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Positive Comments: Stablecoins Reshape the Global Financial Landscape, Driven by Technological Innovation and Compliance Development
Stablecoins have moved from the “non – mainstream” of the cryptocurrency industry to the center of the global financial stage, making them one of the most noteworthy financial innovation trends in 2025. This transformation is not only due to technological progress but also benefits from the resonance of the entry of industry giants, the improvement of regulations, and market demand. Their impact on the payment system, financial infrastructure, and even the international monetary pattern has begun to show.
I. Technological Innovation Drives a Leap in Financial Efficiency; Cross – Border Payments and On – Chain Asset Connectivity Become Core Scenarios
The core advantage of stablecoins lies in the combination of “stability” and “efficiency”. Traditional cross – border payments suffer from issues such as slow arrival times, high fees, and complex clearing processes. In contrast, stablecoins, relying on blockchain’s distributed ledger and smart contract technologies, offer a payment experience with 24/7 availability and second – level arrival times. As reported in the news, the scale of US Treasury bonds held by Tether and Circle is approaching that of the top 20 countries globally. Payment giants like Visa and Stripe are investing in related infrastructure precisely because stablecoins have become the “high – speed channels” for cross – border capital flows. For example, SpaceX quickly remits its Starlink service revenue back to the US through stablecoins, and Scale AI pays global data annotators with stablecoins. These cases directly verify the efficiency advantages of stablecoins in B2B payments and global business.
More importantly, stablecoins are becoming the “bridge” connecting traditional finance and the blockchain world. With the development of tokenized assets (such as the RMB – denominated tokenized fund launched by China Asset Management) and on – chain funds, stablecoins provide a “stable anchor” for the on – chain transfer of traditional financial assets. McKinsey predicts that the market value of tokenized funds may reach $400 billion in the 2030s. Behind this trend, the liquidity support of stablecoins is crucial. Investors can conveniently buy and sell tokenized assets on the chain through stablecoins, reducing the conversion costs between traditional finance and the cryptocurrency world.
II. The Entry of Giants and the Improvement of Regulations Significantly Enhance Market Credibility and Compliance
The collective layout of technology giants and financial institutions has injected a “trust endorsement” into the stablecoin market. Ant Group and JD.com are preparing RMB stablecoins, Amazon plans to issue its own stablecoin, and Meta has invested in Scale AI. These moves are not only driven by commercial interests but also reflect the giants’ recognition of the “infrastructure nature” of stablecoins. For example, Ant and JD.com hope to move away from “platform – driven growth” and shift to a more stable revenue model (transaction fees, reserve income, settlement services). This transformation logic is similar to the profit paths of credit cards and payment platforms but has a wider coverage (global currencies, cross – border scenarios).
The implementation of regulatory frameworks has laid the foundation for the long – term development of the market. Hong Kong’s “Stablecoin Ordinance” came into effect in August, clarifying the regulatory rules for fiat – referenced stablecoins (FRS) and launching a “sandbox” program to allow enterprises to test innovative models. This measure has not only attracted more than 50 institutions to apply for licenses (such as Guotai Junan and China Asset Management) but also strengthened Hong Kong’s position as an international financial center. By actively embracing Web3.0, Hong Kong has taken the lead in the global cryptocurrency competition. Similarly, the US “GENIUS Act” provides a federal regulatory framework for stablecoins, and the European MiCA regulations clarify the restrictions on stablecoins. The “clarification” of these policies encourages enterprises to invest resources and boosts investors’ confidence (for example, OSL raised $300 million through equity financing, setting a record in the Asian digital asset field).
III. The “Trillion – Dollar Imagination” of Market Size Opens Up New Space for Economic Growth
The explosive growth of stablecoins has been verified by data: the supply of stablecoins exceeded $247 billion in 2025 (according to the ARK report), and Standard Chartered predicts that the market size will reach $2 trillion by 2028. Tether’s profit in 2024 was $13.7 billion ($6 billion in a single quarter). This growth is not only due to the demand of cryptocurrency users but also the “active embrace” of traditional finance. Banks (such as ANZ’s A$DC and Bank of America), asset management institutions (China Asset Management’s tokenized fund), and payment platforms (X Money integrating stablecoins) are all incorporating stablecoins into their strategic layouts.
For China, the preparation of RMB stablecoins by Ant and JD.com is of strategic significance. Currently, more than 99% of stablecoins are denominated in US dollars (according to data from the Bank for International Settlements). The launch of RMB stablecoins is expected to promote the internationalization of offshore RMB and expand the global use of RMB through on – chain payment scenarios. If successful, this will be another “overtaking on a curve” for China in global financial innovation after mobile payments.
Negative Comments: Behind the Rapid Development of Stablecoins, Risks and Challenges Cannot Be Ignored
Under the “boom” of stablecoins, the hidden concerns are also significant. From the stability of the financial system to technological security, from the sustainability of business models to geopolitical conflicts, if multiple risks are not properly handled, they may backfire on the development achievements of stablecoins.
I. Impact on the Traditional Banking System: Deposit Drainage and Liquidity Risks
The popularization of stablecoins may shake the core source of banks’ funds – retail deposits. Banks rely on low – cost, highly sticky retail deposits to conduct lending business. However, if users convert their deposits into stablecoins (such as USDT and USDC), the liability side of banks will face contraction pressure. As reported in the news, “When customers buy stablecoins at the expense of bank deposits, retail deposits decline.” This may force banks to turn to more expensive wholesale market financing, squeezing profit margins and even triggering a liquidity crisis. For example, if a large number of users convert their US dollar deposits into USDC, small and medium – sized US banks may reduce loans to small and medium – sized enterprises due to deposit drainage, affecting the real economy.
II. The “Vulnerability” of Stablecoins: Risks of Decoupling, Fraud, and Currency Substitution
The “stability” of stablecoins is essentially “credit – anchored” rather than being a legal tender. Historically, the algorithmic stablecoin TerraUSD (UST) collapsed in 2022 due to flaws in its mechanism design, with its market value evaporating by $18 billion, exposing the huge risk of stablecoin decoupling. Even for “asset – backed” stablecoins (such as USDT and USDC), if there are problems with the reserve assets (such as bank deposits and Treasury bonds) due to market fluctuations or the issuer’s illegal operations (such as misappropriation of reserves), it may trigger a run and decoupling.
In addition, the anonymity and cross – border nature of stablecoins make them tools for fraud and evasion of sanctions. According to Chainalysis data, the amount of cryptocurrency fraud reached $12.4 billion in 2024. Due to their high liquidity and easy convertibility, stablecoins may be used for money laundering and evading international sanctions (as mentioned in the news, “Tether helped evade billions of dollars in sanctions”). This will not only lead to stricter regulatory restrictions (such as the European MiCA regulations restricting the use of non – euro stablecoins) but also damage the market reputation of stablecoins.
The risk of currency substitution also deserves attention. If residents of a certain country widely use US dollar stablecoins (such as USDT) for daily transactions, it may lead to “dollarization”, weakening the effectiveness of the country’s monetary policy. The central bank will be unable to influence the domestic economy by adjusting the domestic currency interest rate, and the exchange rate policy may also become ineffective. This risk is particularly prominent in emerging markets with weak currency credit.
III. Sustainability of the Business Model: A “Fragile Balance” Dependent on Reserve Income
Currently, the main income of stablecoin issuers comes from the interest income of reserves (such as Treasury bonds and bank deposits). For example, Tether holds $98 billion in US Treasury bonds, and Circle holds $22 billion. Both make profits from the interest on Treasury bonds and the spread from stablecoin issuance. However, this model is highly dependent on the interest rate environment. If the world enters a low – interest or negative – interest rate cycle (such as in Europe after 2008), the reserve income will decline significantly, and issuers may face losses. In addition, if regulations require higher transparency of reserves (such as mandatory disclosure of asset composition) or increased capital buffer requirements, the operating costs of issuers will rise, further squeezing profit margins.
IV. “Fragmentation” of Technology and Ecosystem: Hidden Dangers in Wallet Compatibility and Fund Security
Stablecoins are issued on different blockchain platforms (such as Ethereum and Solana), and wallets have different levels of support for different chains. If users transfer stablecoins to an incompatible wallet, they may be unable to withdraw or even lose their funds. For example, if a user transfers USDC based on Ethereum to a wallet that only supports the Solana chain, the funds may be “frozen” due to format incompatibility. This technological fragmentation not only affects the user experience but may also lead to legal disputes (such as users suing issuers or wallet service providers).
Advice for Entrepreneurs: Find the “Safety Margin” between Compliance and Innovation
The stablecoin market presents both opportunities and risks. Entrepreneurs need to “base on compliance, be guided by demand, and use technology as a shield” to build sustainable competitiveness in the rapid development.
I. Prioritize Layout in Compliant Tracks and Make Good Use of the “Regulatory Sandbox” to Reduce Trial – and – Error Costs
The “sandbox” program of Hong Kong’s “Stablecoin Ordinance” provides a valuable testing environment for entrepreneurs. It is recommended to give priority to applying for licenses in regions with clear regulatory frameworks such as Hong Kong and Singapore, and use the sandbox to test innovative models (such as cross – border payments and tokenized asset settlement). At the same time, pay attention to international regulatory trends such as the US “GENIUS Act” and European MiCA to ensure that the business meets the requirements of multiple jurisdictions. For example, the strategy of Ant Group to apply for licenses in Hong Kong and Singapore is worth learning from. By complying with regulations in multiple regions, the market coverage can be expanded.
II. Focus on “Real – Demand Scenarios” and Avoid Blindly Chasing “Conceptual Hotspots”
The core value of stablecoins lies in solving “rigid needs” such as payment efficiency and cross – border settlement. Entrepreneurs should design products around these scenarios rather than simply pursuing the concept of “issuing stablecoins”. For example, for B2B cross – border payments, an automatic clearing tool combining “stablecoins + smart contracts” can be developed to solve the delay problem of traditional wire transfers. For tokenized assets, stablecoin custody and exchange services can be provided to lower the operational threshold for investors.
III. Strengthen Technological Security and Risk Control to Build an “Anti – Fraud” Moat
The technological risks (decoupling, wallet incompatibility) and operational risks (fraud) of stablecoins need to be effectively prevented. On the one hand, multi – chain and cross – chain technologies (such as cross – chain bridges) can be adopted to improve wallet compatibility and avoid fund losses due to chain format issues. On the other hand, blockchain analysis tools (such as Chainalysis) can be introduced to monitor abnormal transactions, and anti – money – laundering (AML) and know – your – customer (KYC) mechanisms can be established to reduce fraud risks. For example, cooperation with compliant third – party institutions can be carried out to monitor users’ identities and transaction behaviors in real – time.
IV. Explore Diversified Revenue Models to Reduce Dependence on “Reserve Income”
Currently, stablecoin issuers rely too much on reserve income, and this model is unsustainable in a low – interest rate environment. Entrepreneurs can explore a combined revenue model of “transaction fees + value – added services”. For example, customized settlement services (such as real – time exchange rate locking) can be provided for corporate customers, and technical service fees can be charged. Or financial derivatives (such as on – chain insurance and interest rate swaps) can be developed around the stablecoin ecosystem to expand revenue sources.
V. Pay Attention to “Monetary Sovereignty” and “Localization” to Avoid Geopolitical Conflicts
The layout of RMB stablecoins needs to take into account both the international market and domestic policies. Entrepreneurs should conduct in – depth research on the RMB demand in offshore markets such as Hong Kong, China and Singapore, and design products that conform to the “internationalization of RMB” strategy (such as stablecoins for cross – border trade settlement). At the same time, avoid engaging in business in high – risk regions (such as sanctioned countries) to reduce legal and reputational risks.
The “boom” of stablecoins is the result of the resonance between fintech and regulatory innovation. Its development not only concerns the commercial interests of enterprises but may also reshape the global payment system and monetary pattern. For entrepreneurs, the key to seizing the opportunity lies in: taking compliance as the bottom line, user demand as the core, and technological security as the guarantee, and finding a balance between innovation and risks. Only in this way can they gain a foothold in this “financial infrastructure revolution”.
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