With Circle's company entering the capital market, the concept of stablecoins is attracting widespread attention, not only within the cryptocurrency circle but also gradually becoming a hot topic in traditional finance.

In May 2024, multiple countries and regions around the world have intensively introduced regulatory frameworks related to stablecoins. The U.S. Senate passed a key procedural vote on the "Genius Bill," known as the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins," which is expected to complete the legislative process by the end of the year.

Following this, the Hong Kong Special Administrative Region passed the "Stablecoin Regulation Draft" and officially enacted it, becoming the world's first judicial jurisdiction to implement a complete regulatory chain for fiat-backed stablecoins, which subsequently led to a significant rise in related Hong Kong stock sectors.

Although the legislative process in Hong Kong seems swift, the establishment of a global regulatory framework for stablecoins has actually begun long ago. The UK released regulatory proposals regarding stablecoin issuance and encryption asset management in May, Japan refined relevant regulatory adjustment measures in March, and Europe incorporated the "Regulation on Markets in Crypto-Assets" into its legal framework as early as December of the previous year.

So, what exactly is a stablecoin? Behind this series of regulatory actions, is it simply the craze in the encryption cryptocurrency field, or are there deeper international strategic considerations at play?

U.S. Treasury Secretary Becerra stated at the White House Digital Assets Summit that the Trump administration plans to use stablecoins to maintain the global dominance of the U.S. dollar.

This statement has sparked widespread interpretations: Many countries are actively promoting the development and regulation of stablecoins, which may be a strategic preparation for the future transformation of the international monetary system. Some analyses view it as a prelude to a new generation of "Bretton Woods System," with countries strategically positioning themselves for the upcoming era of digital currencies.