Core Viewpoint - The article emphasizes the collaboration between cross-border payment service providers and regulatory bodies to leverage technological innovation for reducing costs, enhancing efficiency, and promoting diversified market development in cross-border payments [1] Group 1: Current State of Cross-Border Payment Market - The global cross-border payment market is dominated by four payment models and a dual-layer infrastructure, including agency models, proprietary closed-loop models, regional integration models, and peer-to-peer models [2] - In 2024, the global cross-border payment volume is projected to reach $194.6 trillion, with wholesale payments accounting for approximately $149 trillion (77%) and retail payments around $45 trillion [3] Group 2: Cost Analysis of Cross-Border Payments - The average cost of B2B payments is the lowest at 0.1%, while C2C payments incur the highest average cost of 6.2%, indicating significant improvement opportunities in the retail payment sector [4] - Retail payments, particularly in the C2C market, represent a substantial portion of the high-cost landscape, highlighting the potential for technological advancements to reduce these costs [4] Group 3: Technological Innovations in Cross-Border Payments - Technological innovation is a key driver of the cross-border payment market, influencing various models and applications, with wholesale payments benefiting significantly from these advancements [5] - The SWIFT GPI system has implemented blockchain technology to enhance real-time tracking of fund flows, achieving that 50% of agency model payments are settled within 30 minutes and nearly 90% within one hour [6] Group 4: Emerging Payment Models and Infrastructure - The proprietary closed-loop model, led by card organizations and electronic wallets, has gained traction in retail payments, with companies like Visa and PayPal innovating to enhance cross-border payment efficiency [7] - Central banks are exploring blockchain technology for digital currency cross-border payment trials, exemplified by the Jasper-Ubin project between Singapore and Canada, which allows direct interconnection and settlement without third-party involvement [8] Group 5: Future Trends and Recommendations - The future of the cross-border payment market is expected to be characterized by diversification driven by technological advancements, with both traditional and emerging payment institutions leveraging new technologies [9] - Continuous innovation in technology must be accompanied by institutional and regulatory innovations to address the complexities of cross-border payments and build trust among various stakeholders [9]

Group 1 - The U.S. House of Representatives passed three bills related to stablecoins and cryptocurrencies, including the "Genius Act," which aims to establish a regulatory framework for stablecoins pegged to the U.S. dollar [1] - The "Genius Act" requires stablecoins to be backed by liquid assets such as U.S. dollars or short-term government bonds and mandates monthly disclosures of reserves by issuers [1] - The "Digital Asset Market Clarity Act" seeks to clarify industry rules and delineate the jurisdiction between the SEC and CFTC, with a focus on classifying cryptocurrencies as either securities or commodities [1] Group 2 - The "Anti-Central Bank Digital Currency Surveillance National Act" was also passed, prohibiting the Federal Reserve from issuing a central bank digital currency, citing concerns over privacy and government control [2] - The Trump administration has initiated several measures to support cryptocurrencies, including appointing pro-crypto leadership at the SEC and establishing a federal "strategic Bitcoin reserve" [2] - Following the potential enactment of the "Genius Act," U.S. banks may be able to issue digital assets independently, with major Wall Street executives expressing interest in expanding into digital asset businesses [2]

Group 1 - The U.S. House of Representatives passed the "Genius Act" with a vote of 308 to 122, establishing regulatory rules for stablecoins, marking a significant step for the digital asset industry towards mainstream financial integration [1] - The "Genius Act" has been a long-term goal for stablecoin issuers like Circle and crypto platforms like Coinbase, reflecting years of political mobilization and support from pro-crypto lawmakers [1] - The passage of this act is expected to open up broader development opportunities for the crypto industry, particularly in attracting more institutional investors [1] Group 2 - The House also passed the "CLARITY Act" with a vote of 294 to 134, aimed at establishing comprehensive regulatory rules for the crypto market, indicating rising support among lawmakers [2] - However, the CLARITY Act has not yet been voted on in the Senate, and analysts suggest that it may take until the end of the year or early next year for a clearer draft to emerge [2][3] - The slow progress in the Senate is attributed to consensus issues and substantive disagreements among lawmakers regarding investor protection and regulatory responsibilities [3] Group 3 - The House passed the "CBDC Anti-Surveillance State Act" with a narrow vote of 219 to 217, aimed at preventing the Federal Reserve from issuing or testing central bank digital currency without Congressional approval [4] - Central bank digital currencies differ from decentralized cryptocurrencies like Bitcoin, as they are directly issued and managed by central banks, raising concerns about government control over currency and citizen privacy [5] - President Trump is reportedly preparing to open a $9 trillion U.S. retirement market to alternative investments, including cryptocurrencies, which could fundamentally change how Americans manage their savings [5]