The #稳定币监管风暴 Stablecoin Regulatory Storm is a series of regulatory measures and related developments aimed at regulating the stablecoin market, preventing financial risks, and maintaining financial stability and security globally. The following is an introduction:

Background and Reasons

• Expanding Scale and Highlighting Risks of Stablecoins: Stablecoins have evolved from fringe payment tools to important components of the global payment system, with total market capitalization continuing to grow. However, the collapse of the Terra UST algorithmic stablecoin in 2022 caused tens of billions of dollars in losses, exposing the risks of stablecoins and prompting global efforts to strengthen regulation.

• Preventing Illegal Financial Activities: Stablecoins rely on blockchain technology, and cross-border fund flows are anonymous, making them easily used for money laundering and other illegal activities, increasing the difficulty of regulation and threatening financial order. Therefore, countries need to strengthen regulation to curb such behavior.

• Maintaining Monetary Sovereignty and Financial Stability: Stablecoins are mostly pegged to the US dollar, which may weaken the monetary sovereignty of other countries, trigger capital flight from emerging economies, and easily trigger trust crises and bank runs in countries with weak financial systems. Therefore, countries are strengthening regulation to protect their own financial interests.

Main Regulatory Measures

• US Stablecoin Bill: On July 18, 2025, local time, US President Trump signed the "Guidance and Establishment of the US Stablecoin National Innovation Act." The bill establishes a regulatory framework for US dollar-pegged cryptocurrency stablecoins, requiring stablecoins to be pegged to the US dollar at a 1:1 ratio, clarifying key provisions such as reserve asset categories, information disclosure, and audit mechanisms.

• Hong Kong, China "Stablecoin Ordinance": On May 21, 2025, the Hong Kong Special Administrative Region Legislative Council formally passed the "Stablecoin Ordinance Bill" at its third reading, which will take effect on August 1. The ordinance stipulates that stablecoin issuers must apply for a license from the Hong Kong Monetary Authority, and the reserve assets must be composed of high-quality, highly liquid assets and must comply with anti-money laundering and other regulatory requirements, aiming to promote Hong Kong's upgrade from a "crypto hub" to a "compliant stablecoin issuance center."

• EU "Markets in Crypto-Assets Regulation": The EU has introduced the "Markets in Crypto-Assets Regulation" (MiCA) in an attempt to impose strict controls on stablecoins to address issues such as the spread of US dollar-denominated stablecoins in Europe, which affects the effectiveness of the European Central Bank's monetary policy.