财经少华
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What is a stablecoin?
Currently, stablecoins are entering mainstream payment systems at an astonishing rate. By the end of May 2025, the average daily transaction volume of stablecoins is expected to increase by approximately 52% compared to the same period in 2024. The transaction volume in 2024 is estimated to be about 119% and 200% of that of Visa and Mastercard, respectively.
What is a stablecoin? How does it differ from Bitcoin? Can it replace the international funds clearing system?
In simple terms, a stablecoin is a digital currency anchored to real assets, with its value typically linked to a specific fiat currency, commodity, or other assets.
“Anchored to real assets” is a significant feature of stablecoins. In Hong Kong, there are requirements that stablecoins must be fully anchored to one or more fiat currencies (such as the Hong Kong dollar or US dollar).
The stablecoin USDC (USD Coin), issued by the American company Circle, is a stablecoin that is pegged to the US dollar at a 1:1 ratio, meaning 1 USDC corresponds to 1 US dollar bill.
The key to maintaining the “stability” of stablecoins lies in “trust consensus.”
Stablecoins share commonalities with Bitcoin but also have differences. The commonality is that both are encrypted digital assets based on blockchain technology, and neither is issued by central banks or other official entities.
Stablecoins focus on transactions and are payment tools. Bitcoin focuses on investment and is an investment tool.
For stablecoins to function as payment tools, their value must be stable with minimal fluctuations, ensuring sufficient liquidity, which depends on the quantity of reserve assets held by the issuer.
For Bitcoin, which is heavily focused on investment, price stability would reduce its investment appeal; volatility is what attracts more investors.
More importantly, the developmental directions of the two are different. Stablecoin regulation is moving towards monetary compliance, while Bitcoin regulation is moving towards virtual asset management.
Recently, the United States passed legislation to establish a regulatory framework for stablecoins, and Hong Kong has explicitly included stablecoins within its regulatory scope.
Currently, stablecoins are entering mainstream payment systems at an astonishing rate. By the end of May 2025, the average daily transaction volume of stablecoins is expected to increase by approximately 52% compared to the same period in 2024. The transaction volume in 2024 is estimated to be about 119% and 200% of that of Visa and Mastercard, respectively.
What is a stablecoin? How does it differ from Bitcoin? Can it replace the international funds clearing system?
In simple terms, a stablecoin is a digital currency anchored to real assets, with its value typically linked to a specific fiat currency, commodity, or other assets.
“Anchored to real assets” is a significant feature of stablecoins. In Hong Kong, there are requirements that stablecoins must be fully anchored to one or more fiat currencies (such as the Hong Kong dollar or US dollar).
The stablecoin USDC (USD Coin), issued by the American company Circle, is a stablecoin that is pegged to the US dollar at a 1:1 ratio, meaning 1 USDC corresponds to 1 US dollar bill.
The key to maintaining the “stability” of stablecoins lies in “trust consensus.”
Stablecoins share commonalities with Bitcoin but also have differences. The commonality is that both are encrypted digital assets based on blockchain technology, and neither is issued by central banks or other official entities.
Stablecoins focus on transactions and are payment tools. Bitcoin focuses on investment and is an investment tool.
For stablecoins to function as payment tools, their value must be stable with minimal fluctuations, ensuring sufficient liquidity, which depends on the quantity of reserve assets held by the issuer.
For Bitcoin, which is heavily focused on investment, price stability would reduce its investment appeal; volatility is what attracts more investors.
More importantly, the developmental directions of the two are different. Stablecoin regulation is moving towards monetary compliance, while Bitcoin regulation is moving towards virtual asset management.
Recently, the United States passed legislation to establish a regulatory framework for stablecoins, and Hong Kong has explicitly included stablecoins within its regulatory scope.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.