One picture to understand what "stablecoin" is With the listing of Circle, the first stock of stablecoins, discussions are taking place both inside and outside the circle about a new thing: stablecoins. Especially in May, China, the United States, and Europe seem to have rehearsed and successively released heavyweight regulatory documents on stablecoins. On May 20th, the US Senate passed a key procedural vote on the "Genius Act" to guide and establish the National Innovation Act for stablecoins in the United States, which may be completed before the end of the year.