The development of stablecoins is rapid, and a global regulatory framework is gradually taking shape.

In recent years, the cryptocurrency market has continued to expand, growing from less than one trillion dollars to a scale of three trillion dollars. Among them, stablecoins have developed particularly rapidly as a measure of value and settlement tool. Currently, the global market value of stablecoins has reached 243.8 billion dollars, with a total transaction volume of up to 33.4 trillion dollars in the past 12 months, 5.8 billion transactions, and 250 million active addresses.

Stablecoins maintain value stability by being pegged to underlying assets such as fiat currencies and precious metals, providing users with a reliable settlement and value storage tool. In addition to the crypto market, stablecoins are widely used in emerging market countries, especially in areas with weak financial infrastructure and severe inflation.

In terms of market share, the US dollar stablecoin accounts for 99% of the share. Among them, USDT and USDC together account for more than 80%, showing a clear head effect. From the perspective of public chains, Ethereum accounts for 50%, followed by Tron, Solana, and BSC.

The issuance of stablecoin has considerable profits, attracting many institutions to get involved. Traditional financial institutions and internet companies are entering the market, such as a certain payment platform and social media giants.

As the influence of stablecoins expands, the global regulatory framework is also gradually improving. The U.S. Senate recently passed the GENIUS Act, clearing obstacles for stablecoin regulation. The act adopts a dual-track regulatory mechanism, with stablecoins having assets over $10 billion regulated at the federal level, while those below $10 billion are regulated by individual states. The act also adds restrictions on the participation of tech companies in stablecoins.

The EU, Hong Kong, and other regions have also successively introduced stablecoin regulatory policies. Overall, the regulatory frameworks of various countries are not significantly different, all adopting a licensing system and making provisions for issuance reserves, risk isolation, and so on. The differences mainly lie in the categories of stablecoins allowed and the restrictions on issuers.

Stablecoins are gradually becoming an important part of the global currency market, adding significant value to the development of the cryptocurrency sector. They not only enhance the influence of the crypto market but also provide developing countries with a convenient global settlement tool, realizing the vision of decentralized electronic cash.