Stablecoins: From Payment Tools to RWA Ecosystem Construction

Introduction

Stablecoins have emerged as a focal point for financial investors in 2025, driven by regulatory advancements in the U.S. and Hong Kong. This article explores their evolution, classifications, market dynamics, and role in bridging traditional finance with decentralized ecosystems through Real-World Asset (RWA) tokenization.

What Are Stablecoins?

Definition & Background

Stablecoins are cryptocurrencies pegged to external assets (e.g., fiat currencies, commodities). Key features:

• Value Stability: Anchored to reference assets (e.g., 1:1 USD backing).
• Payment Focus: Facilitate transactions in crypto and traditional markets.

Classification

1. Fiat-Collateralized: Backed by reserves (e.g., USDT, USDC).
2. Crypto-Collateralized: Overcollateralized with crypto assets (e.g., DAI).
3. Algorithmic: Stability maintained via smart contracts (e.g., defunct UST).

Market Landscape

• Market Cap: $2536B (June 2025), dominated by USD-pegged stablecoins (90%).
• Top Players: USDT (62% share), USDC (24%).
• Growth Forecast: Potential to reach $2T by 2028 (~65% CAGR).

Why Issue Stablecoins?

Strategic Motivations

1. Revenue Streams: Earn interest from reserve assets (e.g., Tether’s $70B profit from U.S. Treasuries in 2024).
2. Efficiency Gains: Reduce cross-border payment costs by up to 90% (e.g., JD.com’s supply-chain applications).
3. Ecosystem Expansion: Enhance financial services (DeFi, remittances) and data monetization.

Regulatory Frameworks

Hong Kong’s Stablecoin Ordinance (Aug 2025)

• Licensing: Mandatory for issuers; 100% reserve requirements.
• Multi-Currency Peg: Includes HKD and offshore-issued stablecoins.

U.S. GENIUS Act (June 2025)

• Non-Interest-Bearing: Limits stablecoins to payment tools.
• Federal/State Oversight: Reserves restricted to high-liquidity assets (cash, short-term Treasuries).

| Region | Key Focus | Reserve Requirements |
|--------------|--------------------------------|--------------------------|
| Hong Kong | Multi-currency, innovation | 100% fiat/cash-equivalents |
| U.S. | Dollar hegemony, consumer protection | Short-term Treasuries only |

Stablecoins + RWA: Bridging Real and Crypto Worlds

RWA Tokenization Basics

• Definition: Tokenizing real-world assets (e.g., bonds, real estate) on blockchain.
• Market Size: $244B (June 2025), led by private credit ($143B) and U.S. Treasuries ($74B).

Synergies with Stablecoins

1. Liquidity Infrastructure: Stablecoins enable trading and settlement of RWAs.
2. Compliance: Regulated stablecoins (e.g., HKDR) provide legal pathways for RWA projects.
3. Case Study: BlackRock’s BUIDL ($29B AUM) demonstrates institutional adoption.

👉 Explore how RWAs are transforming finance

Future Outlook

1. Monetary Velocity: Stablecoins accelerate transactions without monetary expansion.
2. HKD Stablecoins: Initial focus on B2B cross-border payments (e.g., supply chains).
3. Regulatory Balance: Hybrid models (partial decentralization) may emerge.

Risks & Challenges

• Regulatory Uncertainty: Policy shifts could slow adoption.
• RWA Limitations: Early-stage tech hurdles (e.g., asset verification).

FAQs

1. How do stablecoins maintain stability?

Fiat-backed stablecoins like USDT hold 1:1 reserves, audited regularly. Algorithmic variants rely on smart contracts (higher risk).

2. What’s the difference between CBDCs and stablecoins?

CBDCs are sovereign digital currencies (e.g., digital RMB), while stablecoins are privately issued with asset backing.

3. Can RWAs replace traditional securities?

Not immediately—RWAs complement traditional assets by enhancing liquidity and accessibility.

👉 Learn more about DeFi innovations

References: HKMA, U.S. Treasury, DefiLlama, RWA.xyz

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