Global Stablecoin Newsletter#03
Global Stablecoin Market Overview
Total Market Cap: $266.98 B7-Day Change: +$1.77B / +0.67%In terms of market share, USDT has a total market cap of approximately $164.66B, accounting for about 61.67%; USDC ranks second with a market cap of $63.68B, accounting for about 23.87%.Notably, USD1 (launched by World Liberty Financial, controlled by the Trump family) currently has a circulating market cap of approximately $2.1b, accounting for about 0.8%. Its growth momentum is strong, particularly benefiting from legal support provided by the recently signed GENIUS Act, as well as previous financing transactions where Abu Dhabi’s MGX paid $2 billion to Binance using USD1. Additionally, USD1’s recent cross-chain collaboration with Falcon Finance (with World Liberty providing $10 million in funding support as USDf synthetic dollar collateral) has also accelerated its expansion process.Data source: defillama
Key Highlights
Trump Signs GENIUS Act → First federal stablecoin regulatory legislation in the US officially takes effectFederal Reserve and Two Other Agencies Issue Joint Statement → Providing blueprint for banks to offer cryptocurrency custody services, guiding lending institutions in compliant participation in digital asset businessECB Warns of USD Stablecoin Threat → Concerns that widespread use of USD stablecoins in the Eurozone will weaken European monetary policy control and financial sovereigntyPlasma Bitcoin Sidechain Completes $373M Fundraising → Focuses on fee-free stablecoin transfersVisa Expands Settlement Platform → Supports two additional stablecoinsOKX Joins Global Dollar Network → Integrating Paxos-issued USDG stablecoinStablecoin Startup Agora Receives $50M Investment → Paradigm leads Series A fundingRipple Applies for European License → Plans to expand RLUSD stablecoin to European marketFIS Partners with Circle → US banking technology service provider will offer USDC-based cross-border payment services to financial institutionsPayPal Plans to Launch PayPal World Platform → Going live in autumn, supporting cross-border transactions for local wallets like UPI and WeChat PayHong Kong Stablecoin Licensing System Effective in August → First batch of licenses expected to be issued in early 2026
Western Stablecoin Updates
Regulations & Policies
Trump Signs GENIUS Act, Consolidating Stablecoin RegulationUS President Trump signed the first federal legislation regarding stablecoin regulation, calling it “an important step in consolidating America’s dominance in global finance and crypto technology.” This is also a major victory for the digital asset industry. “The GENIUS Act establishes a clear and concise regulatory framework that will unleash the enormous potential contained in USD stablecoins,” Trump said at the White House signing ceremony on Friday. “This may become the greatest revolution in financial technology since the birth of the internet.”Read more: https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/Federal Reserve, FDIC, and OCC Issue Joint Statement Providing Blueprint for Cryptocurrency Custody by Lending InstitutionsThe Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) issued a joint statement guiding banks on how to provide cryptocurrency custody services to customers while avoiding regulatory violations. US banking regulatory authorities released a blueprint for lending institutions holding cryptocurrency (i.e., cryptocurrency custody). This is the latest move by regulatory agencies in the Trump era when weighing how traditional lending institutions should participate in digital asset business.Read more: https://www.theblock.co/post/362533/federal-reserve-fdic-and-occ-clarify-rules-for-banks-holding-crypto-for-customers-in-joint-statementUS Senate Banking Committee Releases Discussion Draft of CLARITY Act, Proposing Ancillary Asset ConceptThe US Senate Banking Committee has released a discussion draft of the CLARITY Act (Market Structure Act), proposing the concept of “ancillary assets” to clarify the specific meaning of digital assets and seeking to clarify how the Securities and Exchange Commission (SEC) should regulate digital assets, inviting public comments on the draft by early August.Read more: https://www.dwt.com/blogs/financial-services-law-advisor/2025/07/senate-crypto-market-structure-draft-releasedAmerican Bankers Association Opposes Trust Bank License Applications from Circle, Fidelity, and RippleThe American Bankers Association (ABA) and multiple banking and credit union organizations wrote to the Office of the Comptroller of the Currency (OCC) requesting postponement of national bank license application approvals for crypto companies like Circle and Ripple, citing “significant policy and process risks.” The groups pointed out that these crypto companies lack the fiduciary responsibilities required of traditional trust banks, and granting them licenses would seriously deviate from OCC’s existing policies and could trigger systemic risks.Read more: https://www.ledgerinsights.com/us-banking-associations-object-to-trust-bank-charters-for-circle-fidelity-ripple/JPMorgan Says Regulators Outside US Seem to Prefer Tokenized Bank Deposits Over StablecoinsJPMorgan analysts say regulators outside the US are increasingly favoring tokenized bank deposits over stablecoins. The Bank of England Governor expressed preference for bank-issued tokenized deposits rather than proprietary stablecoins. Non-custodial deposits can be settled at face value, helping maintain “monetary unity,” which is seen as having regulatory advantages. JPMorgan has tested its permissioned deposit token project JPMD on Base Layer 2 and filed related trademark applications in June.Read more: https://coincentral.com/jpmorgan-highlights-global-push-for-tokenized-deposits-over-stablecoins/ECB: Rise of USD Stablecoins Will Weaken European Monetary Policy ControlThe European Central Bank warned that a USD-dominated digital currency system poses strategic challenges to European monetary sovereignty. Without strategic countermeasures, Europe’s financial stability and monetary autonomy could be eroded. On July 28, Jurgen Schaaf, advisor to the ECB’s Market Infrastructure and Payments division, published an article pointing out that if USD stablecoins are widely used in the Eurozone, the ECB’s control over monetary policy could be weakened. USD stablecoins dominate the global market absolutely, accounting for about 99% of total stablecoin market cap. In comparison, EUR stablecoins remain marginalized, with a market cap of less than €350 million.Read more: https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250728~e6cb3cf8b5.en.htmlRussia Passes CBDC Law: Mandatory Acceptance of Digital Ruble by Enterprises and Banks Starting September 2026While most countries remain cautious about experimenting with Central Bank Digital Currencies (CBDCs), Russia has pressed the accelerator. The State Duma passed the digital ruble bill with overwhelming votes. After approval by the Federal Council and signing by President Putin, the bill will officially take effect on September 1, 2026.Read more: https://www.theblock.co/post/363167/russia-2026-digital-ruble-rollout-public-skeptical
Partnerships and Ecosystem Expansion
Plasma Bitcoin Sidechain Completes $373M Oversubscribed Fundraising, Focusing on Fee-Free Stablecoin TransfersPlasma, a Bitcoin sidechain focusing on stablecoin transfers, announced completion of a $373 million public token sale, far exceeding the $50 million target, becoming one of the most watched crypto projects recently. Plasma will launch within 40 days, initially hosting $1 billion in stablecoins, setting a record for the fastest blockchain to reach that amount, and supporting fee-free stablecoin transfers led by USDT. The project is compatible with Ethereum Virtual Machine (EVM) and has received investments from notable institutions including Peter Thiel’s Founders Fund, Framework Ventures, and Bitfinex. US investors need to lock up for 12 months, while users in other regions can unlock upon launch.Read more: https://www.coindesk.com/business/2025/07/28/stablecoin-focused-bitcoin-sidechain-plasma-draws-usd373m-in-oversubscribed-token-saleStable Launches First Layer 1 Blockchain Built for USDT PaymentsStable, a blockchain project backed by Bitfinex, announced the launch of “Stablechain,” the world’s first Layer 1 blockchain designed specifically for USDT payments, aimed at solving pain points in stablecoin use for cross-border payments and retail scenarios. Stablechain uses USDT as native gas fees and settlement token, supports sub-second confirmations and fees below 1 cent, and enables zero-fee transfers through LayerZero’s USDT0. The platform supports EVM tools, enterprise-level scalability, and fiat on-ramps, targeting global payments and DeFi applications.Read more: https://coincentral.com/stable-unveils-the-first-layer-1-blockchain-built-for-usdt-payments/Visa Expands Settlement Platform to Support Two Additional StablecoinsVisa announced it is expanding its settlement platform to support two additional USD stablecoins Global USD (USDG) and PayPal USD (PYUSD), two blockchains Stellar and Avalanche, and the EUR-backed stablecoin EURC. Rubail Birwadker, Visa’s Head of Global Growth Products and Strategic Partnerships, said Visa is building a multi-currency and multi-chain foundation to help meet the needs of global partners.Read more: https://www.theblock.co/post/365044/visa-stablecoin-settlement-paypal-pyusd-paxos-usdg-circle-eurc-stellar-avalancheOKX Joins Global Dollar Network, Integrating Paxos-Issued USDG StablecoinCryptocurrency exchange OKX has joined the Global Dollar Network (GDN), a stablecoin alliance co-founded by Paxos, Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish, and Nuvei. As part of this move, OKX has added support for USDG, the USD stablecoin issued by Paxos. Currently, USDG has a supply of 357 million tokens on Solana, Ethereum, and Ink.Read more: https://cointelegraph.com/news/okx-joins-paxos-usdg-network-stablecoinCoinbase Launches Base App, Rebranding Wallet as All-in-One Social, Trading, and Payment PlatformCoinbase has launched the Base application, rebranding its former Coinbase Wallet as an all-in-one social and trading platform. The new application combines token trading, real-time payments, decentralized identity, mini-applications, and social media features — all built on its Ethereum Layer 2 network Base.Read more: https://yellow.com/news/coinbase-launches-base-app-as-all-in-one-social-payments-and-trading-platformStablecoin Startup Agora Receives $50M Investment Led by ParadigmStablecoin issuer Agora raised $50 million in Series A funding led by crypto venture capital firm Paradigm. This investment will help Agora expand its white-label stablecoin product AUSD, capitalizing on growing market interest in USD-backed digital assets. Paradigm, co-founded by Coinbase co-founder Fred Ehrsam, led this round of investment.Read more: https://cointelegraph.com/news/stablecoin-agora-secures-50m-investment-paradigmMetaMask Partners with Aave to Add Stablecoin Yield FeatureEthereum wallet MetaMask announced a partnership with DeFi protocol Aave to provide stablecoin yield features to users. Users can now deposit stablecoins directly through the MetaMask interface into the Aave protocol to earn yield.Read more: https://www.coindesk.com/business/2025/07/28/ethereum-wallet-metamask-adds-stablecoin-yield-with-defi-giant-aavePerena Announces Launch of USD’ Stablecoin, Issued by BralePerena officially released the new USD stablecoin USD’, 100% regulated in the US, issued by Brale, now live on Solana mainnet. USD’ is fully compliant with the GENIUS Act, redeemable 1:1 for USD, with assets backed by Franklin Templeton’s BENJI and Superstate’s USTB, and can be directly exchanged with USDC and various mainstream stablecoins. USD’ supports Solana confidential transfer functionality, balancing privacy and compliance. Perena stated that USD’ will become the foundation asset of its Stablebank Network, facilitating on-chain and off-chain capital flows and promoting compliant and innovative development of crypto finance.Read more: https://www.binance.com/en/square/post/27139768666961PayPal Plans to Launch New Fiat Platform PayPal WorldUS payment company PayPal plans to launch a new platform this fall that will connect domestic digital wallets with its network of billions of users worldwide. The system, called PayPal World, allows users of India’s UPI, China’s WeChat Pay, and Brazil’s Mercado Pago to transact with PayPal or Venmo merchants abroad without opening new accounts or using cards.Read more: https://newsroom.paypal-corp.com/2025-07-28-PayPal-Drives-Crypto-Payments-into-the-Mainstream,-Reducing-Costs-and-Expanding-Global-CommerceWisdomTree's USDW Stablecoin Will Pay Dividends for Tokenized AssetsGlobal asset management company WisdomTree entered the full-stack stablecoin space after the US GENIUS Act was passed, aiming to strengthen digital dollar infrastructure for its on-chain financial products. According to Will Peck, WisdomTree’s Head of Digital Assets, WisdomTree’s USD-backed stablecoin USDW is a key component of its comprehensive strategy to serve retail and institutional users. USDW is issued by New York chartered trust company WisdomTree Digital Trust Company, aimed at facilitating digital dollar payment flows and supporting the company’s tokenized investment products.Read more: https://cointelegraph.com/news/wisdomtree-usdw-stablecoin-tokenized-assetsCrypto and Stablecoin Infrastructure Startup Zerohash to Raise $100M at Nearly $1B ValuationCryptocurrency and stablecoin infrastructure startup Zerohash plans to raise $100 million at a valuation of nearly $1 billion. Publicly listed online broker Interactive Brokers will lead this funding round. Founded in 2017, Zerohash provides backend infrastructure for banks, brokers, and fintech companies to help them launch cryptocurrency, NFT, and other digital assets services for customers.Read more: https://fortune.com/crypto/2025/07/11/zerohash-stablecoin-fundraise-interactive-brokers-100-million-1-billion-valuation/Former Coinbase Executive Launches Stablecoin-Powered Bank Dakota, Raises $12.5M Series ADakota, a new bank founded by former Coinbase custody business head Ryan Bozarth, announced completion of a $12.5 million Series A funding round led by crypto VC CoinFund, with participation from 6th Man Ventures, Digital Currency Group, and Kraken’s Triton Ventures. As a stablecoin-powered digital bank, Dakota has processed approximately $1.6 billion in transaction volume and expects to reach $4 billion by year-end, with over 500 enterprise clients mainly located outside the US. The platform provides services similar to traditional banks like checking accounts and deposit yields, but innovates by using stablecoins to facilitate capital flows between multiple banking partners, providing USD account services for overseas clients.Read more: https://www.inkl.com/news/ex-coinbase-exec-raises-12-5-million-for-dakota-a-stablecoin-powered-neobankStablecoinX Goes Public Through SPAC Merger, Raising $360M for ENA TreasuryStablecoinX, a new infrastructure company within the Ethena ecosystem, is going public through a merger with TLGY Acquisition Corp., securing $360 million in funding to build a cryptocurrency enterprise reserve backed by ENA tokens. The merged company will be renamed StablecoinX Inc. and plans to list its Class A shares on NASDAQ under the ticker “USDE.” The new company will provide infrastructure and staking services for the Ethena protocol, while the Ethena Foundation will retain majority voting rights in StablecoinX after the merger.Read more: https://cointelegraph.com/news/stablecoinx-spac-merger-ena-treasury-ethenaTether CEO: US Market Access “Progressing Well,” Plans to Launch Institutional StablecoinTether CEO Paolo Ardoino told Bloomberg Television that the stablecoin issuer is making smooth progress in conducting business in the US. Less than a week ago, US President Donald Trump signed the GENIUS Act to regulate stablecoins in the US, and Ardoino attended the bill’s signing ceremony.Read more: https://www-web.itiger.com/news/2554259617Ripple Plans to Expand RLUSD Stablecoin to EuropeRipple has applied for a license in Luxembourg to introduce its Ripple USD stablecoin in Europe. If approved, the license would allow the stablecoin to operate throughout the European Union (EU). The license is to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations, and if approved, will pave the way for exchanges and companies to incorporate RLUSD into their operations.Read more: https://www.ledgerinsights.com/ripple-plans-rlusd-stablecoin-eu-entry-via-luxembourg/FIS Partners with Circle to Provide Stablecoin Payment Services for BanksBloomberg reported that US banking technology service provider FIS (Fidelity National Information Services) has partnered with Circle Internet Group to provide USDC-based transaction services for financial institutions. Both parties aim to help US banks provide customers with options to use USDC for domestic and cross-border payments. FIS plans to integrate USDC into its capital flow platform, with the service expected to launch by year-end.Read more: https://www.bloomberg.com/news/articles/2025-07-28/fis-partners-with-circle-to-offer-bank-stablecoin-payments?srnd=phx-cryptoWestern Union Explores Stablecoin Launch in Digital Wallets Amid Industry OptimismWestern Union CEO Devin McGranahan said the company is exploring launching stablecoin services in digital wallets and plans to establish on-ramp and off-ramp partnership channels for buying and selling stablecoins. He pointed out that stablecoins have enormous potential in accelerating cross-border transfers, improving fiat currency exchange efficiency, and providing value storage means for countries with unstable economies.Read more: https://blockchair.com/news/wester-union-looks-to-offer-stablecoin-services-ceo-says--d4cd36c022c94b24PayPal Plans to Expand PYUSD Stablecoin to Arbitrum ChainPayPal updated its cryptocurrency service terms, with new terms indicating PayPal plans to expand PYUSD stablecoin to the Arbitrum chain. PYUSD stablecoin is now issued by Paxos (rather than PayPal) on Ethereum, Solana, and Arbitrum, fully backed by USD deposits, US Treasuries, and US Treasury repurchase agreements.Read more: https://newsroom.paypal-corp.com/2025-07-17-PayPal-USD-Expands-to-Arbitrum-Bringing-Layer-2-Efficiency-to-Multi-Chain-Development-StackCrypto Prediction Market Polymarket Considers Launching Own StablecoinCrypto prediction market provider Polymarket is considering issuing its own stablecoin to users. A person familiar with the plan said Polymarket’s closed ecosystem actually only needs to be able to exchange USDC for its custom stablecoin, making implementation relatively simple. A Polymarket representative said no decision has been made regarding the stablecoin issue.Read more: https://www.coindesk.com/business/2025/07/22/crypto-prediction-market-polymarket-weighs-launching-its-own-stablecoin-sourceAs Decentralized Derivatives Trading Rises, USDC Supply on Hyperliquid Grows to 4.9BUSDC supply on Hyperliquid has grown significantly since the beginning of the year, doubling to 4.9 billion. This expansion reflects the growing importance of decentralized perpetual contract trading platforms, with USDC being the primary settlement currency for derivatives trading on the platform. Hyperliquid has strong trading momentum, processing over $150 billion in trading volume in July alone. The platform’s trading volume has reached 11.5% of Binance’s, showing it is rapidly growing into a leading on-chain perpetual contract platform.Read more: https://www.theblock.co/post/363653/usdc-on-hyperliquid-doubles-to-4-9-billion-as-dex-derivatives-trading-gains-groundWLFI Makes $10M Strategic Investment in Falcon FinanceTrump family crypto project WLFI will make a $10 million strategic investment in DWF Labs-backed stablecoin project Falcon Finance to promote liquidity and cross-chain compatibility between its stablecoin USD1 and Falcon’s synthetic stablecoin USDf. USD1 will serve as collateral for Falcon, raising concerns about potential conflicts of interest and regulatory risks. Previously, USD1 was used to settle a $2 billion transaction. Despite both USDf and USD1 experiencing brief depegging, both parties still plan to create a compliant synthetic dollar system for global use. Democratic lawmakers criticized such projects for potentially complicating crypto legislation, especially against the backdrop of Republicans trying to advance anti-CBDC legislation.Read more: https://www.theblock.co/post/364822/falcon-finance-claims-investment-world-liberty-financial
Eastern Stablecoin Updates
Regulations & Policies
Full Text of “Hong Kong Digital Asset Development Policy Statement 2.0”: Proposes “LEAP” Framework, First Institutional Distinction Between “Virtual Assets” and “Digital Assets”The full text of “Hong Kong Digital Asset Development Policy Statement 2.0”: Proposes “LEAP” framework, making the first institutional distinction between “virtual assets” and “digital assets,” creating a trustworthy, innovative, and vibrant digital asset ecosystem, committed to making Hong Kong a global innovation center in the digital asset field. The statement proposes four major policy pillars under “LEAP”: Legal and regulatory optimization, Expansion of tokenized products, Application scenario expansion and cross-border cooperation, and Partner and talent development, comprehensively addressing core concerns of the industry, investors, and international markets regarding the institutional foundation, compliance boundaries, operational pathways, and policy certainty of Hong Kong’s digital asset ecosystem.Read more: https://www.info.gov.hk/gia/general/202506/26/P2025062600269.htmHong Kong’s First Licensing Expected to Be Delayed Until Early 2026The Hong Kong Monetary Authority announced that its stablecoin issuance regulations will take effect on August 1, 2025, but the first batch of licenses is expected to be issued only in early 2026. It is expected that initially less than ten institutions will be approved for applications, with applicants encouraged to submit by the end of August for feedback. Currently, no licenses have been issued, and the market is reminded to avoid excessive speculation. HKMA published detailed guidance documents on July 29, covering standards for capital, reserves, governance, and technology. Anti-money laundering regulations are strict, requiring licensed issuers to verify the identity of every token holder. If effective risk control cannot be proven, license holders must conduct identity verification even if token holders have no direct relationship with the issuer. Additionally, regulatory authorities expect to initially approve applications from fewer than 10 institutions, encouraging well-prepared applicants to submit materials by the end of September.Read more:https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/07/20250729-4/https://www.reuters.com/world/asia-pacific/first-hong-kong-stablecoin-licences-may-be-issued-early-next-year-hkma-says-2025-07-29/South Korean Central Bank Establishes “Virtual Assets Committee” to Monitor Crypto Markets, Reorganizes CBDC Team for Practical ExplorationThe Bank of Korea announced the establishment of a “Virtual Assets Committee” to strengthen monitoring and regulatory coordination of crypto asset and stablecoin markets, and reorganized its original Central Bank Digital Currency (CBDC) research team within the institution into an actual business department. This adjustment reflects the positive attitude of the South Korean government and banking industry toward local currency stablecoins, and responds to recent stablecoin legislation initiatives proposed in parliament.Read more: https://cointelegraph.com/news/south-korean-central-bank-creates-virtual-asset-division
Partnerships & Ecosystem Expansion
Asian Banks Actively Deploy Stablecoins to Counter Capital OutflowsBanks in Asian countries, including South Korea, Japan, and Hong Kong, are exploring the use of locally-pegged stablecoins (KRW, JPY, HKD) to prevent deposit outflows and advance cross-border transactions. Eight South Korean banks plan to launch KRW stablecoins in 2026, Japan’s three major banks are testing JPY stablecoins, and Hong Kong’s East Asia Bank is also conducting USD/HKD stablecoin settlement network pilots.Read more: https://www.coindesk.com/markets/2025/06/26/asia-morning-briefing-asias-banks-look-to-stablecoins-to-prevent-deposit-flightPing An Securities: Hong Kong May Adopt Dual-Track Stablecoin RegulationPing An Securities published a stablecoin report pointing out that Hong Kong may form a “USD stablecoin connecting to international markets + HKD stablecoin connecting to mainland China” dual-track regulatory framework, both consolidating the financial attributes of the Hong Kong dollar and providing a “testing ground” for RMB internationalization. Hong Kong’s scope definition for stablecoins is relatively broad and not limited to any particular type of fiat currency stablecoin. As Hong Kong’s stablecoin market develops rapidly, it is expected that the market share of non-USD stablecoins will gradually increase, and may promote the establishment of a unified international regulatory system in the future.Read more: https://www.bitget.com/news/detail/12560604876736JD's JD Chain Registers JCOIN and JOYCOIN, Possibly Names for Its StablecoinsJD’s subsidiary JD Coin Chain has registered the names “JCOIN” and “JOYCOIN,” which the market speculates are names for its stablecoins. The registration description shows that related services include electronic fund transfers through blockchain technology, cryptocurrency financial transactions, etc. JD Coin Chain is one of the participants in HKMA’s stablecoin issuer sandbox program and collaborated with Airstar Bank last July to test stablecoin-based enterprise cross-border payment solutions.Read more: https://hk.finance.yahoo.com/news/%E4%BA%AC%E6%9D%B1%E5%B9%A3%E9%8F%88%E6%93%9A%E5%A0%B1%E5%B7%B2%E8%A8%BB%E5%86%8Ajcoin%E5%8F%8Ajoycoin-043842614.htmlCITIC Securities: Continue to Focus on Potential First-Batch Stablecoin License RecipientsCITIC Securities research report states that on July 29, HKMA released a series of documents regarding the stablecoin issuer regulatory system to be implemented from August 1. The core is the “Licensed Stablecoin Issuer Supervisory Guidance,” with the most guidance-significant document for the current application phase being the “Stablecoin Issuer Licensing System Summary.” Looking at the timeline, HKMA encourages prospective applicants to contact regulators before August 31, with mature applicants having an application deadline of September 30. The first batch of licenses will be in single digits only, expected to be issued by the end of the year. It is recommended to continue focusing on two main lines: issuers who may obtain the first batch of scarce licenses, and scenario platforms that definitely participate in stablecoin use case creation.Read more: https://www.wenweipo.com/a/202507/21/AP687e1e1ae4b0fced478dc0d2.htmlChinese Academy of Social Sciences Report Focuses on Stablecoins and China’s Response, Recommends Exploring Applications Through Regulatory SandboxesThe Institute of Finance at the Chinese Academy of Social Sciences released its Q2 2025 macroeconomic financial analysis report. The report points out that uncertainty in the current international monetary system is rising. While US dollar hegemony will not collapse in the short term, the future international monetary system is more likely to exhibit dual evolutionary characteristics of “fragmentation” and “diversification.” Against this backdrop, China needs to promote reserve currency diversification, enhance foreign exchange reserve security, steadily and prudently advance RMB internationalization, pay attention to global stablecoin development trends, and promote the evolution of the international monetary system toward diversification, fairness, and stability.Read more: https://mp.weixin.qq.com/s/EDT-KHaM4ttogrXKTFjLiw
This report is jointly produced by MathWallet and its stablecoin wallet product, StableWallet, aiming to provide a biweekly selection of global stablecoin-related policy, market, and technology updates.MathWallet is a multi-chain wallet for the Web3 era, supporting over 100 blockchains including BTC, ETH, Polkadot, Cosmos, Filecoin, Solana, and BNBChain, with more than 4 million users worldwide.StableWallet is an innovative AA wallet designed specifically for stablecoin management and trading, offering seamless, secure, and compliant stablecoin operations.Follow us for the latest insights and analysis on the stablecoin ecosystem.
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X：@MathWallet｜@StableWallet_aiThe above content is for reference only and does not constitute any investment advice. Information is sourced from public channels; please refer to official announcements for accuracy.
