Core Viewpoint - The stablecoin market has experienced significant growth, increasing from $20 billion in 2020 to over $250 billion currently, with a projected potential supply of $1.6 trillion to $3.7 trillion by 2030, according to Citigroup [1][6]. Group 1: Market Trends and Changes - The rise of stablecoins has been a notable change in the global digital asset market, with the total stablecoin market exceeding $250 billion, marking an 11-fold increase from $20 billion in 2020 [3][6]. - Stablecoins are increasingly being used as intermediaries in cryptocurrency transactions, accounting for over 90% of trading volume [4]. - The tokenization of real-world assets (RWA) is rapidly developing, with traditional financial institutions beginning to engage in this area, indicating a growing interest from general investors [4]. Group 2: Challenges and Unresolved Issues - There are multiple unresolved questions in the stablecoin sector, including whether stablecoins should be based on centralized or decentralized systems, and their classification as payment tools or investment assets [6][7]. - Governance issues surrounding stablecoins, such as credit control of issuing institutions and consumer protection, are critical challenges that need to be addressed [7]. Group 3: Regulatory Perspectives - The development of stablecoins requires a balance between risk management and innovation support, with regulatory frameworks needing to adapt to changing market conditions [10]. - The introduction of the Stablecoin Regulation in Hong Kong, effective from August 1, 2025, aims to provide a testing ground for non-USD stablecoins, such as those pegged to the Hong Kong dollar or Renminbi [9]. Group 4: Future Outlook - The future of stablecoins may see a resurgence of dollarization, with the U.S. dollar currently dominating the stablecoin market, holding about 90% market share [9]. - The potential for stablecoins to reshape traditional payment systems and the challenges they pose to financial regulation are significant considerations for future developments in this space [9][10].