稳定币元年：从加密交易到跨境支付革命｜2025中国经济半年报

Core Insights - The year 2025 is projected to be a turning point for stablecoins, transitioning from the periphery to mainstream adoption, with a global market cap exceeding $250 billion and annual transaction volume surpassing $35 trillion, outpacing Visa and Mastercard combined [1][3][4] Regulatory Framework - A global regulatory framework for stablecoins is taking shape, with major financial centers establishing clear compliance paths, marking 2025 as a watershed year for stablecoin regulation [3][4] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, introduces a licensing system for fiat-backed stablecoin issuers, balancing financial stability and innovation [3] - The U.S. GENIUS Act aims to create a comprehensive legal and regulatory framework for payment stablecoins, emphasizing the maintenance of the dollar's dominance and implementing tiered regulation [4] - The EU's MiCA regulation, effective from 2025, focuses on unified regulation to protect consumers and market integrity, requiring stablecoin issuers to register within the EU [4][5] Market Dynamics - Traditional financial institutions and tech giants are rapidly entering the stablecoin space, expanding its use from crypto trading to real-world payment solutions [8][9] - Major banks in the U.S. are exploring the launch of stablecoins, with institutions like JPMorgan and Bank of America in preliminary discussions [8] - Payment giants like Visa and Mastercard are accelerating their stablecoin initiatives, with Visa collaborating with crypto exchanges for cross-border transactions and Mastercard launching comprehensive stablecoin payment solutions [9] Cross-Border Payment Revolution - Stablecoins are positioned to revolutionize cross-border payments, addressing inefficiencies in traditional financial systems and offering a more flexible regulatory environment [10] - The ability of stablecoins to facilitate peer-to-peer transactions without relying on local banking systems makes them particularly suitable for emerging markets [10] Real World Assets (RWA) - The rise of stablecoins is facilitating the tokenization of real-world assets (RWA), enhancing liquidity and reducing transaction costs [11][14] - Major financial institutions are actively exploring RWA tokenization, with significant projects underway in the U.S., Dubai, and Hong Kong [13][14] - The global RWA market is projected to reach $16 trillion by 2030, with stablecoins expected to penetrate 30%-50% of this market [14]