#稳定币监管风暴 Recently, global regulation of stablecoins has shown a trend of polarization. The United States has legalized dollar stablecoins through the 'Genius Act', mandating a 1:1 peg to the US dollar or US Treasury bonds, aiming to alleviate the US debt crisis and expand the dollar's hegemony. However, this has raised concerns about systemic financial risks (such as bank runs and shadow banking) and the weakening of other countries' monetary sovereignty.

In contrast, Hong Kong has taken a stringent compliance approach with its 'Stablecoin Ordinance', which requires 100% reserves and prohibits algorithmic stablecoins. Offenders face up to 7 years in prison, pushing for industry reshuffling and attracting giants like JD and Ant Group to engage in cross-border payments. Various regions in mainland China have warned about the risks of illegal fundraising under the guise of stablecoins, emphasizing 'self-responsibility for losses' and highlighting a cautious attitude towards decentralized finance.

On the international level, the Bank of England, the Bank for International Settlements, and others have warned that stablecoins could undermine trust in fiat currencies, while regions like the EU and Singapore are accelerating legislation, creating a 'compliance race'. Future regulation will focus on protecting sovereign currencies, anti-money laundering, and financial stability, with the global penetration of dollar stablecoins and resistance to multipolarity potentially becoming a focal point.