🧿FN Deep Dive: The Inaugural Year of Global Stablecoins: A New Battlefield Between China and the United States

Stablecoins have been around for 11 years. Following the nearly 10-fold wealth effect created by the listing of Circle, the first stablecoin stock, in less than half a month, the global market has once again turned the crypto community's attention to the stablecoin market.

Today, the stablecoin craze has even swept over Chinese and American giants, becoming the next battleground for both sides.

🇺🇸United States
🔹PayPal announced that its U.S. dollar-pegged stablecoin PYUSD has been connected to the Stellar network, focusing on cross-border remittances and SME financing;
🔹Walmart and Amazon are also actively exploring the issuance of their own U.S. dollar-backed stablecoins, aiming to reduce payment costs and create a closed-loop consumption ecosystem;
🔹Shopify is partnering with Coinbase and Stripe to support merchants in accepting USDC payments based on the Base chain, covering consumers in 34 countries.

🇨🇳🇭🇰Asian Market
🔸Ant International and Ant Digital Technologies, both under Ant Group, have applied for Hong Kong stablecoin licenses, positioning Hong Kong as their global headquarters to promote the construction of compliant digital transaction scenarios.
🔸Jingdong Coin Chain Technology expects to obtain a license in the fourth quarter of 2025 and plans to issue stablecoins pegged to the Hong Kong dollar and other currencies, focusing on cross-border payments, investment transactions, and retail payment scenarios.

What is the root cause of the fact that Chinese and American giants have unanimously chosen to enter the stablecoin arena at this moment?

FN also specifically interviewed @Cobo_Global's Senior Vice President and Head of Stablecoin Business @alexzuo4, and Liu Honglin, a lawyer from Shanghai Mankun Law Firm @Honglin_lawyer, who provided insights from their respective professional perspectives.

Click to see the future trends under the stablecoin wave 🛸:
https://t.co/kO5gY4c3nw