As countries gradually clarify their regulatory frameworks for stablecoins, this key bridge connecting traditional finance and the crypto world is facing new compliance tests. The advancement of the US (Payment Stablecoin Clarity Act), the implementation of the EU MiCA legislation, and regulatory explorations in various Asian countries together form the regulatory landscape for the stablecoin market in 2024. Industry experts point out that compliance will become the core proposition for the stablecoin track in the next 12-18 months, with leading projects and emerging players already launching a new round of strategic adjustments.
I. The three major global regulatory camps take shape
1. USA: 'Baseline regulatory' model established
The recently passed (Payment Stablecoin Clarity Act) clearly requires:
Issuers must maintain a 1:1 USD deposit or highly liquid asset reserves
Prohibition on the issuance of algorithmic stablecoins
Require monthly audit reports to be made public
"This actually gives compliant stablecoins like USDC a 'get out of jail free card,'" noted the head of digital assets at Boston Consulting Group.
2. EU: 'Licensing system' high standards
Under the MiCA framework:
✅ Issuance requires approval from EU regulatory authorities
✅ A trading volume exceeding 2 million transactions per day will trigger a circuit breaker mechanism
⚠️ However, fiat-backed and non-backed types are subject to different rules
"Many Asian stablecoin projects are considering abandoning the EU market," revealed a London fintech lawyer.
3. Asia: 'Sandbox experiments' become mainstream
Japan opens pilot for yen stablecoins
Singapore requires issuers to hold equivalent reserves
Hong Kong is about to launch regulatory guidelines
"This region may give birth to the first compliant offshore RMB stablecoin," predicts an expert from the Asian Blockchain Association.
II. Industry changes under compliance challenges
▶ Technological reconstruction in progress
Tether, the issuer of USDT, has recently been reported to be restructuring its reserve verification system, planning to adopt a 'real-time on-chain audit' solution. Industry insiders reveal that this may drive the standardization process of new reserve proof technology.
▶ Market landscape accelerates reshuffling
The market share of the top three stablecoins has risen to 92% (up from 85% in 2023)
The number of regional stablecoins surged by 47% in six months
"Small players either comply or exit the market," said Circle's Chief Compliance Officer in an interview.
▶ New tracks are stirring beneath the surface
Regulatory arbitrage gives rise to new stablecoin architectures:
Yield-type stablecoins based on government bond ETFs
Basket stablecoins consisting of multiple national fiat currencies
Decentralized variants of over-collateralized cryptocurrencies
III. Future roadmap: Balancing compliance and innovation
Expert panel reached three consensus points in the latest roundtable discussion:
1️⃣ The first stablecoin project to obtain comprehensive licenses from G7 countries will emerge by the end of 2024
2️⃣ Algorithmic stablecoins may obtain experimental licenses in specific jurisdictions by 2025
3️⃣ Cross-chain settlement stablecoins may become the main battlefield for the next round of compliance innovation
Notably, the Bank for International Settlements (BIS) recently reported that the global average daily trading volume of stablecoins has surpassed $200 billion, equivalent to 18% of cross-border USD payment volume. This data may explain why regulators in various countries are advancing stablecoin legislation at an unprecedented pace—whoever holds the standard-setting power for stablecoins holds the key to the next generation of global payment systems.
What type of stablecoin do you think has the best opportunity to break through in the next phase?
A. Sovereign-backed CBDC bridging type
B. Over-collateralized native blockchain stablecoin
C. Commercial stablecoin issued by multinational enterprises
Feel free to share your insights in the comments!