Sou Hu Cai Jing·2025-08-27 05:15Group 1 - The core viewpoint of the article is that the digital asset sector is undergoing a significant transformation, moving from speculative trading to practical applications, with stablecoins acting as a crucial connector between the real and digital worlds [3][11][27] - Stablecoins are defined as digital currencies that maintain a stable value, primarily pegged to fiat currencies like the US dollar, contrasting with the volatility of cryptocurrencies like Bitcoin [5][10] - In 2024, the trading volume of stablecoins is projected to reach $37 trillion, nearly double that of Bitcoin, indicating their growing importance in the crypto market [8] Group 2 - Stablecoins are categorized into different types, including fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), commodity-backed, and algorithmic stablecoins, each with distinct mechanisms and risks [9][10] - The article highlights the advantages of stablecoins in cross-border payments, significantly reducing transaction costs and time compared to traditional banking methods [11][12] - The impact of stablecoins extends beyond the crypto space, influencing international monetary dynamics and providing alternatives for businesses in countries with unstable currencies [13][14] Group 3 - The U.S. and China are taking divergent approaches to digital currencies, with the U.S. promoting private sector-led stablecoins and China focusing on a state-controlled digital currency, the digital yuan [15][17] - Hong Kong aims to establish itself as a global digital asset hub, with stablecoins as a foundational infrastructure, implementing strict regulations to ensure stability and compliance [19][20] - The article discusses the regulatory landscape for stablecoins, noting the differences in approaches between the U.S., Hong Kong, and the EU, which could affect their cross-border usability [26]