In recent months, the development of the stablecoin sector has shown a strong dual trend driven by policy and commercial implementation. Not only is market capital increasing, but more importantly, the regulatory framework and application scenarios are maturing in tandem.
The United States passed a federal bill called the GENIUS Act in 2025, establishing the first comprehensive federal regulatory framework for payment stablecoins. This bill requires stablecoin issuers to be regulated deposit institutions or licensed non-bank entities, while also holding sufficient reserves (including low-risk assets like U.S. Treasury bonds) and undergoing regular audits and risk disclosure obligations.
At the same time, several countries and regions in Asia are actively improving stablecoin regulations. Hong Kong has passed the Stablecoins Bill, bringing stablecoins pegged to fiat currencies under regulatory oversight, covering both locally and externally issued stablecoins that are anchored to the Hong Kong dollar. Singapore has introduced a "single currency stablecoin" system, providing regulatory exemptions and clear standards for voluntarily applying stablecoin issuers. These policies are providing practitioners with clearer compliance channels and signals.
With the regulations clarified, the actual use of stablecoins is rapidly expanding. In the Asian market, stablecoins are seen by financial institutions and tech companies as key tools for enhancing cross-border payment efficiency and liquidity management. According to a report by Fireblocks, over 50% of institutions in Asia are already using stablecoins, with about 40% of institutions in pilot or planning stages.
For example, Tether's USDT has been natively deployed on LINE NEXT's Kaia blockchain, providing LINE users with a channel to make stablecoin payments or access DeFi services without leaving the social messaging app. This initiative brings the possibility of stablecoin penetration into users' daily scenarios. Meanwhile, in some countries in Southeast Asia and Africa, stablecoins are used for cross-border remittances and payments, with their low latency and lower cost characteristics widely recognized.
The leaders in the stablecoin market remain USDT and USDC. Recent statistics show that the global stablecoin market is approaching $300 billion, with these two stablecoins accounting for about 80% of the market share. The growth momentum mainly comes from the recovery of the global digital asset market, rising trading/payment demand, and an increasing willingness of traditional financial institutions to participate.
Despite the promising outlook, the development of stablecoins also comes with risks. Central banks and regulatory agencies have expressed concerns that stablecoins may undermine monetary sovereignty, lead to capital outflows, and lack transparency in the assets they are pegged to. The Bank for International Settlements (BIS) has explicitly warned that in certain emerging markets, improperly regulated stablecoins could pose systemic risks.
Additionally, there are significant differences in regulatory standards, required reserve quality, disclosure frequency, and governance structures between different countries/regions, which may lead to legal and compliance uncertainties in the issuance and use of cross-border stablecoins. Another practical issue is how to handle the implementation of infrastructure related to payments, clearing, and compliance (such as anti-money laundering and counter-terrorism financing), especially in scenarios where traditional banks and crypto institutions collaborate.
Based on the current dynamics, the following directions are worth close attention:
Further refinement of regulations: The U.S., Hong Kong, Singapore, and other regions will continue to refine regulations regarding stablecoin issuance, reserve management, anchoring mechanisms, and consumer protection. Finding a balance between financial innovation and risk prevention will be a significant test for regulatory agencies.
Expansion of stablecoins in payments and cross-border transactions: Beyond crypto exchanges and DeFi, stablecoins will see more pilots and widespread use in e-commerce, remittances, salary payments, and even payment scenarios within wallets and social platforms.
Competition between local currency stablecoins and sovereign currencies: As China reviews stablecoin proposals supported by the renminbi and interest in local currency stablecoins rises in Southeast Asian countries, locally pegged stablecoins may become tools to strengthen monetary sovereignty and reduce foreign exchange risks.
Industry collaboration and infrastructure improvement: Tech companies, e-commerce platforms, and banking institutions will increase collaboration to promote better on/off-ramp (fiat entry and exit channels), clearing speed, and transaction cost optimization between fiat currencies and stablecoins.
Overall, stablecoins are gradually transitioning from being viewed as niche or experimental crypto tools to playing a role in mainstream finance and payment infrastructure. The implementation of laws and regulations, rapid growth in market demand, and innovation in technology/products are collectively driving this transformation. Whether stablecoins can truly achieve innovation while being stable and secure, and be widely accepted in cross-border and daily payments, will be key to assessing the long-term success of stablecoins.
Related: Despite a slight rebound in Bitcoin (BTC) price to $116,000, 8 out of 10 bullish indicators have turned bearish.
Original article: “Stablecoins: Key Breakthroughs from Regulatory Implementation to Payment Use Cases”
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