Core Viewpoint - Stablecoins are a strategic battleground for national digital financial discourse, serving as a bridge between traditional finance and the crypto economy, especially in the context of emerging regulations in the EU, the US, and Hong Kong [1][5][10]. Group 1: Stablecoin Mechanism and Application Scenarios - Stablecoins are categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic, with fiat-collateralized stablecoins dominating the market [2][19]. - The stablecoin market exhibits a "one super, one strong, and a hundred flowers blooming" pattern, with USDT and USDC together accounting for 86% of the market share [2][36]. - Stablecoins are utilized in various scenarios including DeFi ecosystems, RWA transactions, value storage, cross-border payments, and retail payments, providing functions such as pricing benchmarks and real-time settlement [2][63]. Group 2: Impact on Banking Systems - Stablecoins pose significant implications for banking systems, affecting currency status, central bank policy tools, and potentially leading to systemic disturbances [3][9]. Group 3: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong mark a turning point for stablecoin development, emphasizing the need for compliance and stability in the financial system [5][10]. - Hong Kong's "Stablecoin Ordinance" introduces a comprehensive regulatory framework for fiat-backed stablecoins, focusing on strict entry requirements, robust reserve management, and unconditional redemption [13][14]. Group 4: Comparison of Regulatory Models - The regulatory approaches in Hong Kong, the US, and the EU differ significantly, with Hong Kong emphasizing openness and compatibility, the US reinforcing the dominance of the dollar, and the EU pursuing unity and security [16][18]. - The regulatory frameworks aim to balance financial stability and innovation while protecting investors and maintaining the integrity of financial markets [17][18]. Group 5: Stablecoin Market Dynamics - As of June 2025, the stablecoin market exceeds $250 billion, with USDT and USDC leading the market, accounting for 62% and 24% of the total market share, respectively [36][39]. - The market is characterized by a high degree of concentration, with USDT being the largest stablecoin by market cap, followed by USDC, which has gained traction due to its compliance and transparency [40][41].