What is stablecoin? At present, stablecoins are entering mainstream payment systems at an astonishing speed. As of the end of May 2025, the daily trading volume of stablecoins has increased by about 52% compared to the same period in 2024. The transaction volume in 2024 is approximately 119% and 200% of that of Visa and Mastercard. What is stablecoin? What are the differences between Bitcoin and Bitcoin? Can it replace the international fund clearing system? In layman's terms, stablecoins are a type of digital currency that anchors real assets, with their value typically tied to a certain legal currency, commodity, or other asset in circulation. Anchoring real assets is a major feature of stablecoins. Hong Kong requires stablecoins to be fully anchored to one or more legal currencies in circulation, such as the Hong Kong dollar and the US dollar. The stablecoin USDC (USD Coin) issued by the American company Circle is a stablecoin anchored 1:1 with the US dollar, meaning 1 USD USDC corresponds to 1 USD paper currency. The key to maintaining "stability" of stablecoins lies in "trust consensus". Stablecoins and Bitcoin have similarities as well as differences. The commonality is that both are encrypted digital assets based on blockchain technology, and the issuing institutions are not official departments such as the central bank. Stablecoins for heavy trading are payment tools. Bitcoin reinvestment is an investment tool. Stablecoins are payment tools that require stable currency values, minimal fluctuations, and sufficient circulation, which depends on the amount of reserve assets held by the issuer. Bitcoin, which requires heavy investment, will have a stable price that reduces its investment appeal, and volatility will attract more investors. More importantly, the two have different development directions. Stablecoins regulation is moving towards currency compliance, while Bitcoin regulation is moving towards virtual asset management. Recently, the United States has passed legislation to establish a regulatory framework for stablecoins, and Hong Kong, China has explicitly included stablecoins in its regulatory scope.