#稳定币监管风暴 Stablecoin Regulatory Storm Arrives, Where Will the Industry Go?

Recently, the regulatory storm surrounding stablecoins has been intensifying. Today, let's discuss the underlying reasons and implications.

First, for those who aren't very familiar with stablecoins, simply put, they are a type of cryptocurrency pegged to fiat currencies or other assets, with the aim of maintaining price stability. USDT and USDC are examples of stablecoins that we often hear about. Their biggest advantage is that they solve the problem of large price fluctuations in other cryptocurrencies, providing a relatively stable measure of value for crypto asset trading and offering new possibilities for cross-border payments.

But now, stablecoins are being regulated globally. The United States passed the STABLE Act, requiring stablecoins to be backed 1:1 with US dollars or US Treasury bonds, and restricting issuers to be US entities or foreign institutions that meet strict cross-border regulatory requirements. Behind this, the US is actually trying to strengthen the position of the US dollar in global crypto asset transactions and alleviate the US debt crisis. This has a huge impact on the global stablecoin market, directly solidifying the dominant position of US dollar stablecoins in the market.

Hong Kong, China, has issued the 'Stablecoin Ordinance', establishing the strictest stablecoin regulatory framework in the world, implementing a licensing system. Only licensed institutions can issue stablecoins, and they are required to have 100% segregated custody of reserve assets to ensure that users can redeem 1:1 at any time. There are also strict requirements for anti-money laundering, technology, and security. Hong Kong is doing this to build a 'compliant stablecoin issuance center', strive for dominance in Asia's digital financial infrastructure, explore the development of offshore Renminbi stablecoins, and promote the internationalization of the Renminbi.

The European Union's 'Markets in Crypto-Assets Regulation (MiCA)' also includes stablecoins in its regulation, requiring stablecoin issuers to hold sufficient reserve assets, fulfill strict disclosure obligations, and meet additional liquidity management requirements. This also reflects the EU's emphasis on stablecoin regulation, wanting to prevent financial risks.