StableCoin

The article provides an in-depth discussion of mUSD’s characteristics, including its stability backed by short-term U.S. Treasury securities, its regulatory compliance through issuance via Bridge.xyz, and the effectiveness of the MetaMask user interface in guiding liquidity.

At least four Chinese-backed financial institutions have either withdrawn their applications for Hong Kong stablecoin licenses or put their RWA business initiatives on hold. This signals a shift toward more cautious regulatory oversight. As Chinese-backed institutions cool their activities, the Hong Kong stablecoin and RWA markets are entering a phase of structural adjustment.

Cloudflare, a leading internet infrastructure provider, announced plans to issue a corporate stablecoin called “NET Dollar.” The stablecoin is initially intended for internal payments, aiming to simplify fragmented transactions, facilitate cross-border settlements, and reduce operational friction. This article offers a comprehensive exploration of Cloudflare’s reasons for issuance and the design framework behind NET Dollar. It also examines its potential avenues for future development.

The article analyzes how stablecoins can temporarily ease U.S. fiscal constraints and strengthen the dollar’s dominance, while pointing out that in the long run, their impact depends on the soundness of U.S. fiscal and monetary policies.

Tether has launched a new compliant stablecoin, USAT, fully adhering to the requirements of the GENIUS Act: its reserves consist entirely of cash and short-term U.S. Treasuries, it undergoes independent monthly audits, and it is managed by a U.S.-regulated custodian. The goal of USAT is to provide institutional users with transparency and legitimacy, while retaining the flexibility and widespread adoption that USDT enjoys in global markets.

The article provides a detailed analysis of the complexities of South Korea’s stablecoin legislation, the cautious stance of corporations toward stablecoins, and the characteristics and challenges of the Korean financial market.

The article discusses the benefits of using stablecoins for AI agent payments. It also explores key challenges such as regulatory hurdles, technical security risks, and user adoption.

The article offers a comprehensive overview of the mUSD issuer, the technical support team, and its distinctive three-party collaboration model. It also explores mUSD’s market positioning, use cases, and reserve mechanism in depth.

In 2025, the total market capitalization of stablecoins reached $280 billion. Driven by the GENIUS Act, reserve models are converging, shifting the competition focus toward distribution capabilities and ecosystem control. USDT and USDC remain dominant, but USDe is rising rapidly, while the emergence of application-specific chains and dedicated stablecoins is reshaping the industry landscape.

Stablecoin issuers are advancing toward building dedicated blockchains, as projects like Circle Arc, Stripe Tempo, and Tether Stable transform the payments and settlement ecosystem. This article offers a comprehensive analysis of the features of stablecoin blockchains, key development trajectories, the implications for general-purpose blockchains like Ethereum, as well as potential strategies for retail investors. This article uncovers the foundational narrative and opportunities driving the next bull market.

Hyperliquid is preparing to launch its native stablecoin, USDH, with Native Markets leading with a strong 97% support rate. The platform’s mechanism incorporates innovative reserve management and yield distribution models based on the reserve management and yield distribution models of BlackRock and Superstate. This article offers a comprehensive examination of the team’s background, competitive strengths, and the focus of community debates, and highlights the driving forces behind the emergence of the Stablecoin 2.0 era.

The article provides a detailed description of the proposals submitted by different institutions and DeFi projects, and how they are attempting to gain community support.

The article starts from the fundamental functions of Layer 1 blockchains, providing a detailed explanation of their importance within the cryptocurrency ecosystem. By analyzing the Layer 1 blockchains of major stablecoin issuers such as Circle, Tether, and Stripe, it highlights their common features and core differences.

With stablecoin issuers like Circle, Tether, and Stripe+Paradigm sequentially launching dedicated public blockchains—such as Arc, Plasma, and Tempo—to connect with the settlement system, the industry has entered a new stage. Rather than merely “issuing tokens,” issuers now seek to control the underlying networks that support both issuance and settlement, aiming to capture significant fee revenue and initiate an era of autonomous stablecoin networks.

This article provides a comprehensive overview of a case involving illegal foreign exchange transactions totaling RMB 6.5 billion, adjudicated by the Shanghai Pudong New Area People’s Court. It also examines the context of China's foreign exchange regulatory regime, outlines the legal framework for the illegal business operation offense, and discusses effective defense strategies.