Stella Insights | Stablecoins Are Entering a Period of Restructuring Power

Recently, there have been legislative movements regarding stablecoins in the US and Hong Kong:

🇺🇸 The United States is advancing S.394, beginning to define the issuing entities, redemption mechanisms, and audit requirements through legislation;

🇭🇰 Hong Kong has passed the draft ordinance in three readings, supporting global compliance institutions to issue coins in Hong Kong, and releasing interest scenarios.

Unlike the previous path of 'projects first, regulation follows',

this time both regulators and issuers are competing for the dominant definition of stablecoins.

Some say this will benefit certain assets, but I believe:

Compared to chasing hot trends, it is more worth paying attention to—who can control the clearing rights + usage paths in the future.

What do you think about this? Let's discuss 💰