In 2025, the era of the wild growth of stablecoins has completely come to an end.

The "Stablecoin National Innovation Act" has been implemented in the United States, followed by the "Stablecoin Ordinance" in Hong Kong, and the EU's MiCA legislation is also active—this wave of regulatory measures has shifted the entire industry from a "no supervision" state directly to a "licensed operation" mode. To be honest, this is not a trivial matter; it is a true reshaping of the landscape.

How does regulation manage? Three tough measures. First, let’s talk about the access threshold: the United States directly requires licensed operation, while Hong Kong requires a paid-in capital of at least 25 million Hong Kong dollars. Next, regarding reserve assets: 100% must be allocated to highly liquid assets, ensuring maximum fund safety. The toughest measure is classified regulation; the European Union restricts the payment function of non-euro stablecoins, and algorithmic stablecoins? Many countries have outright banned them.

How fast is the market reacting? USDT's share in Europe has dropped from 70% to 59.9%, and this speed indicates that players are voting with their feet. The total market value of stablecoins is now $250 billion, and with this scale, it would be strange if regulators did not take action.

However, on the other hand, tighter regulations are not entirely a bad thing. With higher thresholds, traditional banks and institutions are more willing to enter the market, making the path for RWA (Real World Assets on-chain) smoother. However, in the future, we still need to pay attention to two pitfalls: regulatory arbitrage and the risk of industry disintermediation. Whether regulatory standards can be unified across countries is a game that has just begun. #美国终止政府关闭 $BTC $BNB