The market capitalization of stablecoins has surpassed the $310 billion mark. What does this figure reflect?

Regulatory frameworks are tightening across the board. Hong Kong has set a licensing threshold of HKD 25 million, the US is implementing the GENIUS Act to enforce linkage with US bonds, and Europe is imposing 100% reserve requirements along with sandbox management systems. While these appear to be compliance measures, they effectively serve as a way to give private institutions the appearance of central banks—stablecoins are gradually evolving into an officially recognized "digital dollar" system.

Emerging markets are adopting stablecoins on a large scale. Data shows that 47% of users in Nigeria and Turkey have shifted to stablecoins to hedge against local currency devaluation. This phenomenon is increasingly common in countries like the Philippines and Argentina, reflecting that stablecoins are becoming a primary tool for hedging currency volatility. This not only demonstrates market demand but also represents another way the US dollar's influence is expanding.

But what are the risks that cannot be ignored? The de-pegging of USDC during the Silicon Valley Bank incident and the spiral collapse of UST serve as lessons highlighting the importance of the "peg" in stablecoins. The core factors in choosing stablecoins should include: whether reserves are regularly audited, whether they have regulatory licenses, and the financial strength of the issuing institution. Avoid blindly following trends or being attracted by high yields promised by algorithmic tokens.

From the perspective of cross-border payments, traditional digital currency solutions face competitive pressure. Due to their high liquidity, low costs, and fast settlement, stablecoins are rapidly expanding their market share in certain application scenarios. This is not a technical issue but a result of evolving regulations.

There are no completely safe options in the digital currency market—only by understanding the rules can participants make more prudent decisions. Keeping abreast of regulatory developments, assessing the strength of issuers, and paying attention to reserve transparency are fundamental practices that are crucial for long-term participants.