Just a few months ago, there might still have been a need to explain stablecoins, but today, their popularity speaks for itself. In terms of scale, the current market size of stablecoins has reached $288.5 billion. According to Citi’s forecast, if the annual transaction volume of stablecoins approaches the velocity of fiat currency circulation, the issuance could reach $1.9 trillion by 2030 under a baseline scenario and even hit $4 trillion in a bullish market scenario.
Against this backdrop, following the ripple effects of the U.S. Stablecoin Innovation Act, the global wave of stablecoins is gaining momentum. Facing this trillion-dollar market, internet giants, financial institutions, and traditional enterprises are making their entrances, envisioning their roles in the stablecoin narrative while eagerly seeking to capture the first wave of dividends.
However, from a global perspective, regional paces differ significantly. The U.S. continues to lead with strength as major stablecoin players are already capitalizing on the opportunity, while other companies are heavily investing in stablecoin infrastructure. On the other hand, although Europe established regulatory frameworks earlier, its progress has been slower due to regional characteristics, with banks only recently beginning to follow suit. Turning to China, faced with overheated speculation in stablecoins, regulators have opted to hit the pause button.
01
United States: Initial Dividends Released, Corporate Strategies Diverge
In the realm of stablecoins and even the broader cryptocurrency space, the United States holds a central position that no other region can match. This not only forms the basis for significant changes in U.S. crypto policy but also serves as the practical backdrop for Trump's strategic planning. Data shows that the U.S. dollar accounts for approximately 60% of global reserve currencies, yet the share of USD-backed stablecoins in on-chain stablecoins reaches...