#稳定币监管风暴 Recently, the global stablecoin market has stirred up a regulatory storm, with countries accelerating legislation to regulate this emerging financial tool. Hong Kong has taken the lead by passing the "Stablecoin Bill", becoming the first region in the world to implement full-chain regulation on fiat-backed stablecoins. Ant Group and JD Finance promptly applied for licenses. The U.S. Senate passed the "GENIUS Act", requiring stablecoin issuers to hold 1:1 reserve assets and undergo regular audits. South Korea, the UK, and the EU have also successively introduced regulatory proposals. However, the Bank for International Settlements and the European Central Bank have warned that stablecoins may trigger money laundering and financial stability risks, and market enthusiasm is facing downward pressure. The future of stablecoins will seek a balance between innovation and regulation.