《2025 Global Cryptocurrency Regulatory Review》: New Trends in Cryptocurrency Regulation and the New Landscape of Stablecoins

Elliptic's latest release, the "2025 Global Cryptocurrency Regulatory Review," reveals significant shifts in the global cryptocurrency regulatory landscape and the new dynamics of stablecoin development.

In terms of regulation, countries are moving from a focus on "strict enforcement" to "innovation-driven" approaches. This shift aims to unleash the innovative potential of cryptocurrencies and blockchain technology, enhancing national advantages in the global digital economy competition. The United States stands out in this regard, with Trump prioritizing cryptocurrency as a core policy issue, injecting a boost into the industry's development. The introduction of the federal stablecoin framework, the GENIUS Act, provides clear regulatory guidance for the stablecoin market. At the same time, the DOJ has stopped "regulating by prosecution," and the SEC has established a special task force for cryptocurrency, reflecting a shift in the U.S. regulatory mindset and revitalizing market innovation confidence.

The stablecoin sector is undergoing profound changes, transitioning from "centralized IOUs" to on-chain native assets, with its roles as collateral, settlement, and yield tools becoming increasingly important, deeply influencing protocol design. Banks in the U.S., EU, and Hong Kong are actively positioning themselves to enter the stablecoin issuance and custody space, significantly increasing institutional participation and accelerating the integration of the stablecoin market with the traditional financial system.

Global stablecoin regulations are also being implemented intensively. Countries and regions such as Hong Kong, the UK, South Korea, Singapore, and the UAE are steadily advancing the formulation of relevant rules to meet market development needs and promote the regulation and stability of the stablecoin market.

In the future, with the improvement of regulatory policies and market development, the cryptocurrency and stablecoin markets are expected to enter a healthier development phase, but attention must also be paid to risk prevention and control to ensure the stable operation of the financial system.

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