Recent policy pilots and corporate initiatives have significantly accelerated the global commercialization of stablecoins, drawing widespread industry attention. Institutions like the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) emphasize that while technology-driven financial innovation is inevitable, the application of stablecoins must be gradually promoted under the premise of central bank support, continuously improved regulatory rules, and measures to avoid market disruptions.
Global Initiatives Driving Stablecoin Adoption
Worldwide efforts to implement stablecoins are intensifying, indicating that practical application timelines are approaching.
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 Janet Yellen noted that the 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 dollar’s status; instead, stablecoins could strengthen the dollar’s global position. The U.S. government aims to position the country as a hub for digital asset innovation, and the Clarity for the National Economy through the Use of Stablecoins Act supports this goal.
According to the Financial Times, this move will reshape the U.S. crypto asset market landscape, impact various financial asset prices, 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-linked stablecoins, far surpassing those tied to other currencies (euro-pegged stablecoins make up 8%, while others represent 9%).
Russia’s central bank has submitted a phased implementation plan to the State Duma, requiring banks and merchants to comply with regulations for its digital ruble stablecoin starting September 1, 2026. Initially, major 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 central bank stated that from September 1, large commercial enterprises with prior-year revenues above 120 million rubles must open infrastructure to accept CBDC payments for goods and services.
Deadlines for other entities are extended: banks and their merchant clients with annual turnovers 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 comply by September 1, 2028. The Russian central bank noted that these timelines were set after consultations with various departments, agencies, and industry participants to ensure sufficient technical adjustment time.
The digital ruble 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.
The European Commission plans to issue formal guidance proposing that stablecoins issued outside the EU be treated as interchangeable with those circulating solely within the EU, granting them "equal treatment." An anonymous source indicated that the guidance will be released in the coming days. The EU proposed legislation for a digital euro, a form of CBDC, as early as June 2023.
Addressing concerns about banking risks, an EU Commission spokesperson stated, "For a well-governed and adequately collateralized stablecoin, the possibility of triggering a bank run or deposit outflow in Europe is very small." The spokesperson added that even in a redemption scenario, "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 passed the Stablecoin Ordinance Bill, set to take effect on August 1. The bill stipulates that anyone issuing fiat-referenced stablecoins in Hong Kong during business operations, or issuing stablecoins claiming to be pegged to the Hong Kong dollar value inside or outside Hong Kong, must obtain a license from the Monetary Authority.
Balancing Innovation with Regulatory Oversight
Industry experts argue that while the upcoming stablecoin wave holds promise, risk mitigation through appropriate and effective regulation is essential.
IMF Deputy Managing Director Bo Li, speaking at the 2025 Summer Davos Forum, highlighted the enormous potential of digital currency payments and related phenomena emerging in the Asia-Pacific region. Digital payments enable cross-border transactions and financial inclusion, while tokenization and blockchain technologies bring disruptive changes to the financial industry.
Li emphasized that the global financial system plays a crucial role in supporting trade, investment, and globalization. New technologies introduce changes and opportunities vital to the global monetary system. Public and private sectors in Asia, Africa, and Latin America are actively experimenting—public sectors with CBDCs and private sectors with cryptocurrencies and stablecoins.
"The IMF, alongside 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 said. 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 gradual rather than abrupt changes expected in the coming years. Ultimately, new technologies will make the international monetary system more efficient.
However, Li also noted that stablecoin development presents both opportunities and challenges. The core challenge lies in implementing effective regulation. While many countries have begun exploring stablecoin practices and regulatory attempts, this is only the start. Numerous issues remain unresolved, and greater global 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 annual economic report cited three major flaws: lack of state credit backing like central bank money; insufficient safeguards against illegal use; and absence of the funding flexibility needed 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 fixed value.
Experts from Zhong Lun Law Firm pointed out that global 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 Priority
Given stablecoins’ unique characteristic of being "pegged" to traditional currencies in the digital asset space, the industry believes that related regulations should form more systematic safeguard rules.
A recent article by Zhong Yi from the China Finance 40 Forum Research Institute noted that major economies continue to apply categorized supervision 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, algorithmic) are considered investment tools, subject to different regulatory rules. For example, the EU’s Markets in Crypto-Assets Regulation (MiCA) classifies stablecoins as electronic money tokens (EMTs) pegged to a single fiat currency and asset-referenced tokens (ARTs) referenced to multiple assets. EMTs are managed as payment tools 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 several 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 against theft, fraud, cyber attacks, and other risks, strictly separate 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 must assume consumer and investor protection responsibilities, including信息披露 and data protection, and strictly enforce anti-money laundering and counter-terrorism financing regulations. To mitigate systemic risks potentially triggered by stablecoins, regulators generally impose stricter rules on "systemically important stablecoins."
For stablecoins with reserves containing multiple currencies, relevant institutions generally implement differentiated (often stricter) regulatory provisions. Other stablecoins (asset-collateralized, crypto-collateralized, algorithmic) may be subject to regulatory frameworks similar to 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., U.S. dollar) or a commodity (e.g., gold). This stability makes it suitable for payments and transfers in the digital asset ecosystem.
How are stablecoins regulated in the European Union?
The EU’s MiCA regulation classifies stablecoins into electronic money tokens (EMTs) for single-currency pegs and asset-referenced tokens (ARTs) for multi-asset references. EMTs fall under existing electronic money rules, while ARTs follow specific provisions focusing on reserve management, redemption rights, and investor protection.
Why is regulatory oversight important for stablecoins?
Effective regulation ensures that stablecoins operate with transparency, maintain adequate reserves, protect consumers, and prevent illicit activities like money laundering. It also helps mitigate systemic risks and supports the integration of stablecoins into the broader financial system without causing disruptions.
What challenges do stablecoins pose to financial stability?
Key challenges include potential bank deposit outflows if users massively convert traditional money into stablecoins, the risk of reserve mismanagement, and vulnerabilities to cyber attacks. Without proper oversight, these issues could undermine trust and stability in financial markets.
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, offering state credit guarantee. Stablecoins are typically issued by private entities and backed by reserves, which may include fiat currencies, commodities, or other assets, but lack direct state backing.
What global trends are shaping stablecoin adoption?
Trends include legislative advancements (e.g., the U.S. GENIUS Act), regional cooperation on standards, and phased implementation plans by countries like Russia. The focus is on creating balanced frameworks that encourage innovation while ensuring security and compliance.