稳定币监管
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#BNBChain生态代币普涨 Learn blockchain knowledge, learn to invest, learn to avoid pitfalls, make a group of friends #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
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
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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!
Follow me for daily updates and more market information. #稳定币监管 #稳定币法案
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!
Follow me for daily updates and more market information. #稳定币监管 #稳定币法案
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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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What does it mean that stablecoins are formally included in government 'financial infrastructure' regulation?
1. The structure of funds has completely changed.
Core impact: funds become cleaner and liquidity becomes more stable.
Large traditional funds can finally enter Web3 openly.
Previously, institutions were afraid of 'regulatory uncertainty of stablecoins' and were reluctant to use USDT/USDC for settlement.
Now Hong Kong has granted 'compliant stablecoin licenses', meaning that traditional institutions using stablecoins on-chain will be legalized.
The capital cost on the chain will be lower and the risk smaller.
Reserve assets must be transparent and 100% backed by real assets → credit risk of stablecoins decreases.
This is a significant benefit for DeFi: lending, staking, and LP will become more stable and less likely to hit a landmine.
Core impact: funds become cleaner and liquidity becomes more stable.
Large traditional funds can finally enter Web3 openly.
Previously, institutions were afraid of 'regulatory uncertainty of stablecoins' and were reluctant to use USDT/USDC for settlement.
Now Hong Kong has granted 'compliant stablecoin licenses', meaning that traditional institutions using stablecoins on-chain will be legalized.
The capital cost on the chain will be lower and the risk smaller.
Reserve assets must be transparent and 100% backed by real assets → credit risk of stablecoins decreases.
This is a significant benefit for DeFi: lending, staking, and LP will become more stable and less likely to hit a landmine.
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The Landscape of Stablecoins: The War of Channels
In the ever-changing crypto market, stablecoins serve as a crucial bridge between traditional finance and the crypto economy. Recent events in the crypto market have pushed stablecoins into the spotlight, prompting a reevaluation of their survival logic and competition rules.
On the evening of April 2, Sun Yuchen revealed that the Hong Kong trust company First Digital Labs caused the price of its issued stablecoin FDUSD to plummet to $0.87, severely depegging. This not only panicked holders but also raised questions about the stability and trustworthiness of stablecoins within the crypto community. Binance, as the main trading platform for FDUSD, quickly responded with a 1:1 redemption guarantee, stabilizing market sentiment and allowing the price to re-peg. Without Binance's endorsement, FDUSD might have gone unnoticed, highlighting the importance of channels for stablecoins.
On the evening of April 2, Sun Yuchen revealed that the Hong Kong trust company First Digital Labs caused the price of its issued stablecoin FDUSD to plummet to $0.87, severely depegging. This not only panicked holders but also raised questions about the stability and trustworthiness of stablecoins within the crypto community. Binance, as the main trading platform for FDUSD, quickly responded with a 1:1 redemption guarantee, stabilizing market sentiment and allowing the price to re-peg. Without Binance's endorsement, FDUSD might have gone unnoticed, highlighting the importance of channels for stablecoins.
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Circle received the first batch of MiCA legal licenses. Can it challenge Tether's stablecoin hegemony?
Stablecoin issuer Circle has become the first company to obtain authorization under the EU's MiCA legal framework to sell its USDC stablecoin services across Europe.
The introduction of the MiCA policy aims to regulate and supervise the operations of digital asset businesses, and Circle’s compliance marks its leading position in the field.
Circle gets approval to sell USDC stablecoin in Europe
Circle CEO Jeremy Allaire announced that Circle Mint France has been granted an Electronic Money Institution (EMI) license by the French regulator and will be responsible for managing the issuance of EURC and USDC to serve European users.
The introduction of the MiCA policy aims to regulate and supervise the operations of digital asset businesses, and Circle’s compliance marks its leading position in the field.
Circle gets approval to sell USDC stablecoin in Europe
Circle CEO Jeremy Allaire announced that Circle Mint France has been granted an Electronic Money Institution (EMI) license by the French regulator and will be responsible for managing the issuance of EURC and USDC to serve European users.
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[Hong Kong Stablecoin Ordinance Takes Effect This Friday, Global Financial Giants Eager to 'Market']
The Hong Kong Stablecoin Ordinance will officially take effect this Friday (August 1), marking Hong Kong's formal inclusion of digital assets into the traditional financial regulatory system.
The legendary figure in the cryptocurrency circle, 34-year-old TRON founder Sun Yuchen recently stated that the implementation of the Stablecoin Ordinance marks the establishment of the world's first comprehensive regulatory framework for fiat stablecoins, and he even described it as a "global event of great attention," optimistic that this move will provide compliance guarantees for HKD stablecoins and attract banks and fintech giants to participate in issuance.
Sun Yuchen described that Hong Kong's implementation of the Stablecoin Ordinance is a global leading initiative, "Hong Kong has become the first region in the world to establish a comprehensive regulatory framework for fiat-backed stablecoins, and the speed of legislation even exceeds that of the United States, which is a major event of global attention. This first-mover advantage will attract global stablecoin issuers and Web3 companies to settle in Hong Kong, enhancing Hong Kong's global influence in the digital asset field." He also believes that the implementation of the Stablecoin Ordinance is expected to continue consolidating Hong Kong's leading position as a global financial innovation center in global competition.
The legendary figure in the cryptocurrency circle, 34-year-old TRON founder Sun Yuchen recently stated that the implementation of the Stablecoin Ordinance marks the establishment of the world's first comprehensive regulatory framework for fiat stablecoins, and he even described it as a "global event of great attention," optimistic that this move will provide compliance guarantees for HKD stablecoins and attract banks and fintech giants to participate in issuance.
Sun Yuchen described that Hong Kong's implementation of the Stablecoin Ordinance is a global leading initiative, "Hong Kong has become the first region in the world to establish a comprehensive regulatory framework for fiat-backed stablecoins, and the speed of legislation even exceeds that of the United States, which is a major event of global attention. This first-mover advantage will attract global stablecoin issuers and Web3 companies to settle in Hong Kong, enhancing Hong Kong's global influence in the digital asset field." He also believes that the implementation of the Stablecoin Ordinance is expected to continue consolidating Hong Kong's leading position as a global financial innovation center in global competition.
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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
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
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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.
#加密货币 #美联储 #稳定币监管
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.
#加密货币 #美联储 #稳定币监管
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$9 trillion annual trading volume and 60% illegal proportion
Stablecoins serve as the settlement cornerstone of the crypto world, with an annual trading volume exceeding $9 trillion (even excluding bot trading). However, beneath the gloss lies a turbulent undercurrent; data shows that as much as 60% of illegal on-chain transaction volume is conducted through stablecoins. This reveals its double-edged nature: on one hand, it provides a seamless bridge between traditional finance and the crypto world, greatly enhancing capital efficiency; on the other hand, its anonymous and cross-border features also make it a 'perfect vehicle' for illegal funds. How to strike a balance between the two is a long-term challenge faced by regulators and the industry together.#稳定币热潮 #稳定币 #稳定币交易数据 #稳定币监管
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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
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
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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
#稳定币 #稳定币监管
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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
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
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The Basel Committee has established new rules for banks’ cryptocurrency risk disclosure, opening a new process for stablecoin regulation
The Basel Committee on Banking Supervision, part of the Bank for International Settlements (BIS), has officially announced the final disclosure framework for banks’ exposure to cryptocurrencies. At the same time, the committee has also made important revisions to existing crypto asset regulatory standards, in particular tightening the regulatory treatment of stablecoins.
It is reported that these new standards are scheduled to take effect on January 1, 2026, marking an important step for regulators in terms of transparency and consistency in the digital asset field.
In an update on July 17, the committee made it clear that the purpose of these new measures is to enhance the robustness of banks when participating in the crypto asset market. Through these revisions, the committee hopes to increase market transparency and ensure that the regulatory approach matches the rapid development of the digital asset field.
It is reported that these new standards are scheduled to take effect on January 1, 2026, marking an important step for regulators in terms of transparency and consistency in the digital asset field.
In an update on July 17, the committee made it clear that the purpose of these new measures is to enhance the robustness of banks when participating in the crypto asset market. Through these revisions, the committee hopes to increase market transparency and ensure that the regulatory approach matches the rapid development of the digital asset field.
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Liu Qiangdong strikes hard! JD's global layout for stablecoin licenses, the cryptocurrency world is surging!
Friends in the cryptocurrency world, look quickly! The influential figure Liu Qiangdong has made another astonishing move, this time targeting the stablecoin field!
The latest news is shocking: Liu Qiangdong, the founder of JD Group, personally announced that JD plans to apply for stablecoin licenses in major currency countries around the world. This is not a simple test, but a formal entry of the e-commerce giant into the field of cryptocurrency payments.
What profound meaning is hidden behind JD's actions?
The ambitions of e-commerce giants, the 'earthquake' in the stablecoin market
JD has a massive user base and a powerful global supply chain. If it successfully launches its own stablecoin, it will pose a strong challenge to the existing stablecoin landscape. Established stablecoins like USDT and USDC will face fierce competition from JD. JD not only brings substantial capital but also has a vast application scenario and reliable brand endorsement.
The latest news is shocking: Liu Qiangdong, the founder of JD Group, personally announced that JD plans to apply for stablecoin licenses in major currency countries around the world. This is not a simple test, but a formal entry of the e-commerce giant into the field of cryptocurrency payments.
What profound meaning is hidden behind JD's actions?
The ambitions of e-commerce giants, the 'earthquake' in the stablecoin market
JD has a massive user base and a powerful global supply chain. If it successfully launches its own stablecoin, it will pose a strong challenge to the existing stablecoin landscape. Established stablecoins like USDT and USDC will face fierce competition from JD. JD not only brings substantial capital but also has a vast application scenario and reliable brand endorsement.
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According to The Block, U.S. Senators Kirsten Gillibrand and Cynthia Lummis proposed a stablecoin bill on Wednesday that requires stablecoin issuers to hold a one-to-one cash or cash equivalent reserve to support their tokens and prohibits unbacked algorithmic stablecoins. The bill also requires issuers and users not to use stablecoins for illegal or unauthorized activities, such as money laundering. The bill aims to establish a framework to encourage "responsible" innovation, emphasizing the advantages of stablecoins in fast international transactions, lower fees, and digital native programs and applications.
In addition, the bill plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system." In the United States, the dual banking system refers to federal banks and state banks being regulated by different regulators, although they can be regulated by both state and federal regulations. The Lummis-Gillibrand Payment Stablecoin Act will grant federal and state entities the power to charter and enforce stablecoins.
#稳定币 #稳定币立法 #稳定币监管
In addition, the bill plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system." In the United States, the dual banking system refers to federal banks and state banks being regulated by different regulators, although they can be regulated by both state and federal regulations. The Lummis-Gillibrand Payment Stablecoin Act will grant federal and state entities the power to charter and enforce stablecoins.
#稳定币 #稳定币立法 #稳定币监管
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An article that explains the money-making opportunities and risks brought by stablecoins
$BTC #稳定币监管
Circle's surge is because stablecoins have the functions of a) exchanging currency for chips; b) lending for banks; c) bypassing SWIFT transfers, etc. There is a lot of room for imagination. Retail investors can make money by buying related stocks, and bigwigs can make money by building platforms. However, stablecoins cannot replace the US dollar because they lack the endorsement of the real industry. The following is a detailed text:
1) [Definition of stablecoin: equivalent to "small Hong Kong dollar"]
Whether it is the International Monetary Fund (IMF), or the U.S. Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), all define stablecoins as digital value units that aim to maintain stable value by anchoring external assets (such as fiat currencies or commodities) or controlling their supply through algorithms, and are usually pegged to the U.S. dollar at a 1:1 ratio.
Circle's surge is because stablecoins have the functions of a) exchanging currency for chips; b) lending for banks; c) bypassing SWIFT transfers, etc. There is a lot of room for imagination. Retail investors can make money by buying related stocks, and bigwigs can make money by building platforms. However, stablecoins cannot replace the US dollar because they lack the endorsement of the real industry. The following is a detailed text:
1) [Definition of stablecoin: equivalent to "small Hong Kong dollar"]
Whether it is the International Monetary Fund (IMF), or the U.S. Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), all define stablecoins as digital value units that aim to maintain stable value by anchoring external assets (such as fiat currencies or commodities) or controlling their supply through algorithms, and are usually pegged to the U.S. dollar at a 1:1 ratio.
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