Recent policy pilots and corporate initiatives are accelerating the global commercialization of stablecoins, drawing significant industry attention. International organizations like the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) have emphasized that while technology-driven transformation in finance is inevitable, the rollout of stablecoins must be gradual, supported by central banks, and underpinned by continuously improving regulatory frameworks to avoid market disruptions.
Global Momentum in Stablecoin Implementation
There has been notable global activity indicating that stablecoin adoption timelines are advancing.
On June 17, the U.S. stablecoin bill, known as the GENIUS Act, was passed in the Senate, marking a significant step toward establishing a federal regulatory framework for stablecoins.
U.S. Treasury Secretary Bethcent noted that a stablecoin ecosystem could boost private-sector demand for U.S. Treasury bonds, potentially lowering borrowing costs, helping manage national debt, and attracting global users to a dollar-based digital asset economy. She asserted that cryptocurrencies do not threaten the U.S. dollar; instead, stablecoins could reinforce its global dominance. The U.S. government aims to position the country as a hub for digital asset innovation, and the GENIUS Act is seen as instrumental in achieving this goal.
According to the Financial Times, this move will reshape the U.S. cryptoasset market, impact prices of various financial assets, and even have profound effects on the global financial system.
A Deutsche Bank research report highlighted that U.S. dollar-pegged stablecoins account for 83% of all fiat-backed stablecoins, far surpassing those tied to other currencies (euro-pegged stablecoins make up 8%, with others at 9%).
Russia’s TASS news agency recently reported that the Russian central bank has submitted a phased implementation plan to the State Duma, requiring banks and merchants to comply with regulations for its stablecoin—the digital ruble—starting September 1, 2026.
Initially, large banks must enable clients to transact using the central bank digital currency (CBDC), and banking clients with annual revenues exceeding 120 million rubles (approximately $1.9 million) will be required to handle digital ruble payments. The Russian central bank stated that, from September 1, major trading companies that are clients of the largest banks must open infrastructure for the digital ruble to accept CBDC payments for goods and services.
Deadlines for other entities to meet compliance obligations have been extended. Banks with comprehensive licenses and their merchant clients with an annual turnover exceeding 30 million rubles must integrate the digital ruble system by September 1, 2027. All other banks and sellers—excluding those with revenues below 5 million rubles—must follow suit by September 1, 2028. The Russian central bank indicated that these timelines were set after consultations with various departments, agencies, and industry participants to ensure adequate time for technical adjustments.
Russia’s digital currency rollout, initially scheduled for July 2025, was postponed to mid-2026 due to technical and regulatory challenges. The central bank cited the need for further discussions with banks and the development of an economically viable model for clients.
In the European Union, relevant bodies plan to issue formal guidance proposing that stablecoins issued outside the EU be treated as interchangeable with those of the same brand circulating solely within the EU market, effectively granting them “equal treatment.” An anonymous source mentioned that this guidance is expected within the coming days. The EU had previously proposed legislation for a digital euro in June 2023.
Addressing concerns about banking risks, an EU Commission spokesperson stated, “For a well-governed and sufficiently collateralized stablecoin, the possibility of triggering a bank run or deposit outflow in Europe is very small.” The spokesperson added that even in the event of a run, “foreign holders could redeem their digital currency in, for example, the U.S., since most digital currencies circulate there and the majority of reserves are held there.”
In Asia, Hong Kong’s Legislative Council recently passed the Stablecoin Bill, which will take effect on August 1. The bill stipulates that anyone issuing fiat-referenced stablecoins in the course of business in Hong Kong, or issuing such stablecoins pegged to the Hong Kong dollar’s value anywhere, must obtain a license from the Monetary Authority.
Balancing Innovation with Regulatory Oversight
Industry experts believe that while the upcoming stablecoin boom holds promise, risk mitigation through appropriate and effective regulation is essential.
IMF Deputy Managing Secretary Li Bo, speaking at the 2025 Summer Davos Forum, noted that emerging phenomena like digital currency payments in the Asia-Pacific region possess significant potential. Digital payments enable cross-border transactions and financial inclusion, while technologies such as tokenization and blockchain are bringing disruptive changes to the financial sector.
Li emphasized that the global financial system plays a crucial role in supporting trade, investment, and globalization. New technologies bring changes and opportunities that are vital for the global monetary system. In regions like Asia, Africa, and Latin America, both public and private sectors are actively experimenting—public sectors with central bank digital currencies and private sectors with cryptocurrencies and stablecoins.
“The IMF, along with the Financial Stability Board and the Basel Committee, will collaborate to develop relevant standards and guidelines to help countries better implement CBDC and stablecoin initiatives,” Li stated. Many countries are closely cooperating with the IMF to prudently develop technology, achieve financial inclusion, and embrace new technologies like blockchain. The global monetary system is evolving spontaneously, with changes expected to be gradual over the coming years rather than abrupt. Ultimately, new technologies will make the international monetary system more efficient.
However, Li also highlighted that stablecoin development presents both opportunities and challenges. The core challenge lies in implementing effective regulation. While there are many exploratory practices and regulatory attempts globally, this is just the beginning. Numerous issues remain unresolved, and greater international consensus is needed.
On June 24, the BIS issued a stern warning, stating that stablecoins “perform poorly” as widely usable forms of money.
The BIS’s annual economic report cited three major flaws in stablecoins: first, they lack the state credit endorsement that central bank money enjoys; second, they insufficiently guard against illegal use; and third, they lack the funding flexibility to generate loans.
European Central Bank President Christine Lagarde, advocating for a digital euro in the European Parliament, called it key to European financial autonomy. She criticized privately issued stablecoins, noting they “pose risks to monetary policy and financial stability” because they could lead to bank deposit outflows and do not always maintain their pegged value.
Experts from Zhong Lun Law Firm pointed out that globally, legislative practices are building a “risk-controlled, innovation-ordered” digital economy governance system. Staying informed about regulatory dynamics and making timely adjustments are crucial for relevant practitioners and multinational corporations.
Systemic Safeguards as a Critical Factor
Given stablecoins’ unique role in anchoring traditional currencies within the digital currency space, the industry believes that related regulations should form more systematic safeguard rules.
Zhong Yi from the China Finance 40 Forum recently published an article noting that major economies continue to apply categorized regulation to stablecoins. Typically, stablecoins backed by a single fiat currency are treated as payment tools, while other types (multi-currency backed, asset-collateralized, crypto-collateralized, and algorithmic stablecoins) are considered investment tools, each subject to different regulatory rules. For example, the EU’s Markets in Crypto-Assets Regulation (MiCA) classifies stablecoins as either electronic money tokens (EMTs) pegged to a single fiat currency or asset-referenced tokens (ARTs) backed by multiple assets. EMTs are managed as payment instruments under existing electronic money regulations (EMD2), while ARTs follow other rules.
The article stated that regulators require issuers of single-currency-backed stablecoins to meet a series of conditions: obtain specific licenses, such as payment institution or electronic money licenses; maintain sufficient minimum capital; manage reserve assets to ensure their value fully covers the amount issued (100% reserves), safeguard them properly against risks like theft, fraud, and cyber attacks, strictly segregate them from the issuer’s own funds, and maintain high liquidity (primarily cash and short-term government bonds). Users must be granted the right to redeem at par value at any time. Additionally, issuers bear responsibilities for consumer and investor protection, such as信息披露 and data protection, and must strictly enforce anti-money laundering and counter-terrorism financing regulations. To mitigate potential systemic risks, regulators generally impose stricter rules on “systemically important stablecoins.”
For stablecoins with reserves containing multiple currencies, relevant authorities普遍 implement differentiated (often stricter) regulatory provisions. Other stablecoins (asset-collateralized, crypto-collateralized, algorithmic) may be subject to regulatory frameworks similar to those for securities or commodities, depending on their contract structure and functional characteristics.
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Frequently Asked Questions
What is a stablecoin?
A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a basket of assets. This stability aims to reduce the volatility commonly associated with cryptocurrencies like Bitcoin.
How are stablecoins regulated in the European Union?
In the EU, stablecoins are regulated under the Markets in Crypto-Assets Regulation (MiCA). This framework classifies stablecoins into electronic money tokens (EMTs) for those pegged to a single fiat currency and asset-referenced tokens (ARTs) for those backed by multiple assets. Each category has specific requirements regarding licensing, capital reserves, and consumer protection.
Why is there concern about stablecoins affecting financial stability?
Concerns arise because stablecoins could potentially lead to bank deposit outflows if users widely adopt them for transactions. Additionally, if not properly collateralized or regulated, they might not maintain their pegged value, leading to loss of trust and market disruptions. Systemic risks are particularly heightened for large-scale stablecoins.
What are the benefits of stablecoins?
Stablecoins offer several advantages, including faster and cheaper cross-border payments, enhanced financial inclusion by providing access to digital assets, and reduced volatility compared to other cryptocurrencies. They also support innovation in digital finance and can integrate with blockchain-based applications.
How do central bank digital currencies (CBDCs) differ from stablecoins?
CBDCs are digital forms of a country’s fiat currency issued and backed by the central bank, representing a direct liability of the state. In contrast, stablecoins are typically issued by private entities and are backed by reserve assets but lack state credit endorsement. CBDCs aim to complement existing monetary systems, while stablecoins operate in a more decentralized manner.
What steps can users take to ensure the safety of their stablecoin investments?
Users should research the issuer’s credibility, ensure the stablecoin is fully backed by transparent and audited reserves, and understand the regulatory environment in which it operates. Opting for regulated stablecoins and staying informed about market developments can also mitigate risks.