In the year #稳定币监管风暴 2025, the stablecoin market faced a global regulatory storm. The Bank for International Settlements, the European Central Bank, and the Hong Kong Monetary Authority, among others, have imposed strict regulatory requirements on stablecoins, pointing out the risks of money laundering, terrorist financing, undermining monetary sovereignty, and financial stability. The United States strengthened regulation through the GENIUS Act, requiring stablecoins to be 100% fully collateralized and increasing transparency. The global stablecoin market is facing compliance challenges, and its future development is full of uncertainties.