The advancement of stablecoin legislation in the United States will become a core driving force for the development of the digital asset industry.
Author: Zhang Haisheng
In recent weeks, the U.S. has frequently taken action on stablecoin legislation, intensively issuing related policies and showing an accelerating trend, with the drumbeat growing louder, resembling a storm brewing. Among the most significant developments is the freshly released draft of the "STABLE Act" (Stablecoin Transparency and Accountability to Promote the Better Ledger Economy Act). This draft was drafted by three Democratic members of the U.S. House Financial Services Committee—Tlaib, García, and Lynch—starting in December 2020, and was subsequently shelved by the Democratic government until it was fully disclosed on March 26, 2025. It is expected that this bill will jointly shape a stable and regulatory framework for stablecoins in the U.S. alongside another bill, the Stable Genius Act. Therefore, it is particularly worth interpreting.
Given the pivotal role of stablecoins in the digital financial system, any move by the U.S. on this topic draws attention. What is the real motivation behind the U.S. government's push for stablecoin legislation at this time? Is it to curb the lawlessness of stablecoins, or to "weaponize" the U.S. dollar stablecoin? What does the legalization of stablecoins mean for the digital asset industry? What opportunities will it open up? The draft of the STABLE Act provides us with an excellent text to glimpse the U.S. regulatory thinking on stablecoins. This article will delve into the core content of the draft and the deeper reasons behind it, exploring its far-reaching impact on the U.S. and global digital asset industry, instilling confidence in Web3 practitioners, pointing out the direction for progress, and helping to secure a favorable position in this transformation.
1. What does the draft say?
This draft spans 72 pages, filled with thousands of words, written in the specialized style of U.S. legislative documents, including lengthy and unimportant sections. To spare everyone the reading burden, I have carefully read the entire text and summarized the most important points.
First, the draft defines what a stablecoin is. Stablecoins are linked to national fiat currencies and serve as a payment and settlement tool, rather than as securities or deposits. At the same time, the draft stipulates that issuers must allow redemption in fiat currency, effectively certifying the legal status of stablecoins as payment tools.
Second, the draft specifies who can issue stablecoins. It is well-known that anyone can issue stablecoins in the crypto space today, but this freedom may soon be a thing of the past. The draft suggests that only compliant stablecoin issuers, including subsidiaries of insured deposit institutions, federally qualified non-bank issuers, or state-qualified issuers, may issue stablecoins in the U.S.
Additionally, the draft details specific requirements for issuance. It stipulates that issuers must hold at least 1:1 reserve assets, including U.S. dollars, demand deposits, short-term government bonds, repurchase agreements, and money market fund securities, and requires issuers to regularly disclose their reserves and redemption status.
Finally, the draft also outlines what cannot be done. First, the bill prohibits the issuance of algorithmic stablecoins for two years after its enactment, with little likelihood of approval in the long term. Furthermore, unlicensed entities are not allowed to issue stablecoins within the U.S. Additionally, issuing entities cannot pay interest or returns to stablecoin holders.
In summary, the core goal of this draft is to clarify the legal status of stablecoins, enhance consumer protection, and improve market transparency, thereby extending the influence and dominance of the U.S. dollar in the global financial system through stablecoins.
2. Why introduce the stablecoin legislation at this time?
The core content of this draft does not exceed industry expectations; it merely formalizes the rules that the market has anticipated. So the question arises: since there is already a consensus, why does the U.S. need to legislate specifically? This timing is indeed intriguing. Why has the U.S. chosen to formally push this legislation now? Is it purely a financial regulatory need, or is it paving a compliant path for the Web3 industry? Is it a global game for the digital dollar, or is a deeper global currency war about to unfold? Next, I will explore this with my understanding.
Clarifying the status of the U.S. dollar stablecoin, propelling the digital asset industry into the fast lane
For a long time, the legal status of stablecoins has been uncertain, making traditional financial institutions and large institutional investors hesitant to engage. However, with recent legislation clarifying the legality of stablecoins, this policy uncertainty has been effectively eliminated, providing financial institutions with reassurance and paving the way for their entry.
In this context, a large number of banks, payment institutions, and large investment funds will be more proactive in issuing and using compliant stablecoins, bringing new development momentum to the Web3 industry. This not only promotes the integration of traditional finance and Web3 but also accelerates the advancement and innovation of the digital financial system.
As a result, the Web3 industry will experience a surge of capital inflow, with compliant stablecoins becoming a core infrastructure of the digital economy. This will gradually make payment, clearing, and cross-border settlement based on compliant stablecoins the mainstream payment methods in the digital economy, while also significantly promoting the vigorous development of areas such as DeFi and RWA, potentially even leading them into the mainstream financial market.
Therefore, the goal of the U.S. in promoting the compliance of stablecoins is to facilitate the smoother flow of global capital into the Web3 world, thereby driving the rapid development of digital assets and helping the entire industry move towards a more mature future.
Hedging against the weakening of the dollar's status due to trade wars, providing a new channel for global citizens to "invest in America"
In recent years, the trend of de-dollarization has gradually emerged in some countries, with many economies attempting to reduce their reliance on the dollar in international trade. However, in stark contrast, the dollar has remained stable and quietly risen, becoming an emerging tool for cross-border payments and international settlements, presenting an intriguing situation. If the U.S. can seize this trend and actively promote the development of the dollar stablecoin, it is expected to become an important lever to hedge against the decline of the dollar's international status. Conversely, if regulation lags, support is lacking, or if other countries' currencies dominate the digital stablecoin space, global funds may further distance themselves from the dollar system, weakening the dollar's international influence.
To address this challenge, the U.S. has legalized the dollar stablecoin through legislation. The legalized dollar stablecoin continues to serve as an important tool for global payments, trade, and investment, and because it is incorporated into the regulatory system, the U.S. can control the flow of global digital funds and even use it as a weapon in financial warfare when necessary.
At the same time, compliant dollar stablecoins also provide a legitimate and important channel for other assets to flow into the U.S. This means that citizens of various countries can use dollar stablecoins to avoid the risk of depreciation of their national currencies and invest in dollar assets more conveniently. As funds can bypass domestic currency controls and flow directly into dollar asset pools, global capital is further "dollarized" in an invisible manner. From this trend, it is certain that future compliant dollar stablecoins will evolve into a "global digital dollar."
In summary, dollar stablecoins are not only an important component of Web3 but also a strategic asset for the U.S. in global currency competition. By strengthening regulation and leveraging the flow of global digital assets, the U.S. further consolidates the dollar's dominant position in payments, trade, and investment. As the latest financial tool to maintain dollar hegemony, dollar stablecoins play a significant role globally, enhancing the U.S.'s control over financial markets and serving as a new financial weapon to combat and contain competitors, solidifying the dollar's dominant position.
Activating innovation in DeFi and RWA fields
As the legal representation of fiat currency in the Web3 world, stablecoins are not just payment tools but also core circulating assets in the RWA field. The introduction of this draft signifies that stablecoins will circulate on a larger scale, promoting the deep integration of digital assets and real-world assets. The application of stablecoins will cover DeFi, payments, cross-border settlements, and RWA, helping businesses and individuals conduct global transactions more conveniently, thereby disrupting traditional fiat payment methods.
With the implementation of stablecoin regulatory policies, institutional funds will be more confident in entering the digital asset space, especially in terms of expressing and circulating physical assets on-chain. Global asset tokenization will become simpler, allowing companies to directly issue on-chain bonds, real estate tokens, etc., enabling global investors to directly participate in high-quality asset investments in the U.S. and other regions.
More importantly, the U.S. attracts global investors into its digital asset ecosystem through compliant stablecoins, creating a capital siphoning effect. By leveraging the compliance of stablecoins, the U.S. provides global investors with a safer and more transparent investment channel, attracting a significant influx of capital. This not only injects new vitality into the U.S. digital asset market but also promotes the globalization and digitization of the U.S. economy through the widespread application of stablecoins. Ultimately, global investors indirectly support the stability and development of the U.S. economy through trading, investing, and asset allocation with stablecoins, reinforcing the U.S. as the center of global capital flow.
Strengthening control, compliant development of dollar stablecoins aligns with U.S. interests
A core goal of the draft is to ensure that the development of stablecoins does not pose a threat to U.S. financial security. It emphasizes preventing unlicensed stablecoins from disrupting financial markets and ensuring that the stablecoin system is firmly controlled by compliant institutions and the government. Unlicensed stablecoins may bring liquidity risks; therefore, the draft ensures that stablecoins do not threaten the banking system through strict issuance conditions.
According to the draft, stablecoin issuers must obtain licenses and comply with strict capital reserve requirements. This regulation draws on the traditional banking system model and continues the core spirit of historical regulations such as the 1933 Glass-Steagall Act, aiming to ensure the safety of user funds, asset segregation, and transparency, thereby enhancing consumer protection.
Through this draft, the U.S. can not only effectively regulate its domestic stablecoin market but also indirectly control the globally circulating dollar stablecoins. This move helps ensure that global capital continues to operate around the dollar system, strengthening control over global dollar flows.
The introduction of this draft indicates that this is not merely a simple financial regulation but the beginning of a new currency war. The U.S. aims not only to maintain dollar hegemony in the digital age but also to attract global capital to the U.S. through stablecoins, ultimately dominating a new generation of the global financial system.
3. Impact on the digital asset industry
Stablecoin payments not only constitute the infrastructure of the digital asset industry but also serve as a central link in its policies, playing a pivotal role in the development of the entire industry. From capital inflow, industry compliance, RWA tokenization to innovative development, the compliance of stablecoins has far-reaching implications, driving the continuous maturation of the digital asset industry.
First, the compliance of stablecoin payments has attracted a large number of institutional investors to the digital asset industry. As relevant regulations gradually clarify, the entry of traditional financial institutions and large funds has become smoother. Compliant stablecoins enable more fiat currency to be smoothly converted into digital assets, further enhancing market liquidity and laying the foundation for the widespread development of emerging fields such as Web3 and DeFi. Therefore, stablecoins have become an important component of Web3 infrastructure, injecting new vitality into the industry.
Second, the compliance of stablecoins promotes the maturity and standardization of the digital asset industry. With the gradual establishment of a regulatory framework, market transparency has significantly improved, and disorderly competition and potential market risks have been effectively curbed. Clear compliance requirements not only reduce the risks of illegal activities such as money laundering but also ensure the regularity of capital flows, thereby laying a solid foundation for the long-term healthy development of the industry.
Moreover, the compliance of stablecoins provides a reliable payment tool and circulation carrier for the tokenization of Real World Assets (RWA). According to BCG's predictions, the RWA market is expected to reach $16 trillion. With the proliferation of compliant stablecoins, this market will welcome innovative opportunities, driving the digitization of assets and the flow of global investments, further promoting the globalization and cross-border integration of the digital asset industry.
However, the compliance of stablecoins also brings some challenges. Higher compliance requirements may increase the operational costs for small stablecoin issuers, limiting the entry of some emerging enterprises. Additionally, strict compliance thresholds may lead to market concentration, thereby suppressing market competition and potentially slowing the pace of innovation. Therefore, how to balance compliance with market vitality has become an important issue for industry development.
Overall, the compliance of stablecoins provides a clear regulatory framework for the digital asset industry, promoting market maturity and innovation. As compliant stablecoins become more widespread, capital liquidity and market participation will significantly increase, and emerging fields such as DeFi and RWA will usher in a more prosperous development outlook. In the future digital asset industry, the balance between compliance and innovation will be key to continuously driving industry progress.
Responses from Other Global Markets
The compliance of stablecoins is not only a product of U.S. market demand; it is also driving profound restructuring of the global financial system. As countries adopt different policy directions, the development of global digital assets will be greatly affected. Different countries have varying attitudes toward the legalization of stablecoins based on their financial environments, policy needs, and market challenges. Here are the main market trends in response to the legalization of stablecoins:
European Market. The EU's actions in stablecoin regulation are reflected in the introduction of the MiCA (Markets in Crypto-Assets) Act. This act is expected to align with U.S. policies on stablecoin regulation, promoting the formation of a global compliance framework for stablecoin payments. The implementation of the MiCA Act will not only standardize the operational rules of the stablecoin market but also provide stable policy support for the development of Web3. The EU's regulatory framework will resonate with U.S. stablecoin policies, offering higher interoperability for cross-border payments and paving the way for the legal circulation of digital assets.
Asian Market. The Asian market has shown a positive attitude toward the compliance of stablecoins. Regulatory agencies in regions such as Singapore, Hong Kong, and Japan have begun to gradually advance the legalization process of stablecoins. The Monetary Authority of Singapore (MAS) has established a relatively comprehensive policy framework in this area, while Hong Kong and Japan are also conducting corresponding legislative and policy explorations. As U.S. policies gradually advance, Asian countries may reference the U.S. stablecoin regulatory framework to enhance market stability and address cross-border risks. Especially in the competition within the fintech and digital asset sectors, Asian regions must align with international standards to avoid falling behind in the global financial transformation.
Other Developing Countries. Some developing countries hold a conservative attitude toward the legalization of dollar stablecoins, fearing that it may affect their monetary sovereignty and the independence of their national monetary policies. These countries are concerned that the proliferation of dollar stablecoins could lead to a reduction in the circulation of their national currencies, even impacting the formulation of monetary policy by central banks. However, as the U.S. takes a leading role in promoting stablecoin compliance, more developing countries may gradually accept the U.S. model. Especially in the trend of globalized digital currencies, these countries may find that issuing their own stablecoins or developing stablecoins based on the U.S. model can help modernize their digital currency systems and attract more international investment. At the same time, these countries will face the challenge of balancing monetary sovereignty with integration into the global financial system.
Globalization Trends and Future Outlook. With the U.S. taking a leading role in the compliance process of stablecoins, policies from various countries will gradually align, promoting the unification of the global stablecoin payment system. The compliance of stablecoins not only provides a stable payment infrastructure for the development of Web3 and DeFi but also has a profound impact on the global financial system. Cross-border payments will become more convenient, and the efficiency of global capital flows will significantly increase, providing more innovative financing channels and payment solutions for the global economy.
However, the legalization of stablecoins and the restructuring of the global financial system also come with a series of challenges. There will be differences in regulatory standards and compliance requirements among countries, and achieving policy coordination and mutual recognition on a global scale remains a complex task. The economic structures, financial needs, and policy positions of different countries may lead to varying implementation effects and speeds in the compliance process of stablecoins across different regions.
Future Outlook
As the compliance process of stablecoins advances and the Web3 ecosystem rapidly develops, the digital asset industry is entering a new stage. In the future, with the influx of substantial institutional capital, the industry will not only encounter unprecedented opportunities but also face deeper transformations. We will witness a new landscape of capital explosion and market reconstruction. Here are several key trends to watch for future development:
Major Players Entering the Market, RWA to Experience Capital Explosion. Once the stablecoin regulatory framework is established, it is foreseeable that traditional financial institutions will flood into the stablecoin and RWA markets with substantial capital. This will mark the transition of the digital asset industry from wild growth to a phase of compliant development, while also indicating that Web3 is entering a period of large-scale application, ushering in a new development cycle for the digital asset industry.
Stablecoin Payments Set to Replace Inefficient and High-Cost Traditional Payment Methods. With the further development of stablecoins and DeFi technology, cross-border payments will experience revolutionary breakthroughs. The costs of cross-border payments, clearing, and settlement using stablecoins will significantly decrease, and efficiency will improve markedly, making cross-border payments more convenient. For traditional payment networks like SWIFT and VISA, stablecoin payment methods will pose a disruptive challenge.
RWA Triggering a Great Migration of Assets. Trillions of dollars in real-world assets will be revived on the blockchain, with real-world assets flowing into the crypto world through RWA, achieving unprecedented levels of capital movement. This is a global financial restructuring driven by digital assets, a Normandy landing that will disrupt the traditional financial system. We must be prepared to welcome this wave of wealth.
Emergence of Digital Dollar Hegemony, the Digital Currency War May End Before It Begins. While the world continues to discuss the potential of digital currencies, the U.S. has quietly completed financial colonization through stablecoins as a financial weapon. By legislating the digital hegemony of the dollar into the blockchain, the U.S. has provided its financial system with a digital weapon, with all transactions on the chain contributing to the strength of the dollar empire. This is not a prediction but a fact that is happening; the digital hegemony of the dollar is rapidly consuming the global financial ecosystem, and the outcome of a new round of currency war has already been predetermined.
Unknowingly, the future has arrived. As practitioners in Web3, we must maintain clear thinking and ample knowledge reserves to embrace this unprecedented transformation.
Conclusion
The advancement of stablecoin legislation in the U.S. will become a core driving force for the development of the digital asset industry. The legalization of stablecoins will attract a large number of financial institutions and capital, providing strong support for the Web3 industry and promoting the prosperity of payments, DeFi, and RWA.
As the legal representation of fiat currency in the Web3 world, the U.S. dollar stablecoin will continue to dominate the market. The compliance of stablecoins will facilitate cross-border payments and global capital flows, disrupt traditional fiat payment methods, and profoundly change the global financial landscape, further consolidating the dollar's dominant position in the global financial system.
This stablecoin revolution is not only a financial technology innovation but also a reshaping of the global monetary system and economic order. Under U.S. leadership, the widespread application of compliant stablecoins will drive the transformation of traditional fiat payment methods, initiate a new round of currency wars, and solidify the dollar's hegemonic position in the global financial system through stablecoins.
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