Now, there are 7 major economies pushing stablecoin regulatory frameworks: the US, EU, UK, Singapore, Hong Kong, UAE, and Japan. Sounds like a good thing. But these 7 frameworks aren’t compatible—they’re competing with each other. Developers are now facing not 'a clear regulatory environment,' but '7 different compliance requirements.' The result: only the biggest issuers can comply with all of them at the same time. Smaller players will get squeezed out. This is the real effect of regulation: not clarity, but centralization.