稳定币监管

🔥 The weather has changed, brothers! The "law net" for stablecoins is tightening globally, while the mainland and Hong Kong have revealed two completely different "scalpel" approaches, shocking everyone! What exactly is going on 😡? $BTC $ETH $ASTER

⚡️ Just in these days, 13 departments in the mainland held a joint meeting, with a resolute attitude: all virtual currency business activities are illegal financial activities, and using stablecoins for money laundering and cross-border fund transfers are key targets for crackdown. This is equivalent to directly performing "surgical removal" on the gray area, thoroughly clearing the path for the development of the digital RMB.

😡 In contrast, Hong Kong has presented another refined "reconstruction plan." Its new regulations are not aimed at eliminating stablecoins, but rather setting extremely high licensing thresholds, intending to transfer market dominance from giants like Tether (USDT) to licensed compliant institutions. The deputy governor of the Monetary Authority has clearly stated: "The threshold is very high," and entering the sandbox test does not mean one can obtain a license. The goal is very clear: only allow professional investors to participate, using stablecoins in real scenarios like cross-border trade, to create a high-end "financial experimental field."

💡 What does this mean for us?

· Major capital migration: The USDT trading channels in the mainland face huge risks, with funds either exiting or seeking more transparent and compliant alternatives (like USDC).
· Major industry reshuffle: The largest stablecoins being restricted in two core markets simultaneously means the end of the "barbaric growth" era. Compliance capability will become a lifeline for projects.
· Future focus on Hong Kong: Can Hong Kong's sandbox experiment become a new gateway connecting traditional massive funds with the crypto world? This is the next huge suspense.

🌡️ In short: The rules of the game have completely changed. Do you see risks retreating, or new opportunities emerging in the wave of compliance? In this regulatory-driven industry reshuffle, who do you think will become the final winner? Let's discuss in the comments!

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美国 FDIC 代理主席本周表示，将在本月启动基于 GENIUS 法案的第一批稳定币监管细则起草工作，重点会放在：储备资产要求、托管机构资质、以及信息披露频率等方面。

简单理解：美元稳定币会越来越像“受监管的银行产品”，对合规机构是利好，但也会挤压那些透明度不足的发行方。后面一两年，稳定币之间的「优胜劣汰」大概率会加速。
#稳定币监管

#$BNB In the cryptocurrency circle, we always deal with expectations. Which coins will rise that you might regret? The ones you sold, the ones you bought too little of, the ones you didn't buy... The cryptocurrency circle is full of regrets!!! Many old friends from the Binance community have returned home these days! #稳定币监管

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Federal Reserve's Bowman: Will Collaborate to Formulate Stablecoin Rules and Basel III Capital Requirements

According to Bloomberg, Federal Reserve Chief Financial Regulator Michelle Bowman plans to indicate to House members during a congressional hearing on Tuesday that she is committed to establishing new regulatory rules for banks and stablecoins.

The core goal of this move is to ensure that a healthy competitive relationship can be maintained between Wall Street, fintech companies, and cryptocurrency firms within a clear and fair regulatory framework.

Bowman pointed out in her testimony before the House Financial Services Committee that the regulators' responsibility is to "encourage innovation in a responsible manner" and effectively manage related risks. She believes that the new rules can enhance the efficiency of the banking industry, broaden credit channels, and create a fair competitive environment for fintech and digital asset companies.

To this end, she will collaborate with other regulatory agencies and, in accordance with the requirements of the Genius Act, establish clear capital and business diversification rules for stablecoin issuers to ensure their formal registration and maintenance of sufficient USD reserves.

It is worth noting that this move comes at a time when traditional banks and cryptocurrency companies are debating digital asset regulation (especially the issuance of banking licenses). Traditional banks are concerned that if cryptocurrency firms easily obtain banking licenses without bearing corresponding responsibilities, it will lead to unfair competition.

In addition to the stablecoin issue, Bowman's testimony also emphasized her efforts to promote the implementation of several banking capital regulatory measures, including the much-anticipated final version of Basel III.

She stated that the idea of the new framework is to adjust the design of the new framework from the ground up rather than achieve preset capital requirements through reverse engineering.

Earlier reports indicated that the Federal Reserve has shown the revised draft to other U.S. regulatory agencies, and the new draft significantly relaxes the original capital requirements intended for Wall Street financial institutions.

Bowman also added that the Federal Reserve is simultaneously improving the additional fee mechanism for large banks, and relevant reforms will be promoted in conjunction with capital regulatory adjustments.

Overall, Bowman's statements reflect that U.S. financial regulatory agencies are trying to seek a balance between encouraging innovation and maintaining financial stability, and the subsequent rule-making may profoundly impact the competitive landscape of traditional banks, the cryptocurrency industry, and the entire financial market.

#美联储 #稳定币监管

The Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) are accelerating the implementation of the GENIUS Act, with the first regulatory rules for stablecoin issuers expected to be announced in December. This marks a critical phase in U.S. stablecoin regulation and signifies a substantial increase in compliance thresholds for the industry.

The GENIUS Act requires stablecoin issuers to obtain federal licenses and hold dollar reserve assets at a 1:1 ratio to ensure fund safety and liquidity. This means that issuers who fail to comply will face restricted market access, and their market share may be redistributed. Meanwhile, regulators will establish multidimensional requirements for capital, liquidity, and risk management, aiming to promote financial innovation while maintaining financial stability and consumer rights.

The Federal Reserve and FDIC are cautious about anonymous transactions and liquidity crises, expecting that some stablecoin functions and application scenarios will be restricted as a result. Industry leaders like Tether and USDC will face stricter compliance pressures, needing to ensure that every issued stablecoin is backed by sufficient reserves.

Currently, the market remains divided on the future of stablecoins: robust regulation can bring a clearer development path and investment confidence, but it may also exacerbate uncertainty in the short term, potentially squeezing some issuers. Investors should pay attention to market dynamics following the announcement of the rules and rationally assess the policy's impact on stablecoin prices and usage.

Overall, the GENIUS Act will push the stablecoin industry from 'wild growth' towards institutionalization and standardization, marking an important regulatory step for the U.S. in the field of digital currency, and providing a reference model for global stablecoin regulation.

The above content is for informational sharing only and does not constitute any investment advice! Investment carries risks, and one should be cautious when entering the market!

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Federal Reserve Vice Chair Michelle Bowman stated that banking regulators are developing rules for crypto stablecoins. #稳定币监管

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U.S. Senate Passes Stablecoin Regulation 'GENIUS Act'

On June 17, the U.S. Senate passed the 'Guidance and Establishment of the American Stablecoin National Innovation Act' (GENIUS Act) by a vote of 51 to 23. The bill has been sent to the House of Representatives for review. This vote follows the conclusion of debate on June 11, which ended with a vote of 68 to 30, initiating a 30-hour mandatory countdown to push for a final vote.

Tennessee Republican Senator Bill Hagerty, the main sponsor of the bill, called this vote a "great victory for America." Hagerty stated on social media platform X that the GENIUS Act establishes the first regulatory framework conducive to the development of payment stablecoins.

Hagerty pointed out that the implementation of the GENIUS Act will solidify the dollar's position, protect consumers, increase demand for government bonds, and ensure that the U.S. maintains control over digital asset innovation. He emphasized that linking stablecoins to cash or short-term government bonds combines the stability of the dollar with the speed of blockchain, achieving instant settlement and opening up a new generation of payment methods.

He also predicted that by 2030, stablecoin issuers could become the largest holders of government bonds globally, enhancing fiscal resilience. The GENIUS Act also requires stablecoin issuers to hold reserves equal to the number of tokens in circulation, limited to short-term U.S. government bonds or insured deposits, and prohibits issuers from earning profits. Additionally, reserves must be kept in separate accounts, and issuers must maintain compliance plans, perform customer due diligence, and report suspicious activities.

The bill also stipulates that entities with liabilities exceeding $10 billion must obtain federal charters; smaller issuers can operate under state systems that meet federal standards but are still subject to joint review by federal regulators. Furthermore, the Treasury Department will be required to publish quarterly audit templates, and the Commodity Futures Trading Commission (CFTC) will be granted limited enforcement authority over the spot market.

Meanwhile, Treasury Secretary Scott Bessent stated that the new cryptocurrency stablecoin regulations would help lower government borrowing costs, reduce national debt, and enable millions of users worldwide to use dollar-denominated digital currencies. With the Senate passing the GENIUS Act, the public is now looking forward to the final review outcome in the House of Representatives.

#GENIUS法案 #稳定币监管

Powell: Supports Stablecoin Regulation, Maintains Open Attitude Towards Cryptocurrency Innovation

Federal Reserve Chairman Jerome Powell emphasized the importance of a stablecoin regulatory framework in a speech at the Chicago Economic Club, stating that the Federal Reserve is open to interactions between the banking industry and the cryptocurrency sector.

Powell mentioned that, given the increasing importance of digital tools, both houses of Congress are reconsidering the legislation to establish a stablecoin framework. He pointed out that although there had been previous ineffective collaboration with Congress on the legal framework for stablecoins, now "the situation is changing" and legislators are showing renewed interest in regulatory norms.

Powell also noted the Federal Reserve's stance on banking activities related to cryptocurrencies, acknowledging that a conservative approach was taken when issuing guidance on how banks manage risks associated with digital assets. However, he expressed that some guidance may be relaxed to accommodate responsible innovation, as long as consumer protection and financial safety are ensured.

He further emphasized that the Federal Reserve does not aim to prevent banks from providing services to legitimate cryptocurrency clients and cited cryptocurrency custody as an example, stating that if banks and regulators understand the scope of these activities, they can safely offer such services.

Powell stated that the Federal Reserve recognizes Congress's efforts to establish a formal regulatory framework for stablecoins. However, he also emphasized the need to seek a balance between encouraging innovation and preventing risks.

Currently, there is no dedicated federal regulatory system for stablecoins, although Congress has proposed several related legislative initiatives that still require further refinement and implementation. In this context, the Federal Reserve's stance is significantly instructive for the future construction of the regulatory framework.

In conclusion, the Federal Reserve's latest position indicates that it will not attempt to prevent banks from serving legitimate cryptocurrency clients. This open attitude signifies that U.S. financial authorities are increasingly willing to engage in integrating digital asset policies into the global financial market system.

At the same time, as the application of stablecoins continues to grow in the payment and digital settlement fields, it not only provides greater development space for the cryptocurrency industry but also offers new possibilities for balancing financial innovation and regulation.

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Hong Kong halts Ant Group and JD.com's stablecoin issuance plans, national financial regulators reiterate the bottom line of monetary sovereignty

In the ongoing game between China's financial regulation and market innovation, the development of stablecoins in Hong Kong has reached a critical turning point. According to reports from the Financial Times and other media, Ant Group and JD.com have suspended their stablecoin issuance plans in Hong Kong, a decision directly guided by the regulatory authorities of the People's Bank of China and the National Internet Information Office.

This move contrasts sharply with the recently established regulatory framework for stablecoins in Hong Kong. Although the Hong Kong Stablecoin Regulation officially took effect in August this year and set a clear licensing system for issuers, national regulatory agencies, considering financial sovereignty and systemic safety, have requested technology giants to pause related plans.

The concerns of regulators regarding stablecoins mainly focus on three core aspects. First, stablecoins may become regulatory loopholes for cross-border capital flows, affecting the effectiveness of current capital controls; second, their widespread use could weaken the strategic position of the digital yuan; third, the issuance of monetary tokens by private institutions could form a considerable "shadow banking" system.

This decision has an immediate impact on Hong Kong's nascent stablecoin market. As of the end of September, the Hong Kong Monetary Authority had received license applications from 36 institutions, and Ant Group and JD.com were originally seen as the most important market participants. Now, the suspension by these two giants has led to a potential restructuring of the market landscape and provided greater development space for international financial institutions and traditional banks.

From a broader perspective, this incident reaffirms the unbreachable regulatory bottom line for financial innovation. In the digital economy era, the power of currency issuance, as a core aspect of national sovereignty, has not diminished due to technological changes; rather, it has been further strengthened within a systematized normative framework. As someone close to the regulatory authorities stated: "Technological advancements can expand financial boundaries, but the foundation of monetary sovereignty must not be shaken."

What is your view on the cautious attitude of national regulatory agencies towards the issuance of stablecoins by technology companies? Do you think the regulation of stablecoins is a careful consideration for financial security, or a necessary measure to safeguard national 'currency issuance rights'?

#稳定币监管

MAS warns that stablecoins harbor systemic risks, setting regulatory red lines for asset safety settlement

Recently, the Monetary Authority of Singapore (MAS) has sent strong signals for regulation, emphasizing that only tokens under comprehensive regulation can be regarded as reliable currencies for large transactions.

This position directly targets stablecoin issuers lacking strict regulation, aiming to distinguish between "settlement-grade financial instruments" and other types of products in the market.

MAS General Manager Chia Der Jiun stated during a speech at the Singapore FinTech Festival that some unregulated stablecoins have poor records in terms of pegged exchange rates, and if adopted on a large scale, could lead to a repeat of the 2008 money market fund run risks; therefore, such tokens are not suitable as safe settlement assets for wholesale transactions.

Reports also indicate that MAS is formulating legislation based on the regulatory framework released on August 15, focusing mainly on two core points: reserve backing and redemption reliability. This legislation requires issuers not only to prove they have reliable reserve backing but also to provide feasible token redemption methods.

Chia also mentioned that as certain stablecoins expand in scale, they have begun to exert sufficient influence on the entire system, making enhanced regulation and cross-border cooperation an inevitable trend for future development. For tokens with significant influence, they may also gain support from central bank financing channels in the future.

Additionally, market data shows that by October 2025, the total market capitalization of global stablecoins will exceed $300 billion, with an average daily trading volume reaching $3.1 trillion; in August 2025, monthly payment amounts exceeded $10 billion, with 63% coming from inter-company transactions; this data directly confirms the necessity of regulating stablecoins.

Besides stablecoin regulation, Chia also revealed that regulators are testing the "wholesale digital currency issued by the central bank" and "tokenization of bank deposits on-chain" for collaborative operation in the digital financial system. Meanwhile, they encourage financial institutions and clearing networks to actively participate in testing, aiming to identify and resolve potential problems in practical operations as early as possible.

In summary, this series of initiatives indicates that Singapore is striving to balance financial innovation with the safety and stability of the financial system, aiming to build a more comprehensive regulatory environment for the healthy development of the digital asset industry.

#稳定币监管 #MAS

On November 12, the Deputy Governor of the Bank of England, Briden, stated that we need to do more work to guide consumers in identifying the unsafe tokens issued by El Salvador. Previous events involving Silicon Valley Bank and Circle withdrawals have provided guidance for the latest stablecoin proposals. There are risks in weakening stablecoin regulation. The UK needs to take a different approach to stablecoin issues compared to the US. The new stablecoin rules are based on past stress events.
#稳定币 #稳定币监管