From this perspective, the global trajectories of compliant stablecoins are not uniform, yet their ultimate direction converges—they are transitioning from instruments of grey-market liquidity towards compliant financial interfaces. Their future application scenarios may no longer be confined to exchange matching and arbitrage activities, but rather extend into cross-border payments, corporate treasury management, and even individual daily payments.

Viewed globally, compliant stablecoins have already formed several distinct developmental pathways.

In the United States, USDC is the most representative compliant stablecoin. Issued by Circle, it is backed by reserves of cash and highly liquid short-term U.S. Treasuries, undergoes regular audits to ensure the security of its 1:1 dollar redemption, and has consequently become the most widely adopted USD stablecoin by institutions. It is also one of the few types of stablecoins that can be "written into financial statements."

Operating in parallel is USDP. Issued by Paxos Trust Company, it holds a trust charter from the New York Department of Financial Services (NYDFS). Although its market circulation is less than that of USDC, its compliant attributes are unequivocal, primarily targeting institutional payment and settlement scenarios.

Simultaneously, the PYUSD launched by PayPal carries greater symbolic significance. It is not born for the trading markets but directly切入 (cuts into) the retail payment sector, attempting to genuinely integrate stablecoins into daily consumption and cross-border transfers.

In Hong Kong, the "Stablecoin Ordinance," officially coming into effect in August 2025, makes it the first jurisdiction globally to establish a comprehensive regulatory framework for stablecoin issuance, reserve management, and custody. This means stablecoins issued in Hong Kong will no longer be tokens in a grey area but tools genuinely recognized by financial regulators. FDUSD, issued by First Digital, is a representative product emerging under this backdrop.

In Japan, JPYC has become the first approved yen-denominated stablecoin. Issued by JPYC Inc., it is regulated under a Funds Transfer Service Provider license, will be backed by liquid assets such as government bonds, and is planned for approval by Japan's Financial Services Agency (FSA) as early as this autumn. It has currently completed its registration as a money transfer business operator and plans to deploy its yen stablecoin on the Ethereum, Avalanche, and Polygon networks.

Similarly, South Korea is currently exploring the application of a won-denominated stablecoin through a "regulatory sandbox," focusing on cross-border payments and B2B settlement.

These attempts collectively point to a clear trend: the emergence of compliant stablecoins is not intended to challenge the market dominance of USDT or USDC but rather to carve out a new path, serving real-world application scenarios that must be compliant and require transparency. Their advent signifies that the narrative of stablecoins is moving from "grey liquidity for trading markets" towards "legitimate interfaces for global finance."

Although the development paths of these three differ, their ultimate direction is highly consistent: compliant stablecoins are forging a new track parallel to USDT. Their core significance lies not in contending for liquidity hegemony but in providing financial institutions, cross-border payments, and daily applications with a new choice that is legal, transparent, and subject to regulation.