Stablecoins are entering a critical period of rapid development in 2025. The U.S. GENIUS Act has established federal and state-level regulations, reserve, and auditing standards for USD-pegged stablecoins, clarifying their path to legalization. Simultaneously, the EU's Markets in Crypto-Assets (MiCA) regulation is fully in effect, requiring all stablecoin issuers and trading platforms to operate within a compliant framework. This regulatory clarity is driving stablecoin applications to expand from pure trading tools to traditional financial scenarios like payments, payroll, and corporate treasury management.

Institutional and corporate interest in stablecoins is also rising rapidly. Banks and payment companies are integrating stablecoins into settlement and custody services, leveraging their 24/7, low-friction value transfer advantages. Stablecoins are gradually transitioning from 'regulation-avoidant' crypto assets to 'compliant, practical, institution-friendly' financial infrastructure, becoming a new component of the traditional financial system.

In terms of market scale, the total market value of stablecoins has surpassed $300 billion by 2025, reaching a new historical high. USD-pegged stablecoins still dominate, but Euro and other fiat-pegged stablecoins are gaining attention and experiencing rapid growth driven by compliant policies. Newly issued stablecoins provide more options for DeFi, wallets, and payment applications, further enhancing ecosystem diversity.

The expansion of application scenarios is particularly notable. More and more enterprises are using stablecoins for cross-border payments, payroll distribution, and corporate treasury management, enabling 24/7 global capital allocation. At the same time, stablecoin infrastructure such as wallets, payment gateways, and issuance platforms is rapidly maturing, driving the transformation of crypto assets into financial infrastructure. If regulation, compliance, and technical arrangements are appropriate, stablecoins are expected to assume the role of 'digital cash' and settlement assets, especially in cross-border payments and corporate settlements.

However, the rapid development of stablecoins also brings risks. USD-pegged stablecoins face de-peg risks, with insufficient reserve transparency and high centralization potentially triggering liquidity crises. When stablecoins hold large amounts of government bonds or fixed-income assets, their operations could potentially impact sovereign debt markets and monetary policy. Institutions like the International Monetary Fund have also warned that the expansion of stablecoin scale could bring financial stability and dollarization risks. If regulation is uncoordinated or liquidity arrangements are insufficient, the stablecoin system could expose systemic vulnerabilities.

Looking ahead, stablecoins have the potential to become the second mainstream payment and settlement path alongside 'digital fiat currency' globally, acting as a bridge connecting traditional finance and the Web3 world. The prerequisites are transparent issuance mechanisms and reserve structures, robust and reliable infrastructure, and effective control of regulatory coordination and systemic risks. For investors, institutions, and policymakers, the key lies in whether stablecoins can mature into reliable, compliant, transparent, and interoperable digital asset infrastructure, not just whether they can continue to exist.

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