Summary:
Stablecoins are becoming a crucial link in the crypto ecosystem. The fact that many countries are starting to build their own legal frameworks for stablecoins is not only an inevitable trend but also a strategic move to control systemic risks and promote financial innovation.
1. Stablecoins and the current legal gap
Stablecoins – like USDT, USDC – are a type of digital asset pegged to the USD, helping to stabilize crypto transactions. However, most stablecoins still operate in a legal 'gray' area:
• Not officially recognized in many countries.
• Lack of mechanisms to ensure transparent control of collateralized assets.
• The risk of devaluation and bankruptcy (like the UST/LUNA case) has no regulations to protect users.
2. Legalizing Stablecoins: A global trend
Major economies are getting involved:
• USA: The draft Clarity for Payment Stablecoins Act stipulates that stablecoins must be issued by licensed organizations, requiring 100% backing with safe assets.
• EU: The MiCA Regulation (Markets in Crypto Assets) – effective from 2025 – categorizes and strictly regulates 'e-money tokens'.
• Japan: Only banks and credit companies are allowed to issue stablecoins.
• Singapore & South Korea: Are building their own legal framework for payment stablecoins.
3. Implications for the crypto market
• Increasing investor confidence: Clear regulations help avoid a repeat of the LUNA, TUSD de-pegging events.
• Promoting DeFi & CBDC: Legalizing stablecoins paves the way for integration into the traditional financial system.
• International competition: Whoever controls stablecoins early will have an advantage in shaping global cash flow.
4. Risks and controversies
• Suppressing innovation? Some concerns that overly strict laws will stifle crypto startups.
• The stablecoin war: The conflict between private stablecoins (USDT, USDC) and government CBDCs is inevitable.
Conclusion
StablecoinLaw is the next hotspot in the battle to shape the future of digital finance.
Clear regulations could turn stablecoins into the 'backbone' of global payments – but also a weapon for countries to control digital power. Investors need to closely monitor this legal process to prepare for major changes in the market.
