#稳定币监管风暴 Trump signed the first federal-level stablecoin regulatory bill on July 18, requiring stablecoin issuers to operate under a license, maintain a 1:1 full reserve backed by USD or US Treasury bonds, and be subject to Federal Reserve oversight.

Strategic Intent: Alleviate the liquidity crisis of US Treasuries (with over 60% in short-term Treasuries), strengthen dollar hegemony, and attract global capital to purchase US Treasuries. At the same time, the bill allows banks/non-bank institutions to issue stablecoins directly, promoting the entry of traditional finance.

Hong Kong's "Stablecoin Regulation" takes effect on August 1.

The world's first comprehensive regulatory framework for fiat-backed stablecoins requires issuers to establish 100% fiat reserves and undergo regular audits. Over 40 institutions, including JD.com and Ant Group, have applied for licenses, with the first batch of issuances likely to be in "single digits."

Positioning: Focus on financial technology infrastructure, promote cross-border payments and asset digitization, and not compete directly with USD stablecoins.

Multiple countries accelerate central bank digital currency (CBDC) deployments.

49 countries have launched CBDC pilot programs (such as the digital euro) to counter the "digital colonialism" risk posed by USD stablecoins. The Bank for International Settlements (BIS) warns: USD stablecoins account for 99% of the global market, threatening the monetary sovereignty and financial stability of other countries.

⚠️ II. Risks and Controversies Focus

Systemic Financial Risk

Run Risk: If stablecoins decouple or the issuer's funding chain breaks, it could trigger a wave of US Treasury sell-offs, impacting the global bond market (similar to the Silicon Valley Bank incident). The former Greek finance minister referred to it as a "ticking time bomb."

Regulatory Arbitrage: The anonymity of blockchain facilitates money laundering and capital flight. For example, USDT has been repeatedly exposed for insufficient reserves, with $456 million in reserves misappropriated to a private account in Dubai this year.