国泰海通：全球市场规模已突破2500亿美元 稳定币监管框架加速完善

Group 1 - The core viewpoint of the report is that stablecoins have become a general equivalent in cryptocurrency trading, with a global market size exceeding $250 billion, supported by a complete ecosystem involving issuers, custodians, asset managers, trading platforms, and market makers [1][2] - The emergence of stablecoins has significantly improved market liquidity and reduced volatility in mainstream cryptocurrencies, as they serve as intermediaries for trading between digital assets and cash [1] - Recent legislative developments, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation Draft, indicate a rapid advancement in the global regulatory framework for stablecoins [1] Group 2 - The stablecoin ecosystem consists of both primary and secondary markets, where the primary market focuses on issuance to various institutions, and the secondary market facilitates trading through exchanges with the involvement of market makers [2] - Tether and Circle dominate the stablecoin market, with USDT holding a 61.2$61 billion as of May 2025, and the company is pursuing an IPO, emphasizing its compliance with regulatory standards compared to Tether's asset reserves [3]