In 2025, the global storm of stablecoin regulation erupted, with the core being the intensive introduction of regulatory rules by major financial regions such as the US and Hong Kong, forming a differentiated regulatory framework. This also triggered market compliance games and risk warnings, essentially reflecting the competition among countries for digital financial discourse power. The following are key pieces of information:

1. United States: In July, Trump signed the "Genius Act," which is the first stablecoin legislation at the federal level. The bill requires stablecoins to be pegged to the US dollar at a 1:1 ratio, with reserves needing to be invested in dollar cash, US Treasury bonds, and other assets, providing official backing for dollar stablecoins while also aiming to create new demand for US Treasury bonds through stablecoin expansion to alleviate the US debt crisis. Additionally, California's "Digital Financial Assets Act" requires stablecoin issuers to hold a banking license or pass stringent audits, raising the threshold for issuance.
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2. Hong Kong: On August 1, the "Stablecoin Ordinance" was officially implemented, becoming the world's first comprehensive regulatory framework for fiat stablecoins. The ordinance sets strict standards, such as requiring applicant institutions to have a paid-in capital of no less than 25 million HKD and to fully allocate 100% in highly liquid assets; furthermore, only 3 to 4 licenses will be granted in the first batch, creating scarcity that triggers capital competition. Meanwhile, the Securities and Futures Commission has warned that it has received 265 complaints related to virtual asset trading in the first half of the year and that institutions should be wary of the traps of speculating on stock prices by applying for licenses.
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3. Market chain reaction: On one hand, California's stringent policies have accelerated the shift of many institutions with real businesses but failing to meet the requirements to Hong Kong; on the other hand, non-compliance risks have become prominent, such as the offshore Chinese yuan stablecoin CNHTO launched by Tether on the Conflux public chain in November, which has been warned to carry high risks due to lack of regulation and sovereign backing. Additionally, the total market capitalization of stablecoins across the network has surpassed 276.9 billion USD, and the differences in regulatory policies are prompting global stablecoin projects and capital to reevaluate their regional layouts.