#稳定币监管风暴

Stablecoins, simply put, are a type of cryptocurrency that is pegged to a fiat currency or other assets, with the aim of maintaining price stability. Examples of stablecoins that we often hear about include USDT and USDC. Its biggest advantage is that it solves the problem of significant price fluctuations of other cryptocurrencies, providing a relatively stable value standard for cryptocurrency trading and offering new possibilities for cross-border payments.

However, currently, there is global regulation on stablecoins. The United States has enacted the 'Genius Act,' requiring stablecoins to be pegged 1:1 to the US dollar or US treasury bonds, and restricting issuing entities to be US entities or foreign institutions that meet strict cross-border regulatory requirements. The underlying intention of this move is to strengthen the position of the US dollar in global cryptocurrency trading and alleviate the US treasury bond crisis. This has a significant impact on the global stablecoin market, directly solidifying the dominant position of US dollar stablecoins in the market.

Hong Kong, China, has released the 'Stablecoin Regulation,' establishing the world's strictest regulatory framework for stablecoins, implementing a licensing system where only licensed institutions can issue stablecoins. It also requires that reserve assets be 100% segregated and custodied to ensure users can redeem 1:1 at any time, and has strict requirements for anti-money laundering, technology, and security. By doing this, Hong Kong aims to create a 'compliant stablecoin issuance center,' striving for dominance in Asia's digital financial infrastructure, exploring the development of offshore RMB stablecoins, and promoting the internationalization of the RMB.

The European Union's 'Regulation on Markets in Crypto-Assets' has also brought stablecoins under regulation, requiring stablecoin issuers to hold sufficient reserve assets, fulfill strict disclosure obligations, and meet additional liquidity management requirements. This reflects the EU's emphasis on regulating stablecoins, aiming to prevent financial risks.