introduction

As technology and finance continue to merge, a remarkable phenomenon is quietly emerging. In June this year, Uber CEO Dara Khosrowshahi's words, like a stone thrown into a calm lake, stirred up a thousand waves. He announced that the shared travel giant is seriously considering stablecoins as an innovative way to transfer funds globally. Looking back a year ago, if an executive of a technology giant made such a statement, it would probably be regarded as a fantasy. However, now, from Apple, the "giant" in the technology world, Amazon, the leader in the e-commerce field, to major banks and securities firms in the financial industry, they have all joined in and shown a strong interest in stablecoins. This scene is like a fierce race on the track. Why are technology giants suddenly flocking to stablecoins? What opportunities do they see in this wave of stablecoins, and what kind of big game are they playing?

Stablecoins, the new financial darling, are rising

To explore the motivations of the tech giants, we must first have a deep understanding of stablecoins, the "new favorite" in the financial field. Stablecoins, as a special member of the digital currency family, are cryptocurrencies that maintain a relatively stable value by being linked to legal tender, commodities or other stable assets. Compared with traditional cryptocurrencies such as Bitcoin and Ethereum, whose prices fluctuate like roller coasters, stablecoins are like ships moving steadily forward on a calm lake, always committed to maintaining currency stability and building a solid line of defense against price risks for market participants.

Stablecoins usually carefully select one or more anchor assets, such as legal currencies such as the US dollar and the euro, or precious metals such as gold. Take the well-known USDT (Tether) as an example. It solemnly declares that each USDT is closely linked to 1 US dollar. In theory, users can exchange it for 1 US dollar at any time. This anchoring mechanism is like a solid bond, which closely connects the stablecoin with the anchor asset and gives the stablecoin price stability.

Low volatility is another outstanding feature of stablecoins. Since they are closely anchored to relatively stable assets, the price fluctuations of stablecoins are much smaller than those of ordinary cryptocurrencies. In the cryptocurrency market, the price of Bitcoin may rise and fall sharply in a short period of time, which makes people's heart beat faster, while the price of stablecoins can remain relatively stable, which makes it a reliable cornerstone in transactions, payments and value storage, providing people with higher reliability and predictability, which coincides with people's expectations for currency stability.

In order to maintain the anchoring relationship, the issuer of the stablecoin often solemnly promises that users can smoothly exchange the stablecoin back to the anchored asset according to the established exchange ratio. This convertibility is like a bridge of trust, connecting users and stablecoins. It is the key guarantee for the stability of the value of stablecoins and an important basis for users to trust stablecoins. If the issuer fails to fulfill the exchange promise, the value foundation of the stablecoin will be shaken, causing panic and trust crisis among users.

Based on the differences in anchored assets and operating mechanisms, stablecoins can be mainly divided into four types: fiat currency-collateralized, crypto asset-collateralized, algorithmic, and commodity-collateralized. Fiat currency-collateralized stablecoins are issued by centralized institutions. For each coin issued, an equal amount of legal currency must be deposited in banks and other financial institutions as a reserve. It is like a solid backing to ensure that its price fluctuations are minimal and its liquidity is high. It is widely used in the fields of cryptocurrency trading and cross-border payments, and is a well-deserved mainstream stablecoin type in the market. However, it is highly dependent on the credibility and compliance of the issuer. Once the issuer has financial problems or illegal operations and misappropriates the reserve, it is like the foundation of the building is damaged, which is very likely to cause a crisis of trust and a run on the bank. USDT has caused quite a stir in the market due to the transparency of its reserve, causing price fluctuations and market panic.

Crypto-asset collateralized stablecoins are generated by over-collateralizing other crypto assets. Taking DAI as an example, users need to deposit a certain amount of Ethereum and other cryptocurrencies into smart contracts as collateral to generate DAI according to the set collateral rate. This type of stablecoin is highly decentralized, and the records of collateral and transaction operations are clearly recorded on the blockchain. It is highly transparent, and users can view the collateral assets and stablecoin generation in real time, and everything is done in the sun. But it is not perfect either. The price of collateral fluctuates greatly, like a hidden reef, which is prone to liquidation risks. In March 2020, the cryptocurrency market suffered a violent crash, the price of Ethereum fell sharply, many DAI collaterals were ruthlessly liquidated, and users suffered serious losses. In addition, smart contracts are also at risk of being attacked. Once the vulnerability is maliciously exploited, the operation of stablecoins will be severely damaged and fall into chaos.

Algorithmic stablecoins do not follow the usual path and do not rely on actual collateral assets. Instead, they rely on sophisticated algorithms to adjust the supply of stablecoins to maintain value stability. When the price is higher than the anchor price, the algorithm is like a precise conductor, issuing more stablecoins to increase supply and bring the price down; when the price is lower than the anchor price, some stablecoins are repurchased or destroyed to reduce supply and push up prices. However, it is extremely dependent on the market's confidence in algorithms and stablecoins, like a beautiful castle in the air. Once the market panics or questions the algorithm, this castle will collapse in an instant, causing prices to plummet and causing market chaos. In May 2022, TerraUSD fell into an irretrievable situation due to the failure of the algorithmic mechanism, triggering a selling frenzy and market collapse, which brought huge disasters and losses to the market.

Commodity-collateralized stablecoins maintain their value stability by mortgaging physical commodities such as gold and silver. Each token corresponds to a certain number of physical commodities, and users can redeem physical commodities at any time. This type of stablecoin provides a convenient investment and trading method for users who have commodity investment needs or trust physical assets. It can also resist inflation to a certain extent, just like a protective umbrella for investors. However, commodity storage and custody require costs, and there are losses and security risks during transportation and custody. Commodity prices will also fluctuate due to factors such as market supply and demand and macroeconomics. Although it is more stable than traditional cryptocurrencies, it may still cause fluctuations in stablecoin prices. If the issuer has problems in the storage and auditing of commodities, user trust will be greatly reduced, affecting the development of stablecoins.

What are the intentions of the giants entering the market?

In the development process of stablecoins, technology giants have become increasingly active. They have actively invested in the field of stablecoins based on their own technical strength, user base and market influence, trying to seize the initiative in this new track full of potential and become rule makers and market leaders.

As a world-renowned e-commerce giant, Amazon's business is spread all over the world. In the international business, its net sales account for a high proportion. The 2024 annual report shows that the net sales of international business accounted for 22% of last year's consolidated revenue, with a total of nearly US$143 billion. Such a large business scale makes global fund management and cross-border payments a key link in its operations, and it also faces many challenges. The traditional cross-border payment system is like a congested old road, inefficient and costly. Every cross-border transfer of funds takes a lot of time and money, which undoubtedly increases the operating costs of enterprises and reduces the efficiency of fund use. Moreover, sales denominated in local currencies force Amazon to pay attention to foreign exchange risks and currency fluctuations at all times. If it is not careful, it may suffer heavy losses in exchange rate fluctuations. These fluctuations are like reefs hidden in the dark, which may cause the company's profit ship to run aground and be damaged at any time.

The emergence of stablecoins is like a ray of light, illuminating Amazon's predicament in global fund management and cross-border payments. Stablecoins, with their significant advantages of low cost, real-time settlement and 24-hour availability, provide Amazon with a brand-new solution. It is like creating a high-speed and convenient new channel for Amazon, which can quickly convert local currency into stablecoins and remit it back to the United States, greatly shortening the time for fund transfer and improving the efficiency of fund use. Nick van Eck, CEO and co-founder of Agora, pointed out sharply that global fund management is the advantage of stablecoins. Stablecoins can greatly improve the capital efficiency of enterprises like efficient means of transportation, giving enterprises more advantages in the competition in the global market. Today, with the help of stablecoins, enterprises can transfer $100 million from one country to another in one second. This leap in speed is beyond the reach of traditional payment methods.

In addition to its advantages in global fund management and cross-border payments, stablecoins also bring new opportunities for Amazon to expand its business areas. As the recognition of stablecoins continues to increase worldwide, its application scenarios are also expanding. Amazon can make full use of its own e-commerce platform advantages, integrate stablecoins into the shopping payment process, and provide users with a more convenient and efficient payment experience. Imagine that when users shop on Amazon, they only need to use stablecoins to complete the payment instantly with a click, without having to worry about the cumbersome payment process and high handling fees. This will greatly enhance the user's shopping experience, attract more users to choose the Amazon platform for shopping, and further consolidate Amazon's leading position in the e-commerce field.

Stablecoins have also opened up new growth space for Amazon's cross-border e-commerce business. In traditional cross-border e-commerce transactions, the complexity and high cost of payment links often become bottlenecks that hinder business development. The application of stablecoins is like a powerful weapon to break this bottleneck, which can reduce transaction costs, improve transaction efficiency, and promote the rapid development of cross-border e-commerce business. With the help of stablecoins, Amazon can establish closer ties with suppliers and consumers around the world, expand market share, and achieve diversified business development.

As one of the most valuable companies in the world, Apple has been actively exploring innovations in the field of financial technology, and stablecoins have naturally become the focus of its attention. Although Apple has not officially announced plans to launch stablecoins, it is not difficult to see its strong interest and ambition in stablecoins from its series of actions and layouts.

In terms of technology research and development, Apple has strong strength and abundant resources, and its research and investment in the field of blockchain technology and cryptocurrency are constantly increasing. Apple is well aware that the development of stablecoins cannot be separated from advanced technical support. As the underlying technology of stablecoins, the security, scalability and efficiency of blockchain technology directly affect the performance and user experience of stablecoins. Therefore, Apple has increased its research and development efforts in blockchain technology and actively explored how to combine blockchain technology with its own products and services to lay a solid technical foundation for the launch of stablecoins.

In terms of user base, Apple has a large and loyal user base, which provides a unique advantage for the promotion and application of its stablecoin. According to statistics, there are hundreds of millions of users of Apple devices worldwide, and these users have a high degree of trust and dependence on the Apple brand. Once Apple launches a stablecoin, it will be easy to gain user recognition and acceptance with its strong brand influence and user stickiness. Apple can provide users with convenient stablecoin access and usage channels through its operating system and app store, allowing users to easily use stablecoins in daily payment, transfer and other scenarios, and achieve rapid popularization of stablecoins among the user group.

From a strategic perspective, Apple's exploration of stablecoins is also an important part of its construction of a complete ecosystem. Apple has been committed to building a comprehensive ecosystem covering hardware, software and services, so that users can enjoy a seamless experience in this ecosystem. The addition of stablecoins will further enrich the financial service functions of the Apple ecosystem and provide users with more diversified payment and financial management options. Users can use stablecoins on Apple devices for shopping, paying bills, investing, and other operations, realizing the deep integration of financial services with daily life. Stablecoins can also promote Apple's cooperation with other financial institutions and enterprises, expand business areas, and enhance Apple's competitiveness in the field of financial technology.

As one of the world's largest mobile payment platforms, PayPal decisively launched its own stablecoin PayPal USD (PYUSD) as early as August 2023, taking the lead in the field of stablecoins. PYUSD is issued by the US fintech company Paxos Trust Company and is 100% backed by US dollar deposits, short-term US Treasury bonds and similar cash equivalents. This strong asset support provides a strong guarantee for the stability of PYUSD, just like building a solid line of defense for it, allowing users to use it with confidence.

PayPal launched stablecoins to further enhance its competitiveness and innovation in the payment field and meet the increasingly diverse payment needs of users. In today's digital age, users have higher and higher requirements for the convenience, security and efficiency of payment. As an emerging payment tool, stablecoins have unparalleled advantages over traditional payment methods. Based on blockchain technology, it realizes decentralized transactions without going through the traditional banking system, greatly shortening transaction time and reducing transaction costs. Moreover, the transaction records of stablecoins are encrypted and stored on the blockchain, which is highly secure and transparent, effectively protecting the user's financial security and privacy.

The launch of PYUSD allows PayPal users to enjoy a more convenient and efficient payment experience. Users can easily exchange PYUSD with other currencies on the PayPal platform to achieve fast transfers and payments around the world. Whether at home or abroad, users can use PYUSD to shop, pay bills, transfer money to friends, etc. through their PayPal accounts, without having to worry about exchange rate fluctuations and high fees. PYUSD can also be combined with PayPal's other financial services to provide users with more diversified financial management options, such as investment, savings, etc., to help users better manage their funds.

The launch of stablecoins has also brought more business opportunities and cooperation space to PayPal. With the continuous development of the stablecoin market, more and more companies and institutions have begun to pay attention to and adopt stablecoins. With the help of PYUSD, PayPal can establish closer cooperative relationships with merchants, financial institutions and enterprises around the world, expand its business areas, and achieve mutual benefit and win-win results. PayPal can cooperate with e-commerce platforms to provide merchants with stablecoin payment solutions to attract more consumers; cooperate with financial institutions to carry out stablecoin-related financial product innovation to meet users' investment needs; cooperate with enterprises to provide cross-border payment and settlement services to help enterprises reduce costs and improve efficiency. Through these collaborations, PayPal can further enhance its position and influence in the global payment market and become a leader in the field of stablecoins.

Global regulation, different attitudes

1. Hong Kong: Strict supervision to promote compliance

In the wave of global stablecoin regulation, Hong Kong has taken firm and pioneering steps. On May 21, 2025, the Hong Kong Legislative Council passed the (Stablecoin Bill) in the third reading, and it was published in the Gazette on May 30 and officially implemented on August 1. This marks that Hong Kong has become the world's first jurisdiction to establish a comprehensive regulatory framework for fiat-pegged stablecoins, setting a new benchmark for the development of stablecoins.

The requirements of Hong Kong (Stablecoin Ordinance) are the most stringent in the world, and a strict regulatory system has been established from multiple key dimensions. In terms of license application, the new regulations clearly require issuers to apply for scarce licenses, and only a single-digit number of the first batch of licenses will be issued. This move is like setting a high threshold in the fierce market competition, screening out strong and reputable issuers, and ensuring the high quality of market participants. Technology giants such as Ant and JD.com have taken the lead in entering the sandbox test with their strong technical strength and rich resource reserves, and actively explored the development path of stablecoin business under the compliance framework; traditional financial institutions such as Standard Chartered Bank have also keenly captured the potential of the stablecoin market, forming a consortium to participate in the competition for licenses, trying to occupy a place in this emerging field.

In terms of reserve asset supervision, the (Stablecoin Regulations) mandate 100% reserve isolation and third-party custody, which is like a solid "lock" for the safety of user assets. By strictly isolating reserve assets from the issuer's own assets and entrusting a professional third party to hold custody, the risk of the issuer misappropriating reserve assets is effectively avoided, ensuring that each stablecoin has sufficient assets to support it, and enhancing users' trust in stablecoins.

Strict entry conditions also bring some challenges. The minimum paid-in capital requirement of HK$25 million is undoubtedly an insurmountable gap for many small and medium-sized institutions, which may further intensify the trend of market concentration and small and medium-sized institutions face the dilemma of being marginalized in this competition. The Chief Executive of the HKMA, Eddie Yue, recently warned the industry to "cool down". This warning is not groundless, but is based on the regulator's deep insight into market risks and long-term considerations for the sustainable development of the industry. On the road to promoting innovation, the regulator has always adhered to the bottom line of risk prevention and control, striving to find the best balance between innovation and stability, and ensuring that the stablecoin market can develop in a healthy and orderly manner.

Hong Kong's active exploration of stablecoin regulation has provided valuable experience for the world. By building a strict regulatory framework, Hong Kong has not only enhanced its competitiveness and influence in the international financial market and attracted the attention of global investors, but also pointed out the direction for the standardized development of the stablecoin industry. It shows the world a responsible regulatory attitude, that is, to fully attach importance to financial stability and investor protection while encouraging innovation, so that stablecoins can move forward steadily on a compliant track and inject new vitality into the development of the real economy.

2. The United States: Dual-track system, seeking hegemony

While Hong Kong is actively promoting the implementation of regulations in the field of stablecoin regulation, the United States is also quietly making its plans. Behind the (GENIUS Act) passed by its Senate, there are deeper strategic intentions.

The (GENIUS Act) has established a dual-track regulatory system at the federal and state levels. This system is like a sophisticated power check and balance machine, which aims to fully control the stablecoin market. At the federal level, the focus is on regulating "systemically important stablecoins" with a market value of more than $10 billion. These large stablecoins are like giant ships in the financial market. Their every move may have a significant impact on the market. The federal government uses strict regulatory measures to ensure that they are on a safe channel and prevent systemic risks caused by the volatility of large stablecoins. The state level is responsible for managing small and medium-sized issuers, giving local governments a certain degree of regulatory autonomy so that they can formulate more flexible and targeted regulatory policies based on the actual situation in their regions to meet the development needs of issuers of different sizes.

The bill also forces stablecoins to be anchored to the U.S. dollar and prohibits algorithmic stablecoins. Behind this provision, the U.S. ambition to consolidate the global status of the U.S. dollar is obvious. By requiring stablecoin reserves to invest in U.S. Treasury bonds maturing within 93 days, the U.S. cleverly ties stablecoins and U.S. Treasury bonds together. In order to meet the reserve requirements of stablecoins, the private sector has to passively increase its holdings of U.S. Treasury bonds, which is like holding an invisible line in the financial market, allowing the United States to easily control the flow of funds, reduce the country's borrowing costs, and further consolidate the dollar's dominant position in the global financial system.

Finance Minister Bessant said that the move was aimed at "consolidating the global status of the US dollar", which is undoubtedly a direct confession of the US strategic intentions. The United States is well aware that in the context of global economic integration, monetary hegemony is an important means to safeguard national interests. As an emerging financial instrument, stablecoins have huge development potential and influence. If they can be incorporated into the US dollar system, they will be able to occupy a more advantageous position in the global financial market and continue to enjoy the various dividends brought by the US dollar hegemony.

The United States has established a dual-track regulatory system through the GENIUS Act, using stablecoins as a breakthrough point, attempting to further strengthen the core position of the US dollar in the global financial system and use stablecoins as a powerful weapon to expand its hegemony. This move will not only have a profound impact on the domestic stablecoin market in the United States, but will also have an important role in shaping the global financial landscape, triggering a new round of competition among countries in terms of stablecoin regulation and monetary sovereignty.

3. EU and emerging markets: strict control and helplessness

In this global stablecoin regulatory competition, the EU and emerging markets have presented completely different strategies, like two divergent tracks, each heading in different directions.

Through the MiCA framework, the EU has erected a solid "protective wall" to implement strict control over stablecoins. According to MiCA regulations, only electronic money institutions (EMIs) and credit institutions (such as banks) are eligible to issue and provide stablecoin services within the European Economic Area (EEA). This regulation is like setting a high threshold at the entrance to the stablecoin market, shutting out many unqualified institutions. The EU also prohibits non-euro stablecoins from being used for daily payments, and decisively removes currencies such as USDT to resolutely defend the sovereignty of the euro. This series of measures fully reflects the EU's high attention to monetary sovereignty. In the digital age, the rapid development of stablecoins may have an impact on the traditional monetary system. The EU has adopted strict regulatory measures to ensure that the euro's dominant position in the monetary system is not threatened and to maintain the financial stability and monetary order of the European Economic Area.

In sharp contrast, emerging market countries such as Turkey and Nigeria are facing difficulties brought by stablecoins and are trapped in the embarrassing situation of "passive dollarization". Due to the depreciation of their own currencies, people in these countries have lost confidence in their own currencies and turned to seek more stable means of value storage and payment. Stablecoins have become their helpless choice because of their characteristics of being pegged to the US dollar. In Nigeria, 43% of on-chain transactions involve stablecoins, and 10% of cross-border remittances in Mexico are completed through USDC. In the wave of financial innovation, people have to give up part of their monetary sovereignty in order to seek economic stability, and struggle hard in the gap between financial innovation and the loss of monetary sovereignty. This phenomenon not only reflects the severe challenges faced by emerging market countries in economic development and financial stability, but also highlights the complex impact of stablecoins in the global financial system.

Russia has taken a different approach, choosing to postpone the implementation of the central bank's digital ruble until 2026, and instead forcing merchants to accept payments in the national digital currency in stages. This strategy is a bold attempt by Russia to use administrative power to counter the infiltration of private stablecoins. Russia is well aware that the development of private stablecoins may weaken the state's control over the monetary system and threaten the country's financial security and economic stability. By forcing merchants to accept payments in the national digital currency, Russia can strengthen supervision of currency circulation, safeguard national monetary sovereignty, and ensure the dominant position of its own currency in the economic system. This move also reflects Russia's firm stance and unique response strategy in the face of the global trend of stablecoin development, providing a new direction for other countries to think about.

The different strategies of the EU, emerging market countries and Russia in regulating stablecoins reflect the diversity and complexity of the global stablecoin regulatory landscape. Different economies have made their own choices on the road of stablecoin regulation based on their own economic conditions, financial systems and strategic goals. These choices not only affect their own financial stability and economic development, but will also have a profound impact on the future direction of the global stablecoin market.

The road ahead will be filled with both opportunities and challenges

The future development of stablecoins is full of opportunities, but also faces many challenges. These factors will jointly shape the status and role of stablecoins in the global financial landscape.

From a technical perspective, blockchain technology, as the underlying support for stablecoins, has advantages such as decentralization and immutability, but there are also some problems that need to be solved. Its transaction processing speed is relatively slow, and it is difficult to meet the needs of large-scale and high-frequency transactions. It is like a narrow road that is prone to congestion when there is heavy traffic. The security of blockchain is not absolutely reliable. Risks such as smart contract vulnerabilities and network attacks are like hidden arrows, threatening the safe operation of stablecoins at all times. Once a security incident occurs, users' assets will face huge losses, and the reputation of stablecoins will also be seriously damaged. In the future, stablecoins need to continuously optimize blockchain technology, improve transaction processing capabilities, and enhance the security and stability of the system. Develop a more efficient consensus mechanism to improve the performance of blockchain; strengthen the audit and security detection of smart contracts, and promptly discover and repair potential vulnerabilities to provide a solid technical guarantee for the development of stablecoins.

Regulatory uncertainty is another major challenge in the development of stablecoins. Different countries and regions have very different regulatory attitudes and policies towards stablecoins, and lack unified international standards, which limits the development of stablecoins around the world. In some countries, stablecoins are regarded as innovative financial instruments and are actively supported and encouraged; in other countries, due to concerns about their impact on financial stability and monetary sovereignty, strict restrictions have been taken. This regulatory inconsistency is like setting many thresholds of different heights on the road ahead for stablecoins, making stablecoins face many difficulties in cross-border transactions and global promotion. In the future, the international community needs to strengthen communication and cooperation, jointly formulate unified regulatory standards and rules for stablecoins, clarify key issues such as the legal status of stablecoins, the responsibilities of issuers, and investor protection, and create a stable and predictable regulatory environment for the development of stablecoins.

Geopolitical games have also brought complex impacts on the development of stablecoins. As an emerging financial instrument, stablecoins have the functions of cross-border payment and value storage, which makes them an important factor in international economic and financial competition. The United States attempts to expand the hegemony of the US dollar through stablecoins, while the European Union is committed to protecting the integrity of the euro. The competition and game among countries in the field of stablecoins are becoming increasingly fierce. This geopolitical game may lead to the segmentation of the stablecoin market, and stablecoins in different countries and regions will be difficult to interconnect, affecting the global application and development of stablecoins. Geopolitical conflicts may also trigger regulatory sanctions on stablecoins, restricting their use and development in specific regions. The development of stablecoins needs to seek a balance in a complex geopolitical environment, strengthen international cooperation, and avoid becoming a victim of geopolitical games.

Despite many challenges, the future development trend of stablecoins is still worth looking forward to. With the deepening of global economic integration and the rapid development of the digital economy, the market size of stablecoins is expected to expand further. Stablecoins have great application potential in cross-border payments, supply chain finance, decentralized finance and other fields, and can provide users with more convenient, efficient and low-cost financial services. In terms of cross-border payments, stablecoins can achieve real-time arrival, greatly shortening the turnover time of funds, reducing transaction costs, and improving the efficiency of cross-border trade; in supply chain finance, stablecoins can solve the problem of financing difficulties and high financing costs for small and medium-sized enterprises, realize automatic settlement and risk control of funds through smart contracts, and enhance the stability and transparency of the supply chain; in the field of decentralized finance, stablecoins, as the basic value carrier, provide possibilities for various financial innovations, such as lending, insurance, and derivatives trading.

The integration of stablecoins and traditional finance will also continue to deepen. More and more traditional financial institutions have begun to recognize the advantages of stablecoins and actively participate in the issuance and application of stablecoins. Banks, payment institutions, etc. can cooperate with stablecoin projects, incorporate stablecoins into their financial service systems, and provide customers with more diversified financial products and services. Banks can issue their own stablecoins for cross-border remittances, trade financing and other businesses; payment institutions can support the payment and settlement of stablecoins, expand payment channels, and improve payment efficiency. The integration of stablecoins and traditional finance can not only promote the development of stablecoins, but also promote innovation and change in traditional finance, bringing new development opportunities to the financial industry.

The future development of stablecoins is full of opportunities as well as challenges. Only with the joint promotion of technological innovation, regulatory improvement and international cooperation can stablecoins achieve healthy and sustainable development, play a more important role in the global financial system, and bring more convenience and value to people's lives and economic development.

Conclusion

In the era of rapid technological development and profound financial changes, stablecoins have become a focus of attention on the global financial stage. With its innovative attitude, it breaks the boundaries of traditional finance, brings new solutions to cross-border payments, fund management and other fields, and also triggers fierce regulatory competition around the world.

Hong Kong has safeguarded the development of stablecoins with the strictest regulatory framework, seeking a delicate balance between innovation and risk prevention and control, and setting an example for the global stablecoin compliance process; the United States has used its dual-track regulatory system to try to use stablecoins as a weapon to further consolidate the dollar's hegemony and plan its layout in the global financial chess game; in order to defend the sovereignty of the euro, the European Union has implemented strict control over stablecoins. Emerging market countries have been trapped in the vortex of "passive dollarization" due to the dilemma of currency depreciation. Russia has taken a different approach and used administrative power to fight the infiltration of private stablecoins and uphold national monetary sovereignty.

Behind this regulatory competition, there is actually an undercurrent of monetary sovereignty. The future of stablecoins is no longer limited to the evolution of financial instruments, but has become the key to reshaping the global financial power map. Under the dual interweaving of technological innovation and geopolitical games, how will stablecoins write their own development chapter? Will they thrive under the strict constraints of supervision and become an important force in promoting global financial changes, or will they struggle in the face of numerous challenges and face difficulties and confusion in development? This is not only a question that financial industry practitioners need to think deeply about, but also worthy of continuous attention and exploration by everyone who pays attention to the development of global finance. Let us wait and see how stablecoins will interpret their own wonderful stories in the future financial world.