From a macro perspective, stablecoins are entering an unprecedented phase of reshuffling.

In July, U.S. President Trump formally signed the "GENIUS Act," marking the finalization of stablecoin legislation. In August, Hong Kong's "Stablecoin Ordinance" also came into effect, becoming the world's first regional regulatory framework. Meanwhile, major economies such as Japan and South Korea are accelerating the follow-up on regulatory details, planning to allow compliant entities to issue stablecoins.

In other words, the stablecoin landscape has entered a genuine "regulatory window"—evolving from a liquidity tool growing in the gray area into a financial infrastructure where compliance and experimentation go hand in hand.
Within the classification system of stablecoins, regulated stablecoins occupy a unique and critical position.

First, from a market demand perspective, stablecoins are no longer just a "general equivalent" for on-chain transactions. For crypto-native users, they are a core asset for hedging and liquidity. For traditional institutions, they may serve as innovative tools for cross-border settlements, treasury management, and payment clearing.

However, in the past, stablecoins like USDT expanded naturally driven by market demand. Despite their massive scale, they long operated in regulatory gray areas, facing skepticism due to insufficient transparency and compliance risks. In contrast, regulated stablecoins have prioritized "compliance and usability" from the very beginning. They are issued by regulated entities, meet the licensing requirements of their respective jurisdictions, and are backed by clear asset reserves and legal responsibilities.

Put simply, the key features of regulated stablecoins lie in their regulated issuers and compliance with licensing requirements in their jurisdictions. Each token is supported by clear asset reserves and legal responsibilities, allowing users and institutions to trace regulatory oversight and asset custody arrangements explicitly when using them.

This enables them not only to circulate on-chain but also to be included in corporate financial reports and compliance documents, serving as an "official channel" between traditional finance and the crypto world.
From imToken's perspective, stablecoins are no longer a tool that can be概括 by a single narrative but rather a multidimensional "asset portfolio"—different users and needs correspond to different stablecoin choices (further reading: "The Worldview of Stablecoins: How to Build a User-Centric Stablecoin Classification Framework?").

In this classification, regulated stablecoins (such as USDC, FDUSD, PYUSD, GUSD, USD1, etc.) are not meant to replace USDT but to serve as a parallel track, providing legal and secure options for cross-border payments, institutional applications, and financial compliance.

If the significance of USDT lies in "driving global liquidity in the crypto market," then the significance of regulated stablecoins lies in "bringing stablecoins into the daily fabric of finance and life."