Original Title: "Cobo Stablecoin Weekly NO.14 | As Licenses Become a Barrier, How Can SMEs Participate in the Future of Stablecoins?"
Welcome to the 14th issue of the Cobo Stablecoin Weekly. Over the past week, discussions surrounding stablecoin regulatory proposals such as the "Genius Act" have intensified, with more observers beginning to realize that this is not just a regulatory restructuring aimed at fintech, but potentially a policy design by the federal government to indirectly finance through stablecoins amid fiscal pressure—a variant of "invisible quantitative easing." Without directly expanding the balance sheet, the U.S. may attempt to release liquidity within the system by empowering compliant institutions to issue stablecoins and concentrate reserves in U.S. Treasury investments, while simultaneously lowering financing costs.
This structural demand is driving banks and traditional financial giants to accelerate their entry into the market, vying for dominance in the "internet currency layer." For instance, Circle's application for a trust bank license from the Office of the Comptroller of the Currency (OCC) illustrates how leading stablecoin issuers are trying to obtain key institutional entry tickets to control the entire chain of issuance, custody, and settlement. The stablecoin industry is entering a new phase defined by licenses, clearing networks, and user scale, with compliance thresholds and market concentration rising in tandem.
In this changing landscape, one question becomes increasingly important: where can SMEs and entrepreneurs find their entry points? According to Cobo Senior Vice President Alex Zuo, the ultimate capability of stablecoins lies in "absorbing liquidity," meaning whether they can be widely used as interfaces for on-chain services. Although issuance is dominated by leading institutions, there remains a significant amount of blank space in the "service layer" waiting to be filled. This is precisely the window for Web2 companies to leverage existing user relationships and business scenarios.
In the face of the policy-driven and industry-restructuring backdrop of "invisible QE," the stablecoin ecosystem will evolve from the "asset layer" to the "service layer." Beyond the license battle, greater opportunities lie in the details of how to truly utilize stablecoins.
Market Overview and Growth Highlights
The total market capitalization of stablecoins reached $255.201 billion, with a week-on-week increase of $2.415 billion. In terms of market structure, USDT continues to maintain its dominant position, accounting for 62.42%; USDC ranks second with a market cap of $61.922 billion, accounting for 24.26%.
Blockchain Network Distribution
Top three networks by stablecoin market cap:
1. Ethereum: $126.718 billion
2. Tron: $80.855 billion
3. Solana: $10.746 billion
Top 3 networks with the fastest weekly growth:
1. Story: +34.57% (USDC accounts for 99.99%)
2. Unichain: +34.01% (USDC accounts for 39.80%)
3. OP Mainnet: +17.27% (USDC accounts for 39.80%)
Data from DefiLlama
What Does Circle's Application for a U.S. Trust Bank License Mean?
Circle (CRCL), the world's second-largest stablecoin issuer, recently submitted an application for a federal trust bank license to the OCC, following its nearly $18 billion IPO valuation. This move not only signifies Circle's transition from an on-chain asset issuer to a compliant financial infrastructure provider but may also reshape the regulatory and commercial landscape of the entire stablecoin industry. Once approved, Circle will have the qualification to directly custody and manage USDC reserves, shifting from a structure that relies on third-party banks to a "compliant financial entity" that can fully control the underlying cash flow, significantly enhancing its revenue elasticity and system independence.
This transformation aligns closely with the stablecoin legislation being advanced in the U.S. Proposals such as the "GENIUS Act" have suggested implementing bank-level regulatory requirements for large issuers. Circle's move is not only a forward-looking response to policy signals but also aims to free itself from reliance on a high-interest rate environment, gradually shifting from interest margin-driven revenue to service-oriented income structures such as custody and settlement. As the "first stock" of stablecoins, Circle seeks to establish competitive barriers through institutional dividends, and the market's divergence on this strategic path may become a core variable for future valuation fluctuations. Future market competition for stablecoins will revolve around custody capabilities, settlement interfaces, compliance qualifications, and service depth. Bank licenses are likely to become a necessary threshold for a few core participants in the next cycle.
Stablecoins: The Interplay of "Invisible QE" Under U.S. Fiscal Abyss and Global Dollar Repatriation
Currently, global financial markets are closely monitoring the progress of U.S. stablecoin legislation. On the surface, these legislations aim to strengthen compliance and financial stability; however, BitMEX co-founder Arthur Hayes has proposed a more disruptive perspective: this could be a form of "invisible quantitative easing" to address the U.S.'s massive fiscal deficit and debt pressure. Arthur Hayes believes that proposals like the "Genius Act" are not merely promoting market competition but are designed to grant "too big to fail" (TBTF) systemically important banks a dominant position in the stablecoin market, thereby creating new, covert financing pathways for the federal government.
Faced with an annual deficit of up to $2 trillion and maturing massive Treasury bonds, the Federal Reserve finds it difficult to restart traditional quantitative easing, and the government urgently needs new "blood transfusion" mechanisms. Allowing banks to issue interest-free stablecoins and granting them regulatory exemptions for purchasing short-term Treasury bills (T-bills), such as SLR exemptions, enables banks to leverage at extremely low funding costs to buy Treasury bonds in large quantities, enhancing net interest margins, thus playing the roles of "liquidity makers" and "Treasury bond buyers." This "atypical quantitative easing" indirectly releases potential liquidity within the financial system without significantly expanding the balance sheet, supporting Treasury bond demand while potentially spilling over into the risk asset market, driving up asset prices, and ultimately increasing the government's capital gains tax revenue. In Hayes's view, this is about "financializing" blockchain dividends into banks' rental income, with the costs borne by ordinary depositors, future taxpayers, and stablecoin innovators.
Citi's analysis adds detailed insights to this grand narrative. Citi believes that the rise of dollar stablecoins is more a "reflection" of the dollar's reserve status rather than a "reinforcement" factor, and their growth will not unconditionally bring about net new demand for U.S. Treasury bonds. The key lies in the source of funds: if newly issued stablecoins merely represent a transfer from existing bank deposits or money market funds (MMFs), then from the perspective of the entire financial system's net increment, there is no substantial increase in demand for U.S. Treasury bonds; it is merely an "internal transfer" of funds between different financial products. Citi emphasizes that only when stablecoins can attract "incremental funds" that were not originally invested in U.S. Treasury bonds, such as reallocation from cash dollars, global M0 (base money), and reallocation of deposits held by foreigners, can they truly lead to a substantial increase in demand for U.S. Treasury bonds.
This is where Tether, as the world's largest stablecoin issuer, may play a unique strategic role. Tether not only invests a large portion of its reserve assets in U.S. Treasury bonds but also aims to earn offshore dollar profits through extensive infrastructure layouts in the Global South (such as mining, AI, football clubs, and agriculture). When these offshore dollar profits earned are repatriated by Tether and used to purchase U.S. Treasury bonds, they align with Citi's definition of "reallocation of foreign-held deposits," leading to incremental demand for U.S. Treasury bonds. This positions Tether not just as a dollar stablecoin issuer but potentially as an indirect yet continuous "incremental buyer" in the U.S. Treasury bond market through its global investment and profit network.
In summary, the future landscape of U.S. stablecoins is multidimensional and complex. Arthur Hayes's theory reveals the deep driving forces behind legislation aimed at addressing fiscal deficits and the role banks play in "invisible QE"; Citi provides a detailed analysis of how stablecoins impact U.S. Treasury bond demand, distinguishing between "diversion" and "increment"; and Tether's global strategy vividly illustrates how the circulation of offshore dollars can bring funds to the U.S. Treasury bond market that meet the definition of "incremental."
Cobo Senior Vice President Alex Zuo: As the Stablecoin Landscape Restructures, How Can Web2 Find Its Entry Point?
As stablecoins gradually embed into the mainstream financial system, a new landscape dominated by licenses, clearing networks, and user scale is taking shape. Leading crypto companies like Circle and Ripple are applying for bank licenses, aiming to master the entire chain of issuance, custody, and settlement; traditional banks and large tech companies are accelerating their entry, leveraging existing infrastructure and market share to vie for strategic high ground in the "internet currency layer." The stablecoin industry is entering a phase where compliance barriers and market concentration are rising in tandem.
In this context, a core question arises: in an industry landscape where financial attributes are increasingly enhanced and licensing thresholds are continuously raised, what space is there for SMEs and entrepreneurs to participate?
According to Cobo Senior Vice President Alex Zuo, the ultimate capability of stablecoins lies in "absorbing liquidity and realizing service implementation." Their future value does not lie in anchoring to the dollar itself but in whether they can become efficient interfaces for on-chain capital flow and financial services. Currently, from the issuance side, stablecoins are still primarily dominated by large institutions, but as they enter commercial and financial scenarios on a large scale, a series of new demands around circulation, settlement, integration, and management will emerge, opening up genuine entry points for entrepreneurs.
This represents a structural opportunity for Web2 companies. Compared to crypto-native companies, they have a better understanding of real business scenarios and possess systemic advantages such as CRM capabilities, distribution channels, and user networks. In high-frequency businesses like cross-border e-commerce, gaming, supply chain finance, and content creation, stablecoins have a natural adaptability to embed capital flows in a low-cost and efficient manner.
However, the underlying structure of Web3 remains extremely complex: account systems, smart contracts, inter-chain compatibility, cross-border settlement, anti-money laundering, and regulatory compliance cannot be addressed by single-point breakthroughs. This poses dual barriers of technology and compliance for most Web2 teams.
Therefore, Alex Zuo believes that the large-scale application of stablecoins must rely on the triadic collaboration of technology, compliance, and distribution capabilities. Cobo's role is to become the "underlying capability provider" for these enterprises: by providing key capabilities such as on-chain wallets, fund risk control, and fiat settlement in an API-driven and modular manner, Web2 companies can quickly and securely embed into the Web3 financial system without needing to build their own infrastructure. From cross-border payments to on-chain account management, Cobo is becoming a key interface for traditional enterprises to connect with the world of stablecoins.
Market Adoption
Coinbase Actively Promotes USDC Payments and Financial Service Applications, Non-Trading Revenue Share Rises to 42%
Key Points Overview:
According to Bernstein's latest report, Coinbase is surpassing its role as a USDC distributor and becoming a key driver in the adoption of stablecoins in payment and financial services.
The company has launched Coinbase Payments in partnership with Stripe and Shopify, and introduced Coinbase Business aimed at startups and small businesses, both services based on Circle's USDC stablecoin.
Coinbase's Base blockchain has hosted over $3.7 billion USDC and processed $6.8 trillion in USDC settlement volume, establishing a new revenue-sharing agreement with Circle, where directly held USDC earns 100% interest income, while off-platform holdings are split 50:50.
Why It Matters:
- Stablecoins have become a core revenue source for Coinbase, with non-trading revenue growing from $181 million in 2020 to $2.8 billion in 2024. This strategic shift indicates that the company is building a long-term growth engine beyond trading by expanding the utility of USDC in payment and DeFi sectors.
Huaxia Fund Hong Kong Participates in Stablecoin Application Exploration, Multi-Institution Layout for Integrated Services
Key Points Overview:
Huaxia Fund (Hong Kong) CEO Gan Tian revealed that the company is exploring integrated applications of stablecoins in "payment + redemption + asset management," moving from the proof-of-concept stage to practical implementation.
Multiple institutions are simultaneously conducting explorations into stablecoin applications, with the stablecoin business at a critical juncture where "basic rules are established, and application scenarios are poised for explosion."
Gan Tian predicts that the future global monetary system may converge towards a few mainstream stablecoins, but this process requires strong financial markets and trade scenarios as support.
Why It Matters:
- The active layout of stablecoin business by traditional asset management giants shows that financial institutions are accelerating their embrace of virtual asset innovation. Huaxia Fund Hong Kong's participation in stablecoin exploration represents that Chinese financial institutions are actively seeking strategic transformation under Hong Kong's virtual asset regulatory framework, providing important institutional support for the expansion of stablecoin application scenarios.
Swiss AMINA Bank Becomes the First Global Bank to Support Ripple RLUSD Stablecoin
Key Points Overview:
Swiss crypto-friendly bank AMINA announced that it will provide services for Ripple's dollar stablecoin RLUSD, becoming the first international bank to support this stablecoin.
Initially, the bank will offer custody and trading services for RLUSD to institutional clients and professional investors, with plans to expand more services in the coming months.
RLUSD is backed by U.S. Treasury bonds and regulated by the New York Department of Financial Services, currently with a supply of $430 million, and is Ripple's recently launched stablecoin pegged to the dollar.
Why It Matters:
- As stablecoins increasingly become an important component of the financial system and payment sector, and as global regulatory frameworks gradually improve, AMINA Bank's move signifies that traditional banking is beginning to actively accept compliant stablecoin products, providing institutional investors with new financial tools under regulatory protection, further promoting the integration of crypto assets and traditional finance.
New Product Dispatch
Peter Thiel and Others Jointly Apply for Crypto Bank License, Targeting Startup Market
Key Points Overview:
Tech billionaires Palmer Luckey, Peter Thiel, and Joe Lonsdale have applied to establish a new bank, Erebor, aiming to fill the market gap left by the collapse of Silicon Valley Bank, focusing on serving tech startups and crypto companies.
The bank will center its business around stablecoin trading, explicitly stating its intention to become "the most heavily regulated entity in stablecoin trading," building a trust advantage through regulatory compliance to provide controlled-risk financial services to high-risk innovative enterprises.
Erebor will primarily serve companies in the virtual currency, AI, defense, and manufacturing sectors, continuing Thiel's tradition of naming companies after Tolkien's works, and will be co-led by former Circle advisor Jacob Hirshman, highlighting experience in stablecoin operations.
Why It Matters:
- The establishment of Erebor marks a significant commitment from tech capital to the crypto space, evolving from venture capital to financial infrastructure development. This regulatory-friendly banking model may become a new paradigm for the integration of traditional finance and the digital economy, with stablecoins receiving stronger institutional support and market trust as a bridge between the two.
Binance Pay Launches Contact Transfer and On-Chain Transfer Features, Simplifying Cryptocurrency Transfer Process
Key Points Overview:
Binance Pay has added a contact transfer feature, allowing users to transfer over 300 cryptocurrencies directly to their phone contacts without entering wallet addresses, emails, or Binance IDs, and without incurring gas fees.
An on-chain transfer solution has also been launched, enabling users to complete on-chain transfers simply by scanning a QR code or taking a photo of the wallet address, eliminating the need for manual address entry or complex network operations.
These two features significantly simplify the cryptocurrency transfer process, reducing the risk of transfer errors, especially with the gas-free contact transfer feature enhancing the cost-effectiveness of small transfers.
Why It Matters:
- Binance addresses pain points in cryptocurrency usage with these user-friendly features, lowering the barriers for new users and potentially promoting the widespread application of crypto payments in everyday scenarios. The direct contact transfer feature brings the cryptocurrency transfer experience closer to traditional payment applications.
BlueYard Research Director Launches FreePay for Touch Payments
Key Points Overview:
Tim Robinson, the crypto research director at venture capital firm BlueYard, developed the open-source payment processor FreePay in just one week, supporting cryptocurrency payments via NFC touch without incurring processing fees from traditional credit cards and terminals like Square.
FreePay includes an NFC reader and a screen for merchants to input amounts, currently supporting only MetaMask and Coinbase wallets. Robinson has also developed accompanying merchant applications and an Android client app.
Unlike traditional payment processors that charge transaction fees of 1%-2.5% like Visa, Mastercard, and American Express, FreePay utilizes low-fee blockchains like Ethereum L2 and Solana, significantly reducing costs for merchants and consumers.
Why It Matters:
- The crypto industry has recently embraced traditional financial payment systems, which contradicts the original intention of cryptocurrency decentralization. Open-source payment tools like FreePay provide alternatives that align more closely with the core values of blockchain, refocusing on the fundamental value of cryptocurrencies and offering merchants and consumers lower-cost, decentralized payment options, especially for industries that traditional banks refuse to serve.
Tether CEO's Open-Source Password Manager PearPass Launches Testing and Will Soon Be Open-Sourced
Key Points Overview:
Tether CEO Paolo Ardoino announced that the open-source password manager PearPass is currently in internal testing and will soon be open-sourced on the pears.com platform, providing a fully localized password management solution that supports P2P synchronization across devices.
PearPass will support mobile, desktop, and browser extension platforms, allowing users to import passwords from other managers, reflecting the Web3 philosophy of user control and open-source security.
PearPass is developed on the Holepunch Pear platform, which is a P2P development and runtime framework that allows developers to build peer-to-peer applications without traditional infrastructure, eliminating development cost barriers.
Why It Matters:
- This initiative shows that stablecoin giants are applying blockchain principles to a broader range of tool development. Pear, as an underlying platform, allows applications to load and share directly from peer nodes, providing a decentralized infrastructure for PearPass to achieve device synchronization without relying on central servers. This represents the crypto industry expanding from finance to everyday application tools, while promoting the adoption of infrastructure-free P2P applications, offering users safer and more private data management options.
Macro Trends
RLUSD Sees 604% Growth in Six Months, but 83% of Circulation is Deployed on Ethereum Chain
Key Points Overview:
Ripple's stablecoin RLUSD saw its circulating market value surge from $50 million to $348 million in the first half of the year, a growth of 604%, with its market cap ranking jumping from 36th to 17th, making it one of the fastest-growing emerging stablecoins.
Despite supporting a multi-chain architecture, over 83% of RLUSD's circulation is concentrated on the Ethereum chain rather than Ripple's own XRP Ledger, indicating that market participants prioritize liquidity over technical native attributes.
Ethereum has become the preferred choice for RLUSD users due to its mature DeFi ecosystem, broad wallet and protocol compatibility, and deep liquidity pools, despite XRP Ledger having higher throughput and lower cost advantages.
Why It Matters:
- The competition among stablecoins is shifting from single-chain performance to multi-chain deployment and cross-chain liquidity coordination capabilities. This trend will reshape stablecoin issuance strategies, prompting project teams to prioritize ecosystem integration over technical performance.
Stripe Acquires Crypto Infrastructure Companies, Traditional Payment Giants Layout Full-Stack Services for Digital Assets
Key Points Overview:
Payment giant Stripe recently spent billions of dollars to acquire crypto infrastructure companies Privy and Bridge, marking an acceleration of the integration between crypto and traditional finance, with future finance combining the advantages of both to build seamless infrastructure.
HashKey Capital and HashKey OTC Global CEO Deng Chao believes that the current fragmentation of crypto infrastructure is evident, and Stripe may still face service interruptions, compliance gaps, and integration challenges through its piecemeal acquisitions.
Those who truly grasp the crypto opportunity will be enterprises that build integrated ecosystems from the ground up. A complete crypto infrastructure requires compliant trading capabilities, asset tokenization services, cloud infrastructure, AI risk control tools, and seamless custody solutions.
Why It Matters:
- The convergence point of crypto and traditional finance has arrived, and the future will be dominated by compliant integrated platforms that can provide comprehensive financial services. As instant global settlement, programmable payment terms, and simplified cross-border commerce become the norm, the industry is moving towards a direction where users can enjoy the advantages of crypto without needing to understand the underlying technology. If crypto-native platforms can solve integration challenges while maintaining regulatory compliance, they are likely to define the next decade of integrated financial services.
Regulatory Compliance
Ripple Applies for U.S. Bank License and Federal Reserve Master Account, Strategically Positioning for a New Era of Stablecoin Regulation
Key Points Overview:
Ripple has applied for a national bank license with the OCC, which will allow its stablecoin RLUSD to be regulated simultaneously by the New York Department of Financial Services at the state level and the OCC at the federal level, creating the industry's first dual-regulation model and setting a new standard for stablecoin compliance.
Its subsidiary, Standard Custody & Trust Company, has applied for a Federal Reserve master account, enabling it to directly hold reserves at the Federal Reserve and issue redeemable stablecoins during non-bank hours, significantly enhancing operational flexibility.
With the advancement of the "Genius Act" bill, a bank license will become a necessary condition for stablecoin issuance. Ripple's move is both a proactive response to regulatory trends and a strategic decision to seize the compliance market opportunity, joining the ranks of pioneers like Anchorage and Circle.
Why It Matters:
- Ripple's proactive embrace of dual regulation and pursuit of a direct relationship with the Federal Reserve represents a significant step in the integration of crypto finance into the traditional financial system. This shift not only enhances the market trust in RLUSD but may also set new standards for stablecoin regulation, helping to attract more institutional investors waiting for clear regulations into the market, showcasing a new path for crypto companies to promote industry mainstreaming through compliance.
European Central Bank to Launch Blockchain Euro Settlement System in 2026, Connecting DLT with TARGET Services
Key Points Overview:
The European Central Bank has approved a dual-track plan to achieve DLT transaction central bank currency settlement, with the short-term solution "Pontes" set to pilot before the third quarter of 2026, connecting blockchain platforms with the eurozone's TARGET core payment services.
This plan is based on over 50 DLT trial results completed in 2024, involving 64 participating institutions, successfully settling €1.6 billion in transactions, confirming strong market demand for tokenized assets settled in central bank currency.
The long-term solution "Appia" aims to build a comprehensive European ecosystem to promote global secure and efficient operations. The ECB will continue to study the application of DLT in wholesale central bank settlements and work closely with public and private sector partners.
Why It Matters:
- This move marks the European Central Bank's formal integration of blockchain technology into its core financial infrastructure. DLT is expected to reduce fragmentation and inefficiencies in capital markets, achieving atomic programmable settlement and laying the foundation for the modernization of the European financial system, signaling a significant transformation in global payment and securities settlement infrastructure.
Deutsche Bank DWS Partners with Galaxy to Launch Germany's First Regulated Euro Stablecoin EURAU
Key Points Overview:
Deutsche Bank's asset management subsidiary DWS, Flow Traders, and Galaxy's joint venture AllUnity have received an electronic money institution (EMI) license from the German Financial Supervisory Authority (BaFin) this week, allowing them to issue Germany's first regulated euro stablecoin, EURAU.
EURAU will fully comply with the European Markets in Crypto-Assets (MiCA) framework, being 100% collateralized and providing institutional-level transparency through reserve proofs and regulatory reports.
This stablecoin can be used for instant cross-border settlements around the clock, providing seamless integration for regulated financial institutions, fintech companies, and corporate clients in Europe and beyond.
Why It Matters:
- EURAU joins the growing ranks of euro stablecoins, including Circle's EURC and Société Générale's EURCV, marking a rapid entry of traditional financial giants into the compliant digital currency market. This trend will lay the groundwork for the modernization of the European cross-border payment system while enhancing the euro's competitiveness in the international digital payment arena.
French Bitcoin Savings App Bitstack Becomes the First French Company to Obtain MiCA License
Key Points Overview:
French Bitcoin savings app Bitstack, with assistance from De Gaulle Fleurance law firm, has become the first French company to obtain a Crypto Asset Service Provider (CASP) license under the European Markets in Crypto-Assets (MiCA) regulation.
The license was obtained through a formal application process rather than a transitional fast track, allowing Bitstack to operate legally in all EU member states, laying the foundation for its European expansion.
Bitstack has accumulated over 200,000 users in France, offering features such as automatic spare change investment for daily spending, regular Bitcoin purchases, and P2P Bitcoin transfers, aiming to simplify the Bitcoin investment process.
Why It Matters:
- Bitstack's acquisition of the MiCA license signifies the formal implementation of the EU's crypto regulatory framework, enabling crypto companies to operate cross-border under unified regulations, reducing expansion costs and legal uncertainties. As the first French company to directly apply under the new MiCA system, Bitstack gains a competitive edge in reshaping the European crypto finance landscape.
Hong Kong Secretary for Financial Services: Stablecoins are Tools for Financial Development, Not Profit-Making Instruments; Regulatory Ordinance Takes Effect on August 1
Key Points Overview:
Hong Kong's Stablecoin Ordinance has been passed by the Legislative Council and will officially take effect on August 1, establishing a licensing system for fiat-backed stablecoin issuers, becoming a focal point of market attention.
Secretary for Financial Services and the Treasury, Christopher Hui, emphasized that digital assets are an inevitable trend, and stablecoins are not profit-making tools but financial development tools that enhance the efficiency and speed of financial activities.
In response to concerns that stablecoins may undermine international monetary sovereignty, Hui stated that the government has fully understood the associated risks, and the ordinance requires issuers to hold certain capital or reserves and regulates the redemption time of stablecoins to ensure purchasers can redeem their currency.
Why It Matters:
- The introduction of Hong Kong's stablecoin regulatory framework demonstrates the financial center's clear and balanced approach to digital asset regulation, recognizing the value of blockchain financial innovation in enhancing the efficiency of the real economy while ensuring system safety through licensing and reserve requirements. This will help Hong Kong secure a favorable position in the global development of stablecoins and digital assets.
Bank of England Governor Warns: Stablecoins Threaten Public Trust in Currency
Key Points Overview:
Bank of England Governor Andrew Bailey warned that the rise of stablecoins could undermine public trust in currency, and the central bank needs to "closely monitor" the vulnerabilities that payment innovations may bring to the monetary system.
Bailey plans to include the potential risks of stablecoins on the agenda after becoming the new chair of the Financial Stability Committee, with particular attention to the "digital dollarization" issue that dollar stablecoins may cause.
The U.S. passed landmark stablecoin legislation last month, with U.S. Treasury Secretary Scott Bessent stating that it helps solidify the dollar's status as a global reserve currency, especially amid the Trump administration's efforts to reshape the global economic order.
Why It Matters:
- Global central banks' concerns about stablecoins are intensifying, particularly regarding their potential threats to monetary sovereignty and financial stability. As the U.S. advances stablecoin legislation, international financial regulators are reassessing the functions of official foreign exchange reserves and the impact of stablecoins on global financial system liquidity under extreme market pressures.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
