Recently, the regulation of stablecoins globally has shown a significant trend of divergence, with countries adopting vastly different policies, drawing widespread attention.

The United States has passed the "Genius Act," incorporating USD stablecoins into a legal framework, requiring them to be pegged 1:1 to the US dollar or US Treasury bonds. This move is seen as a strategy for the US to alleviate debt pressure and solidify the dollar's dominant position, but it has also raised concerns over potential systemic financial risks, including the possibility of a bank run and shadow banking issues.

At the same time, Hong Kong has adopted a stricter regulatory approach. The newly enacted "Stablecoin Ordinance" requires issuers to maintain 100% reserves and explicitly prohibits algorithmic stablecoins. Violators will face penalties of up to 7 years in prison. This move not only prompts a reshuffling of the industry but also attracts technology giants, including JD.com and Ant Group, to begin laying out their cross-border payment businesses.

In mainland China, several local governments have issued warnings to remind the public to be vigilant against illegal fundraising activities conducted in the name of stablecoins, emphasizing that investors should bear their own risks, reflecting a cautious attitude towards decentralized finance.

On the international stage, institutions such as the Bank of England and the Bank for International Settlements have issued warnings, pointing out that stablecoins may pose a threat to the credibility of fiat currencies. Meanwhile, regions like the European Union and Singapore are accelerating relevant legislative processes, forming a global 'compliance race'.

In the future, the focus of stablecoin regulation is expected to be on protecting sovereign currencies, preventing money laundering activities, and maintaining financial stability. The expansion of USD stablecoins globally, along with the multipolar resistance measures taken by other countries to safeguard monetary sovereignty, may become significant topics in the future financial landscape.

The global regulatory storm surrounding stablecoins that is currently unfolding not only concerns the future development of digital currencies but will also profoundly impact the restructuring of the international financial order. How countries seek to strike a balance between innovation and regulation will be a key factor in determining the future direction of the stablecoin ecosystem.