1. Global regulation accelerates differentiation
Hong Kong (Stablecoin Regulation) officially takes effect, competition for the first batch of licenses heats up
Starting August 1, the Hong Kong Monetary Authority officially implements the (Stablecoin Regulation), requiring issuers to meet a paid-up capital of HKD 25 million, 100% high liquidity reserves (cash or government bonds), and strict anti-money laundering measures. Companies like Standard Chartered Bank, JD Coin Chain, and Yuan Coin Technology that participated in sandbox testing have become popular candidates for the first batch of licenses, which are expected to be issued in early 2026 in single digits. The HKMA's president, Eddie Yue, emphasized a cautious initial licensing approach, requiring applicants to have technical strength and the ability to implement scenarios to avoid excessive market speculation.
The United States (GENIUS Act) signed, consolidating dollar hegemony
On July 18, U.S. President Trump signed the (GENIUS Act), positioning stablecoins as an 'on-chain dollar' extension tool, mandating 100% reserve of dollar cash or short-term U.S. Treasury bonds, and prohibiting algorithmic stablecoins. Traditional giants like JPMorgan and Visa plan to jointly launch stablecoins, aiming to reduce cross-border settlement costs by 90%. The act also allows non-bank institutions to issue stablecoins, but they must undergo Federal Reserve review, potentially triggering market competition between banks and tech companies.
EU MiCA framework fully implemented, strengthening sovereign protection
The EU (Regulation on Markets in Crypto-Assets) (MiCA) took effect in May, dividing stablecoins into electronic money tokens (EMT) and asset-referenced tokens (ART), requiring EMTs to maintain a 1:1 cash reserve, while ARTs must have 30%-60% of reserves stored in banks.
2. Market growth slows, compliance leads the industry
Scale and structure: In the first half of 2025, the global stablecoin market value surpasses USD 250 billion, with annual on-chain transaction volume reaching USD 35 trillion, exceeding the total of Visa and Mastercard. Dollar stablecoins (USDT, USDC) account for over 85%, but compliance-based currencies (like USDC) continue to increase market share, while USDT's share has dropped to 62% due to transparency issues with reserves.
Technological iteration: Cross-chain protocols (LayerZero) and RWA (Real World Asset tokenization) become new growth points, with 30% of newly issued stablecoins integrating reserves in U.S. Treasuries, gold, etc., with annualized returns increasing to 4%-8%.
3. Regional policy dynamics and impacts
Hong Kong transitions from a crypto hub to a compliance center
The HKMA plans to explore currency internationalization through offshore RMB stablecoins, with institutions like Standard Chartered Bank and Ant International initiating pilot projects in cross-border trade and DeFi scenarios. JD's stablecoin (JDBC) has been implemented on the 'JD Global Sale Hong Kong and Macau Station,' allowing users to shop directly with stablecoins.
Mainland: Cautious exploration coexists with offshore breakthroughs
The digital RMB (e-CNY) pilot covers cross-border payments, retail, and other scenarios. Shanghai and Hainan are exploring offshore RMB stablecoins by issuing stablecoins pegged to CNH through state-owned enterprises abroad to finance 'Belt and Road' projects. The Shanghai state-owned asset system launched a blockchain cross-border payment pilot in July, aiming to compress the supply chain finance cycle from 30 days to minutes.
Singapore licensing system and risk isolation

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