专题 | ALL IN稳定币，全球金融体系大变革

最低注册资本 2500 万港元，发行人需向香港金融管理局申请牌照。

稳定币迈入“有法可依”时代。

JD.com, Ant, Standard Chartered Bank...a "battle among giants" for stablecoins is about to begin.

How is the progress, compliance ideas, ecological development, competitive advantages, and comparison with mobile payments.

Stablecoins have become an important part of JD.com's international business.

Visa和Mastercard正在为争夺Web3支付市场的主导权展开竞争。

5月13日，稳定币市值达到2428.21亿美元，Tether的USDT市值首次突破1500亿美元，市值占比达62%。近几个月以来，加密市场上关于稳定币的动态接连不断。

With good news coming, the market rebounded sharply.

顾虑即将扫清，标准会被掌握，大入金时代看来也在即了。

稳定币立法被当作美国加密监管成功的样板。但在一个更大的叙事里，它是一次美元延伸战略的开场。

稳定币市场的大洗牌拉开帷幕。

从极客技术到大类资产，BTC为稳定币铺设未来之路，下个十年的加密愿景又会是什么？

A New Catalyst for the Crypto Bull Run?

Let’s review Circle’s history and its relationship with China.

Stablecoin is a peer-to-peer electronic cash system, but Bitcoin is not.

When USDC becomes the universal circulation basis of "on-chain dollars", the story of Circle really begins.

Circle wins in its “tool attributes” and Tether wins in its “survival needs”.

Who will win among USDT, which has the largest market share, USDC, which is seeking compliance, and FRAX, which is constantly exploring the boundaries of the digital dollar?

When stablecoins became a hot topic, Tether and Circle handed in different answers.

Hand-picked crypto-dollar system.

Circle's stock price soared 7 times, establishing its leading position in stablecoins, and traditional financial technology giants accelerated their layout.

解读稳定币如何从“链上现金”演变为左右美国财政政策的重要变量。

真正天然的网络效应，泰达是最典型的。这种网络效应会不断强化，不是那么容易被单一渠道取代。

Accelerating the circulation of money is the core application of cryptocurrency, and putting RWA on the chain is in line with this trend.

How do entrepreneurs, regulators, and traditional financial institutions respond to more macro-level monetary structural and policy issues?

Stablecoins will enhance the dollar’s global dominance.

Those who make money don’t want to go public, and those who go public may not necessarily share the profits. “Profits” actually have nothing to do with retail investors.

This report focuses on the transformation of the stablecoin ecosystem: from the early issuance-focused approach to today’s distribution and actual usage.

Stablecoin is a platform.

But don’t short Circle!

Institutional dividends are not short-term benefits, but long-term advantages.

太平洋两岸，冰与火之歌。