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Group 1 - The recent focus on stablecoins is highlighted by the implementation of the "Stablecoin Regulation" in Hong Kong, the passage of the "GENIUS Act" in the US Senate, and the significant rise of Circle's stock by 167% on its first trading day [1] - Stablecoins are designed to maintain a stable value relative to certain financial assets, typically currencies, and have seen a global supply nearing $250 billion, with a 54% increase over the past 12 months [1] - The annual transaction volume of stablecoins is expected to exceed $10 trillion, indicating their growing importance in cross-border payments and investment transactions [1] Group 2 - Concerns regarding stablecoins include insufficient transparency of reserve assets and liquidity management risks, which have led to past failures of stablecoin projects like Basis and UST [1] - The anonymity of stablecoins complicates anti-money laundering efforts, prompting jurisdictions like Hong Kong to implement strict requirements for reserve asset adequacy and anti-money laundering systems [2] - Stablecoins are viewed as a crucial component of future digital financial infrastructure, with the US government aiming to establish USD stablecoins as a global standard to maintain influence in international finance [2]