Huobi HTX releases research report 'The On-Chain Extension of the Dollar: Stablecoins, Shadow Banking, and the Reconstruction of Global Payment Weight', which deeply analyzes the strategic value of stablecoins in cross-border payments. The report points out that stablecoins create a 'parallel dollar network' through on-chain technology, addressing issues of low efficiency and high costs in traditional cross-border payments, particularly benefiting the 1.3 billion unbanked individuals. At the same time, the report warns of regulatory and liquidity risks associated with stablecoins as 'dollar shadow banking'. Recently, Huobi HTX has launched six stablecoins, including USD1 issued by the Trump family project, continuously expanding its stablecoin ecosystem. A global regulatory framework is rapidly taking shape, and the institutionalization process of stablecoins will depend on the degree of cross-border regulatory cooperation.