There are over 200 types of stablecoins, with USDT and USDC accounting for over 90% of the market, supporting multiple public blockchains, widely used in crypto trading and cross-border payments. Stablecoin Bill:
United States (GENIUS Act): Requires a 1:1 reserve (USD or short-term US Treasury bonds), transparent auditing, prohibits misleading marketing, aims to maintain the dollar's status, prevent financial risks, and promote compliant capital entry.
Hong Kong (Stablecoin Regulations): Establish a fiat-backed stablecoin licensing system, allow the issuance of non-HKD stablecoins, draw from EU regulations, position as a payment tool, promote the internationalization of the RMB, and consolidate Hong Kong's status as a financial center.
Industry Chain Ecosystem:
Issuance and Custody: Issuers (such as Circle) profit from reserve interest, requiring a 1:1 fiat reserve, while custodians (such as Standard Chartered Bank) provide asset management services.
Infrastructure and Technology: Blockchains like Ethereum provide smart contract platforms; regulatory technology companies (like Chainalysis) offer anti-money laundering services; stablecoins enhance the efficiency of cross-border payments and reduce costs.
RWA (Real Asset Digitization): Stablecoins provide stable payment tools for RWA transactions, increasing market liquidity.