockchain finance, and launched the US dollar stablecoin USDC in collaboration with Coinbase. USDC is a centralized stablecoin pegged 1:1 to the US dollar, with all funds reserved in regulated banks in the United States and short-term government bonds, audited monthly by a third-party accounting firm to ensure the transparency and security of reserve assets.

As of June 2025, USDC has a market capitalization of approximately $39 billion, ranking second among global stablecoins, only behind USDT. Its ecosystem is extensive, deployed across multiple public chains including Ethereum, Solana, Arbitrum, Optimism, Avalanche, Base, and Polygon, supporting exchanges, DeFi protocols, high-speed payments, and cross-chain asset transfers.

Circle implements USDC's seamless transfer across different chains without slippage through the Cross-Chain Transfer Protocol (CCTP), practicing the global strategy of "USDC Everywhere."

In terms of compliance, Circle strictly adheres to the regulatory requirements of the U.S. Treasury, SEC, and FinCEN, becoming the "regular army of stablecoins" in the eyes of the Biden administration. The transparent and publicly available audit reports and compliant reserve system of USDC make it a crucial cornerstone of the digital dollar ecosystem. Additionally, Circle collaborates with global payment giants such as SWIFT, Visa, Mastercard, and Stripe to actively promote the adoption of USDC in global payment and settlement fields.

Overview of Major US Dollar Stablecoin Projects

Underlying Logic of Stablecoins

In recent years, the stablecoin market has shown explosive growth, driven by three core factors: regulatory vacuum, interest rate differentials, and national competition. These factors collectively contribute to stablecoins becoming not only an important asset class in the digital currency market but also a new battleground for fierce competition among global financial capital.

1. Regulatory Vacuum — From Wild Growth to Gradual Regulation

In the past, the issuance and circulation of stablecoins lacked clear global unified regulatory standards, leading to a "regulatory vacuum" in the market. This lack of regulation lowered the barriers to entry, attracting a large influx of capital and projects; on the other hand, it also brought potential systemic risks. As countries begin to introduce laws and regulations targeting stablecoins, such as Hong Kong's "Stablecoin Ordinance" set to be officially implemented in August 2025, the market is gaining institutional norms and protections. This institutional shift injects confidence into industry development and will gradually push the market towards compliance and maturity.

2. Interest Rate Differentials — A "Profit Gold Mine" in the Eyes of Capital

Stablecoin issuers manage the fiat funds exchanged by users, investing in low-risk short-term government bonds, staking Ethereum (ETH), or employing futures short strategies to achieve returns far exceeding bank deposit rates. For example, Ethena's USDe has achieved an annualized yield (APY) of over 20% through ETH staking and futures arbitrage strategies, making it highly attractive in the market. Once high returns are obtained, capital quickly flows in, creating a capital aggregation effect that drives rapid expansion of stablecoin scale.

3. National Competition — Currency Hegemony and the New Battlefield of the Digital Economy

Stablecoins are not only financial innovation tools but also the focal point of international currency competition and digital sovereignty. The USD1 supported by the Trump team is attempting to create a "digital dollar reconstruction plan" to challenge the existing digital hegemony of the dollar; meanwhile, Hong Kong is actively building a Hong Kong dollar stablecoin ecosystem to compete for the Asian fintech hub. Many countries in Europe, America, and Asia are striving to maintain currency influence in the digital age through regulations and central bank digital currency (CBDC) pilots. Stablecoins have become a new arena for countries to vie for digital currency sovereignty and the global payment system.

4. Continuously Enriching Use Cases, Gradually Approaching Fiat Currency Functions

Stablecoins were initially used for internal transfers within the cryptocurrency circle, such as USDT's widespread circulation in the crypto market. However, with the development of technology and application ecosystems, the functions of stablecoins continue to expand:

• Global transaction payments: Supporting cross-border e-commerce and overseas remittances, providing fast and low-cost settlement methods.

• DeFi lending and yield: Becoming the main lending asset on DeFi platforms, allowing users to lend stablecoins to earn interest or use them as collateral for assets.

• Asset hedging tools: During periods of extreme volatility in the crypto market, investors can quickly convert to stablecoins to lock in asset value.

• Digital goods payments: Stablecoins are widely used as a payment method in gaming, NFTs, content creation, and other fields.

As these diverse scenarios continue to mature, the use of stablecoins is gradually evolving from "cryptocurrency tools" to "digital fiat currencies," leading to an explosive growth in market size and capital attention.

The Metaphor of Bretton Woods 3.0 is Unfolding

From state-led initiatives and commercial bank pilots to the participation of tech giants and on-chain native projects, stablecoins are transforming from niche tools in the cryptocurrency circle to key gateways for the next generation of global payment infrastructure.

Many have not realized that this wave of stablecoins is, in fact, a struggle among countries over "currency hegemony in the digital age."

As the United States continues to expand the influence of the dollar through stablecoins, Hong Kong is also actively building a stablecoin ecosystem, promoting the construction of an Asian Web3 clearing center.

On May 21, 2025, the Hong Kong Legislative Council officially passed the "Stablecoin Ordinance," completing the third reading process on the same day. This ordinance will officially take effect on August 1, 2025, making Hong Kong the first jurisdiction in the world to establish a comprehensive regulatory framework for fiat-pegged stablecoins.

The introduction of the "Stablecoin Ordinance" by Hong Kong is not merely a passive regulatory response but is driven by a proactive strategy to seize the high ground of the "next-generation payment clearing center":

• The global crypto payment system has taken shape, with stablecoins gradually expanding from "cryptocurrency settlement tools" to mainstream choices for cross-border remittances, payments, and asset hedging;

• The U.S., China, Europe, and Japan are accelerating the digitization of their currencies, and currency competition is shifting to the level of digital sovereignty, necessitating Hong Kong to establish a compliance moat to ensure the internationalization of the Hong Kong dollar;

• The integration of Web3 and finance is accelerating, and stablecoins serve as a "bridge" and "medium" between on-chain applications and real-world assets, positioning Hong Kong as a bridge city.

Therefore, Hong Kong is not merely "plugging loopholes" but is finding a new position to actively define rules between the cryptocurrency circle and regulation. Hong Kong's long-term intention is very clear:

The digital Hong Kong dollar is led by the Monetary Authority, primarily through CBDC system settlements and pilot programs with financial institutions;
The Hong Kong dollar stablecoin is market-driven, serving as a supplement or even alternative in open on-chain applications, overseas payments, and cross-border settlements.

This dual-track approach will enable Hong Kong to hold two types of "issuance rights" in digital finance: one is official credit, and the other is commercial efficiency.

In this global currency game of the "Bretton Woods 3.0" era, stablecoins have quietly become the technical carrier and symbol of influence for the next sovereign tool. The U.S. is vying for clearing rights in the digital age with USDC and USDT as anchors; Europe and Japan are promoting independent strategies for currency digitization through regulations like MiCA; while Hong Kong is carving out an independent path with a flexible and forward-looking regulatory framework and a highly open market mechanism, driven by the market and safeguarded by institutions.

In the future, as stablecoins become the infrastructure for cross-border payments and blockchain redefines clearing networks and asset expression forms, those who can master the pricing rights, access rights, and clearing rights of this system will gain an advantage in the new round of international financial order. And Hong Kong has already revealed its cards.

Stablecoins are not just a revolution in the form of currency but also a deep game of digital sovereignty, financial order, and geopolitical discourse power. In the future, more cities and countries will join this unnamed digital financial war. However, at this moment, Hong Kong, standing at the card table, is no longer a bystander.

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