1. Market Size
According to defillama data, the total market capitalization of global stablecoins has surpassed $247B, with USDT accounting for over 62%. Ethereum and Tron are the top two circulating public chains.
2. Regulation
Hong Kong (Stablecoin Regulation) comes into effect. On May 21, the Hong Kong Legislative Council passed the Stablecoin Regulation Bill, which officially came into effect on May 30, becoming the world's first comprehensive regulatory framework for fiat-backed stablecoins.
The U.S. Senate passes a motion to debate the (GENIUS Act), entering the revision process.
On May 28, the UK's Financial Conduct Authority (FCA) published a proposal seeking public feedback on the proposed regulations for stablecoins and cryptocurrency custody.
3. Project Progress
Stablecoin USDC issuer Circle has submitted a listing application to the New York Stock Exchange. Plans to issue 24 million Class A shares.
Major commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are discussing a joint issuance of stablecoins to respond to the growing competition in the crypto industry.
JD.com's stablecoin has entered the second phase of the Hong Kong sandbox testing, focusing on cross-border payments (settlement times shortened to minutes) and supply chain finance, and has not yet been officially issued.
Recently, more than a dozen domestic brokerages have held multiple stablecoin roadshow meetings.
