I. Global regulatory dynamics: Policies intensively implemented alongside technological innovations

  1. Hong Kong RWA platform adds new momentum, accelerating green asset tokenization
    On August 17, the Hong Kong Web3.0 Standardization Association announced two new RWA (Real World Assets) pilot projects: one is the issuance of a 100MW wind power project revenue rights token in collaboration with China Resources Power, and the other is the digital asset solution for smart warehousing facilities from Hong Kong Science Park. The platform pioneers a 'data - asset - finance' trinity framework, realizing asset confirmation and cross-border circulation through blockchain technology, reducing financing costs by 30% and improving settlement efficiency by 80%. Institutions such as Standard Chartered Bank and ZhongAn Insurance have applied for stablecoin licenses, planning to integrate RWA payment scenarios and promote offshore RMB stablecoin (CNHC) as a cross-border settlement tool.

  2. US SEC launches 'Project Crypto' to restructure regulatory framework
    On August 5, the US Securities and Exchange Commission (SEC) announced the launch of 'Project Crypto', a fast-track initiative aimed at introducing new regulations for crypto assets within months, covering stablecoins, DeFi, and derivatives. Key measures include: clarifying the classification framework for crypto assets, allowing tokenized securities issuance; supporting personal self-custodied assets by abolishing restrictive rules; simplifying the license application process to promote the development of 'one-stop' financial platforms. This move aims to attract Wall Street institutions back and consolidate the US's dominant position in the crypto finance sector.

  3. EU MiCA amendment comes into effect, compliant stablecoins freely convertible
    The supplementary amendment to the MiCA passed by the EU in June officially came into effect on August 7, allowing compliant stablecoins (such as USDC, EURS) to be freely convertible within the EU without the need for fiat currency intermediaries. The EURCV issued by Société Générale has been integrated into platforms like Bitstamp, becoming an important tool for cross-border payments. However, the EU still prohibits non-euro stablecoins from being used for everyday goods payments, and transactions exceeding 5 million euros per day require additional regulation.

II. Market data refresh, with compliance and technological innovation proceeding in parallel

  • Scale and structure: As of August 18, the global stablecoin market cap has surpassed $270 billion, with daily trading volume exceeding $35 billion, for the first time surpassing the combined total of Visa and Mastercard. Dollar stablecoins (USDT, USDC) account for over 85%, but the market share of compliant tokens (such as USDC) continues to rise, while USDT's share has dropped to 60% due to reserve transparency issues.

  • Technological breakthroughs: Cross-chain protocols (LayerZero) and RWA tokenization have become new growth points, with 30% of newly issued stablecoins integrating reserve assets like US Treasuries and gold, increasing annualized returns to 4%-8%. The Shanghai Data Exchange is exploring the tokenization of charging stations and green energy projects, promoting on-chain asset confirmation and fragmented investments.

III. Regional policy dynamics and industry impact

  1. Hong Kong: From a Crypto Hub to a Compliance Center
    The Monetary Authority plans to explore currency internationalization through offshore RMB stablecoins, with JD stablecoin (JDBC) piloting cross-border trade settlement on the 'JD Global Sale Hong Kong and Macau Station', reducing the settlement cycle from 30 days to 2 days. Ant Group reportedly submitted its application for a stablecoin license in Hong Kong on August 7 and simultaneously launched a sandbox test in Singapore, planning to issue a compliant stablecoin pegged to the Hong Kong dollar.

  2. US: Traditional giants accelerate entry, reshaping industry ecology
    The US dollar stablecoin jointly launched by institutions like JPMorgan and Visa has entered the testing phase, reducing cross-border settlement costs by 90%. The RWA stablecoin issued by BlackRock has surpassed $50 billion in management scale, integrating assets such as US Treasuries and corporate loans, with an annualized return of 5.2%. The (GENIUS Act) allows non-bank institutions to issue stablecoins but requires approval from the Federal Reserve, which may trigger market competition between banks and tech companies.

  3. Singapore: Licensing system and risk isolation
    Continuing from the 2020 (Payment Services Act), stablecoin issuers are required to apply for licenses and isolate reserve assets. In 2025, anti-money laundering requirements will be strengthened to attract institutions like Circle and Paxos to establish their Asia-Pacific headquarters, supporting DeFi and cross-border payment scenarios. The MAS sandbox has added a 'Tokenised Asset' sub-module, allowing RWA projects to directly interface with bank APIs for real-time reconciliation.

IV. Technological iteration and industry restructuring

  • Explosive growth of RWA: On the first day of the Hong Kong RWA platform's launch, the on-chain asset scale surpassed $5 billion, attracting participation from institutions like Goldman Sachs and Temasek. Huaxi Securities predicts the platform will release trillions in asset liquidity, promoting the birth of innovative products like virtual asset ETFs.

  • Compliance-driven innovation: Institutions like Circle and Paxos have passed EU EMI licensing reviews, with USDC becoming the first dollar stablecoin compliant with MiCA standards. Tether, having not obtained an EU license, has been forced to delist USDT trading pairs in the European market, further increasing the market share of compliant tokens.

  • LayerZero completes V2 upgrade: The cross-chain protocol LayerZero completed its V2 upgrade on August 16, introducing a 'Unified Semantic' architecture that supports developers to customize their security stack, increasing throughput to 100,000 transactions per second, pushing cross-chain interoperability into a new phase.

  • Bitcoin and Ethereum pullback: On August 18, Bitcoin's price fell below $115,000, dropping to $114,929.2, down 2.59% within 24 hours; Ethereum's price temporarily fell below $4,244, hitting a two-week low. Analysts believe the short-term market volatility is due to regulatory uncertainty and profit-taking sell-offs.

  • Active stablecoin trading: As of August 9, the total trading volume of stablecoins reached $5 trillion, approaching the total for the entire year of 2024, with market cap growing to $255 billion. Circle announced its Q2 financial report, showing USDC circulation increased by 90% year-on-year to $61.3 billion, with revenue growing by 53% year-on-year, boosting stock price by over 96% in a single day.

VI. Expert opinions and future challenges

  • Risk warning: The Bank for International Settlements points out that stablecoins lack central bank backing, making them susceptible to money laundering and potentially undermining monetary sovereignty. Zhongyin Securities' Guan Tao stresses the need to be wary of 'regulatory arbitrage' and capital outflow risks, as stablecoins are unlikely to change the trend towards a multipolar international monetary system.

  • Trend forecast: The Hong Kong Monetary Authority expects to issue the first batch of licenses in early 2026, while the US 'Project Crypto' will drive an increase in industry concentration, with the global stablecoin market cap expected to reach $3.7 trillion by 2030. On the technological front, cross-chain protocols and AI risk control will become key to compliance and efficiency improvements.


Summary: On August 18, 2025, the global stablecoin industry exhibits three major characteristics: 'regulatory compliance, technological scenario application, and market institutionalization'. The expansion of the Hong Kong RWA platform, the restructuring of US SEC policies, and breakthroughs in LayerZero technology mark the industry's entry into a new stage of 'compliance-driven growth'. In the future, the global influence of stablecoins will depend on the dynamic balance of regulatory coordination, technological innovation, and the competition of sovereign currencies, with differentiated strategies from Hong Kong, the US, and the EU shaping a new industry ecology.