Actually, I don't really want to actively discuss this topic because it might offend many people. Let me briefly explain. As mentioned before, stablecoins in the U.S. mainly fall into two categories: payment-type and security-type, both of which are created for compliance purposes. The main issue they address is the compliance of stablecoins in the payment and interest-earning sectors.

However, on-chain stablecoins are not related to compliance, so essentially, $USDe itself is not a compliant stablecoin. There is a gray area, which is the Genius Act, also known as the Stablecoin Act, which restricts payment-type stablecoins. As long as USDe does not involve the "payment" aspect, it is considered gray in the U.S.

The SEC mainly regulates "security" types, so if USDe does not engage in interest-earning or other securitization activities, the SEC essentially will not regulate it.

Currently, the only potential regulator for USDe could be the CFTC, but since USDe's headquarters is in Singapore, the CFTC cannot reach it unless there are complaints from U.S. investors. However, under Singapore's new cryptocurrency regulations, the compliance of USDe is also being challenged.

In summary, after the cryptocurrency legislation, domestic stablecoins in the U.S. will inevitably face restrictions, while on-chain algorithmic stablecoins or synthetic stablecoins are currently in a regulatory blind spot. As long as they do not challenge the stablecoin legislation, there seems to be no significant issues at present.

This article is sponsored by #Bitget ｜ @Bitget_zh

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