[Analysis: Stablecoin Regulation Has Become Clear, but Infrastructure and Privacy Remain Major Obstacles] According to Coindesk, executives from crypto companies MoonPay, Ripple, and Paxos recently pointed out that regulatory clarity is accelerating institutional adoption of stablecoins. However, infrastructure, privacy protection, and real-world application remain core challenges for the industry. Ripple's Senior Vice President of Stablecoins, Jack McDonald, stated that institutional clients are more focused on regulatory compliance, custody security, and trustworthy counterparties, rather than simply the market capitalization of stablecoins. He emphasized that Ripple places greater importance on the practical utility of stablecoins in scenarios such as payments, corporate cash flow, and collateral in capital markets.