US 'Passive Race':
On the surface proactive but actually forced, the Libra hearing was delayed for 3 years until Tether occupied a 60% market share, and companies like Circle pressed for it, which accelerated the promotion of the 'Payment Stablecoin Act', fundamentally to prevent the dominance of the US dollar stablecoin from falling.
Regulatory Lag's 'Gray Dividend':
90% of global stablecoin trading occurs in regulatory gray areas (e.g., USDT evading through offshore structures), and before 2023, major economies had no specific legislation, which instead facilitated a $2 trillion on-chain settlement scale, proving that 'lag equals space'.
Singapore/EU's 'Precise Positioning':
In 2023, Singapore took the lead in allowing banks to issue stablecoins, while the EU's MiCA directly requires all stablecoin issuers to be licensed, competing for the discourse power of crypto infrastructure with a compliance framework, being more proactive than the US.
The Iron Law of Technology Forcing Regulation:
In 2024, the explosion of RWA (Real World Asset Tokenization) occurs, with JPMorgan and others settling with on-chain stablecoins, forcing the Federal Reserve to consider a 'regulatory sandbox', validating the Web3 principle that 'innovation speed > legislative speed'.
Core Contradiction: Sovereign regulation wants to control stablecoins, but the technological network has turned it into a 'financial virus that is a parasitic dollar yet detached from the dollar system', with the only solution being for each country to issue their own.
