Core Viewpoint - The discussion on stablecoins highlights the need for a comprehensive regulatory framework to address their unique legal attributes and risks, as well as the ongoing global efforts to establish such regulations [1][2][4]. Regulatory Landscape - Stablecoins are defined as digital assets that maintain value stability by being pegged to fiat currencies, yet their legal classification remains ambiguous, leading to regulatory gaps and risks [1][3]. - Major jurisdictions are accelerating legislation on stablecoins, with the U.S. pushing the GEIUS Act to bring stablecoin issuance under Federal Reserve oversight, while the EU has enacted the MiCA regulation for unified licensing and cross-border oversight [1][6][7]. - China is testing stablecoin regulations in Hong Kong, with a draft law set to be implemented in May 2025, while the mainland has yet to establish a systematic response to stablecoin regulation [4][7]. Trends in Global Regulation - Three key trends in global stablecoin regulation are emerging: 1. Homogeneity in regulation based on function rather than entity to prevent regulatory arbitrage [8]. 2. Emphasis on technology neutrality and functional penetration in regulatory frameworks [8]. 3. Recognition of the cross-border nature of stablecoins, necessitating international cooperation and coordination [9]. Risks and Challenges - Stablecoins face various risks, including credit, liquidity, and market manipulation risks, as well as significant de-pegging risks, as evidenced by the USDC incident during the Silicon Valley Bank crisis [3][4]. - The current market for stablecoins is characterized by a speculative mentality among participants, with a notable portion of the virtual currency market being driven by the pursuit of high returns [3].