移动支付网消息（慕楚）：2025年已经过去，对于全球支付产业来说，这一年的变化可谓翻天覆地。藉 此辞旧迎新之际，我们来盘点下2025年全球支付产业发展的10条明线与暗线。 1、稳定币成为全球支付关键基础设施 稳定币无疑是2025年全球支付产业的最大热词，《香港稳定币条例》、美国《天才法案》、欧洲 MiCA、Circle上市等热门事件，让稳定币迅速出圈，获得普罗大众的认可。然而新兴事物的发展必然带 来诸多争议，如弱势币种的抵制、系统性风险的考虑、传销与诈骗的盛行、反洗钱压力陡增等等话题， 但随着全球各大金融机构与支付巨头的认可，稳定币毫无疑问在2025年成为了全球支付关键基础设施。 2、全球CBDC发展的踌躇 在稳定币的全球强势兴起下，号称"官方稳定币"的CBDC大多踌躇不前。美国通过《天才法案》的同 时，还通过了《反CBDC监控国家法案》，全面禁止CBDC的发行；英国在7月考虑搁置数字英镑计划， 到年底则向企业征求数字英镑的价值；欧盟一直加速数字欧元的落地，但时间推迟到2029年；韩国在年 中暂停CBDC的二阶段试点，但经历韩元稳定币发展不利后，在12月再次启动该测试。 而我国在2025年上半年便开始准备将数 ...

Core Insights - The year 2025 is marked as a pivotal yet tumultuous period for the global stablecoin industry, with significant developments anticipated as 2026 approaches [2] Legislative Developments in the U.S. - Following Trump's re-election, the stablecoin market is expected to flourish due to his favorable stance on cryptocurrencies [3] - The introduction of the GENIUS Act in February 2025, aimed at establishing a regulatory framework for stablecoins, received bipartisan support and was passed by the Senate Banking Committee [4] - The signing of the GENIUS Act on July 18, 2025, represents the first federal-level regulation of stablecoins in the U.S., alongside the Digital Asset Market Clarity Act and the Anti-CBDC Act, which collectively aim to bolster the dollar's status as the global reserve currency [4] - As of mid-2025, over 99% of the stablecoin market capitalization is attributed to dollar-pegged stablecoins, with USDT and USDC holding nearly 70% of their reserves in short-term U.S. Treasury bonds [4] Industry Reactions and Concerns - The implementation of the GENIUS Act has faced opposition from various banking groups, which have expressed concerns over provisions that could grant competitive advantages to certain institutions [5][6] - The Federal Reserve is exploring reforms to financial accounts to accommodate new business models, including a proposal for a "payment account" to facilitate direct access to the Fed's core payment systems for fintech companies and stablecoin issuers [7] Hong Kong's Legislative Approach - Hong Kong has taken proactive steps by passing the Stablecoin Bill on May 21, 2025, establishing a licensing regime for stablecoin issuers and enhancing regulatory frameworks for virtual asset activities [8] - Despite initial interest, the number of stablecoin license applications in Hong Kong has decreased significantly, indicating potential regulatory hurdles and a cautious approach from the authorities [9] - The Hong Kong Monetary Authority has clarified misconceptions regarding the licensing process and has faced challenges in aligning its regulations with market expectations [10] China's Regulatory Stance - China's regulatory framework for stablecoins remains largely unchanged since the 2021 directive prohibiting virtual currency trading, despite increased interest in stablecoins due to developments in the U.S. and Hong Kong [12][17] - The People's Bank of China has emphasized its commitment to combating illegal activities related to stablecoins while monitoring global developments [17] - The ongoing discussions around stablecoins in China have led to a cautious approach, with regulatory bodies maintaining a focus on preventing risks associated with virtual currencies [17] Global Trends and Market Dynamics - The global stablecoin market is characterized by a significant dominance of dollar-pegged stablecoins, which account for over 99% of the market, raising concerns among other nations about the implications for their currencies [19][20] - The European Union's MiCA regulation, effective December 30, 2024, aims to address the challenges posed by the dominance of dollar stablecoins, although its impact on euro stablecoins has been limited [20] - Japan has approved its first yen-pegged stablecoin, JPYC, but market acceptance has been slow, highlighting the challenges in establishing a robust stablecoin ecosystem [21][22] - The UK is actively developing a regulatory framework for stablecoins, with a focus on ensuring that a significant portion of reserves is held in short-term government bonds [23][24] Market Integration and Future Outlook - The stablecoin market is witnessing increased recognition from capital markets, with major financial institutions engaging in acquisitions and partnerships to enhance their presence in the space [25] - The integration of Web2 and Web3 is accelerating, as traditional payment systems begin to incorporate stablecoin functionalities, indicating a shift towards a more hybrid financial ecosystem [25] - Ongoing infrastructure developments, such as Stripe's launch of stablecoin projects, reflect the competitive landscape between traditional financial entities and emerging blockchain technologies [26]

Core Insights - Faraday Future (FFAI) announced the completion of the name change and listing of its subsidiary AIxCrypto Holdings Inc. on NASDAQ, now trading under the ticker AIXC, marking a significant strategic development for the FF ecosystem [1] - AIxC aims to create a leading global ecosystem that integrates AI, cryptocurrency, and blockchain, serving as the first entry point into the AI Web3 world and facilitating the convergence of Web2 and Web3 [3] - The company introduced a new business model focusing on tokenization of real-world assets (RWA), with the first project being the tokenization of FFAI stock, which includes plans for an independent third party to purchase $5 million worth of FFAI stock [3] Business Development - The establishment of AIxC is seen as a new independent growth engine for the FF ecosystem, expected to generate five key reverse empowerment benefits, including low-cost financing, sustainable cash flow, asset enhancement, user ecosystem expansion, and market valuation redefinition [3] - AIxC's listing is a result of FF's rapid business incubation efforts, which have previously included the successful launch of FX and AIHER technology companies, as well as a financial company [4] - FFAI plans to continue focusing on building the EAI ecosystem and aims to achieve significant milestones, including the launch of the FX Super One vehicle in the U.S. by year-end and the first vehicle delivery in the Middle East on November 27 [4]