In the second half of 2025, stablecoins have gradually transitioned from being marginal tools in the crypto market to playing a broader role in financial infrastructure—functions such as payment settlement, market making, and institutional funding pools have become increasingly evident. However, at the same time, their potential impact on the stability of traditional finance has also garnered more attention.

Firstly, changes in the regulatory environment are one of the main drivers behind the expansion and restructuring of stablecoins. Key legislation passed in the U.S. in 2025 (commonly referred to as the GENIUS Act) provided a clear legal pathway for compliant stablecoins, encouraging institutions and large counterparties to adopt compliant dollar-pegged tokens. Such legal clarifications have reduced compliance uncertainty, thereby promoting the growth of stablecoins marketed with compliant and verifiable reserves (e.g., USDC).

Meanwhile, the differentiated strategies of issuers are changing the market landscape. Taking Circle's USDC as an example, its emphasis on third-party reserve verification and compliance adaptation for institutional users has led to a significant increase in on-chain activity and market share in recent months. In contrast, Tether (USDT) has achieved large-scale issuance through substantial holdings of short-term government bonds and a diversified reserve strategy, disclosing significant profits and reserve allocation details in the first half of 2025. Consequently, the market has formed competition between the value propositions of "transparency + compliance" and "scale + liquidity."

This structural difference gives rise to several financial impacts worth noting. One is the crowding out and transmission mechanism in the money market: large-scale issuance of stablecoins means that a significant amount of funds are held as reserves in high-quality assets like short-term government bonds. This demand may push up the prices of related assets and alter the short-end structure of the interest rate curve over a certain period, thereby exerting substitution pressure on traditional deposits and short-term financing tools of commercial banks. Public disclosures indicate that some stablecoin issuers have entered significant levels of government bond holdings, and the market cannot ignore their impact on the liquidity of short-term government bonds.

Another is the rising risk of cross-border and regulatory arbitrage. Stablecoins are often issued by entities in different jurisdictions or circulate across multiple platforms. If regulatory rules vary (or enforcement rhythms differ), it may lead to a "multi-issuer" model and regulatory vacuum, increasing contagion and redemption risks in stressed scenarios. The academic and policy communities have already issued warnings, calling for the filling of institutional gaps created by multiple issuers and strengthening cross-border regulatory coordination.

A third is the spillover effects of market participant behavior. As compliant pathways mature, traditional financial institutions and payment platforms find it easier to incorporate stablecoins into settlement or fund management tools, which can enhance payment efficiency and shorten cross-border clearing times, but may also alter the flow of funds and counterparty risk structure in the interbank market. Therefore, regulators need to promote the efficiency gains brought by innovation while preventing new market participation methods from circumventing existing financial stability protections.

In terms of regulatory responses, the EU's MiCA framework and subsequent implementation rules have provided some governance structures, but regulatory authorities also emphasize the need for supplementary licenses or alignment with existing electronic money/payment regulations (e.g., requiring additional payment institution or electronic money institution licenses for certain platforms) to address the payment system risks and consumer protection issues that stablecoins may trigger. Actions taken by regulators in various countries to promote industry transparency and mandatory reserve disclosures are shaping a "compliance-first" market ecosystem.

In summary, the impact of stablecoins on the financial system presents a "dual nature": on one hand, they can bring settlement efficiency, reduce transaction friction, and expand financial accessibility; on the other hand, when issuance scales and cross-border flows significantly expand, insufficient reserve allocation, lack of transparency, and fragmented regulation can amplify shocks to short-term market liquidity and financial stability. Therefore, the joint task of policymakers and market participants is to establish verifiable reserve disclosure mechanisms, unify cross-border regulatory standards, and design liquidity backstops and crisis management tools when necessary, to maintain systemic risk boundaries while preserving innovation vitality.

Related: Analyst: "Dinosaur-level" cryptocurrencies will absorb institutional funds flowing to altcoins

Original text: “Pegged and Pressured: The Current Financial Impact of Stablecoins”

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