Global Stablecoin Competition: Regulatory Clarity Brings New Opportunities

As the global regulatory environment gradually becomes clearer, the concept of stablecoins has sparked a new wave of excitement in the capital markets. Data shows that relevant indices have risen sharply for several consecutive days in mid-June. Behind this prosperous scene, a divergence regarding the future shape of financial infrastructure is forming. It is noteworthy that a Chinese internet technology giant is participating in this global game in a unique way.

According to reports, the top leader of the tech giant stated that the company plans to apply for stablecoin licenses in major currency countries around the world, aiming to reduce cross-border payment costs between global enterprises by 90% and improve efficiency to within 10 seconds. Behind this grand plan is a grand roadmap from addressing its own business pain points to building a global financial network.

From localization strategy to global financial layout

The company's international business strategy emphasizes localized operations, including local e-commerce, local infrastructure, local employees, local procurement, and local shipping. This localization logic is key to understanding its stablecoin strategy. To replicate the successful model in major global markets, the company needs to equip each node with local settlement capabilities, which requires fiat stablecoin support from different countries and regions.

The first phase goal of the stablecoin network is to create a unified and efficient financial operating system for globally distributed businesses. The second phase aims to enter the C-end market, realizing the vision of global consumers using the company's stablecoin for payments. The core challenge facing this cross-border consumption experience is traditional foreign exchange friction. The multi-currency stablecoin system that the company plans to build is expected to be key in solving this issue and may ultimately evolve into a programmable, high-efficiency "on-chain foreign exchange market".

The company's stablecoin strategy focuses on the traditional trade settlement market, with compliance as its core competitive advantage, primarily serving global实体企业 that have a rigid demand for transparent and efficient payment solutions. This pragmatic and feasible "industry-first" approach is highly aligned with the background of the heads of the relevant departments in the company.

US Stablecoin Bill: The Battle of Rules

Meanwhile, the United States is building a different set of rules. Recently, a highly publicized stablecoin bill passed the U.S. Senate by an overwhelming majority. However, this is only the first step in the regulatory long march. The bill received a large number of amendment proposals, one of which sparked widespread discussion: it proposed to restrict publicly traded companies with non-financial main businesses from issuing payment stablecoins unless special approval is obtained.

The final interpretation and implementation details of this clause will be determined by regulatory agencies such as the Federal Reserve and the Treasury Department. If the restrictions are strictly enforced, tech giants may need to collaborate with licensed issuers instead of issuing stablecoins on their own. For existing issuers that have already made significant compliance investments at the state level, this could become a "regulatory moat" solidified by federal law.

The New Landscape of Geofinance

These developments have occurred against the backdrop of changes in the global monetary system and a reflection on the reliance on traditional international payment systems. The strategies of China's tech giants have gone beyond purely commercial efficiency considerations, as they express support for and promote the issuance of offshore RMB stablecoin, but whether this can ultimately be realized still depends on regulatory attitudes.

If this multi-currency stablecoin network is successfully established, it will itself become an efficient global trade settlement layer that does not rely on a single currency hegemony. This can be seen as a market-driven, bottom-up exploration of the internationalization of the renminbi.

The world is closely watching this grand game driven by regulation and business, which may determine the shape of the next generation of financial infrastructure. In this process, the regulatory approaches of different countries and regions, the strategies of tech giants, and the responses of traditional financial institutions will all have a profound impact on the future global financial landscape.