In recent years, stablecoins have gradually evolved from being "the lubricant of crypto trading" to a key infrastructure that may impact traditional finance. Regulatory focus has shifted from industry-level concerns to systemic risks and payment sovereignty. The European Central Bank, in its latest assessment, pointed out that the popularity of stablecoins could erode retail deposits in the Eurozone and trigger shocks to the short-term government bond market under extreme redemption pressure, reflecting regulators' vigilance regarding financial stability.
In parallel, regulatory legislation is accelerating in multiple jurisdictions. The federal framework promoted by the United States in 2025 establishes a clear regulatory path for payment stablecoins, aiming to place issuance and clearing under a regulated custody or banking system, thereby reducing the risk of disrupting traditional currency sovereignty and market order. International organizations have also warned that inconsistencies in rule implementation among countries could lead to regulatory arbitrage and a cross-border regulatory vacuum.
The Bank of England has proposed special regulatory arrangements for "systemically important stablecoins" and discussed central bank liquidity support models under extreme pressure, indicating that regulators are attempting to design operational backup plans while balancing innovation and stability. Meanwhile, the Monetary Authority of Singapore is promoting a pilot for tokenized government bonds and pushing for stablecoin legislation, aiming to enhance transparency and the quality of reserve assets while maintaining payment efficiency. Although regulatory approaches vary by country, the common goal is to incorporate large, interchangeable stablecoins into the traditional financial regulatory framework.
The market response has also been swift: traditional payment and fintech companies are beginning to enter the stablecoin space with compliance as a prerequisite, attempting to capture the efficiency dividends of cross-border payments and instant settlements. Recently, several payment companies announced or tested USD-pegged stablecoin products, indicating that market participants view regulatory clarity as a ticket to commercialization. However, the parallel paths of regulation and commercialization also raise new questions—how to prevent asset sell-off spillovers triggered by redemption waves when large commercial issuers hold or manage substantial short-term assets has become a pressing issue for policymakers.
Looking ahead to the short-term trajectory, a foreseeable path is: on one hand, regulation will continue to refine requirements for reserve assets, compliance disclosures, anti-money laundering, and consumer protection, reducing shadow liquidity and cross-border regulatory gaps; on the other hand, commercial innovation will not stop, and more consumer and enterprise payment scenarios will adopt regulated stablecoins or tokenized clearing services provided by regulated intermediaries. The challenge of international coordination remains, especially regarding cross-border issuance and the governance of so-called "interchangeable stablecoins," where regulatory differences may impact market concentration and cross-border capital flows in the medium to long term.
In conclusion, the current focus should be on operational regulatory design: ensuring that large stablecoin issuers have high-quality, liquid reserve assets; establishing clear legal responsibilities and crisis management mechanisms; and enhancing cross-border regulatory information sharing and emergency coordination. Only by ensuring financial stability and consumer protection can the payment efficiency advantages of stablecoins be sustainably released, preventing innovation from inadvertently amplifying systemic risks.
Related: Ethereum Whales Show Signs of Unease: On-chain and derivative data reduce the likelihood of ETH rising to $4,000.
Original: “Stablecoin Regulation Accelerates: The Tension Between Financial Stability and Payment Innovation”
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