稳定币合规落地，跨境支付驶入加速道｜政策与监管

Core Viewpoint - The article systematically outlines the essential characteristics and development trends of stablecoins, emphasizing the challenges and opportunities they present for cross-border payments, and provides strategies for seizing historical opportunities [2][3]. Group 1: Definition and Market Overview - Stablecoins are a special type of cryptocurrency issued on blockchain networks, pegged to fiat currencies at a 1:1 ratio. As of May 2025, the total market value of compliant stablecoins exceeded $250 billion, with Tether's USDT accounting for approximately 62% and Circle's USDC for nearly 24% of the market share [5][6]. - The appeal of stablecoins lies in their wealth effect, providing stable returns. Tether generates significant profits from investing user deposits in short-term U.S. Treasury bonds, achieving a net profit of $13 billion in 2024 [6]. Group 2: Regulatory Developments - Recent regulatory frameworks have emerged globally, with Hong Kong's Stablecoin Ordinance and the U.S. GENIUS Act both set to take effect in 2025, while the EU's MiCA regulation will be enforced from June 2024. This marks the entry of stablecoins into a regulated era across major economies [3][10]. Group 3: Impact on Cross-Border Payments - Stablecoins significantly enhance cross-border payment efficiency, addressing high fees and long transaction times associated with traditional fiat transfers. They have become increasingly popular in regions like Asia, Africa, and Latin America, even being utilized in international trade settlements [8][10]. - The rapid growth of stablecoins is expected to reach a circulation volume of $2 trillion by 2028, driven by the need for efficient payment solutions in a competitive global landscape [10]. Group 4: Social and Economic Implications - The compliant development of stablecoins is anticipated to lower payment barriers and transaction costs, empowering small and medium-sized enterprises (SMEs) in cross-border operations and innovation. This could lead to improved cash flow and market access for these businesses [12][13]. - Stablecoins can enhance financial accessibility and reduce social inequality, particularly in developing regions where many lack bank accounts. They provide a stable and digital means of value storage and exchange, which is crucial in countries with high inflation [12][13]. Group 5: Integration with Traditional Financial Systems - The integration of stablecoins with traditional financial systems is becoming inevitable, as various regions actively support their development. This could facilitate the internationalization of currencies like the Chinese yuan and enhance trade cooperation along the Belt and Road Initiative [14][19]. Group 6: Competitive Landscape and Market Dynamics - The core application of stablecoins in payments, especially cross-border transactions, poses a challenge to traditional banking systems. As real-time payment networks proliferate, the competitive landscape for cross-border payments is expected to undergo significant changes [16][19]. - The entry of stablecoins into the B2B transaction space is likely to accelerate, offering advantages such as instant settlement and low fees, particularly in regions with volatile currencies [18][19]. Group 7: Strategic Recommendations for Payment Institutions - Payment institutions are advised to focus on offshore markets for the yuan and leverage the historical opportunity presented by stablecoins. Building a dual credit system that emphasizes both technological and regulatory compliance is crucial for success [21][22]. - Institutions should aim to capture emerging markets and long-tail markets by utilizing stablecoins for B2B cross-border payments, particularly in areas with weak financial infrastructure [23].