Overall, the most significant structural change in TradFi by 2025 will be the full-scale emergence of compliant stablecoins, with the competitive focus shifting from scale and traffic to compliance capabilities and scenario penetration.

Whether it’s Hong Kong’s pioneering Stablecoin Ordinance or the strengthened regulatory oversight of USDC and PYUSD in the U.S. market, the same message is being conveyed: stablecoins that can truly serve global users and traditional capital in the future must achieve deep integration of off-chain compliance and on-chain structure.

This also means that the competitive logic of stablecoins has shifted from “who has more U.S. dollar reserves” to “who can更快 enter the most real user scenarios,” including cross-border settlements, corporate treasuries, retail payments, and daily consumption. Under this trend, new compliant attempts are continuously emerging.

For example, emerging stablecoin projects like USD1, backed by strong traditional capital and policy resources, emphasize a compliance-driven path and connectivity to global use cases from the very beginning. Leveraging the political endorsement of the Trump family, USD1 achieved what can be described as a phenomenal “zero to one” growth and coverage on top-tier exchanges within just six months of its launch:

Since March, its issuance has surged to $2.1 billion, surpassing FDUSD and PYUSD to become the world’s fifth-largest stablecoin (according to CoinMarketCap data). It has also gained traction on major CEXs such as HTX, Bitget, and Binance. In contrast, PYUSD, backed by PayPal for two years, is still struggling to advance its penetration.

At the same time, infrastructure around Liquidity-as-a-Service is also emerging, aiming to make stablecoins not just a token symbol on the chain but directly callable as settlement APIs worldwide.

This also leads to a foreseeable future scenario where cross-border payments, corporate treasuries, and even individual daily payments may gradually find a new balance between the gray liquidity of USDT and the whitelist system of compliant stablecoins.

From a broader perspective, stablecoins are undergoing a “fork,” and the future landscape is destined to be diverse and parallel:

• USDT continues to serve as the liquidity engine for the global crypto market;

• Yield-bearing stablecoins meet the demand for capital appreciation;

• Non-USD stablecoins open up a multipolar narrative;

• Compliant stablecoins gradually embed into the real financial world.

Over the past decade, USDT represented the gray force of “spontaneous growth,” driving global liquidity in the crypto market. Semi-compliant products like USDC built a transitional bridge between gray and white. Now, with the enactment of the U.S. GENIUS Act, the effectiveness of Hong Kong’s Stablecoin Ordinance, and the launch of pilot programs in Japan and South Korea, compliant stablecoins are entering a true window of opportunity.

This time, stablecoins are no longer just tools for on-chain users but will become ubiquitous financial carriers in cross-border settlements, corporate treasuries, and even daily consumption.

This is the significance of compliant stablecoins: enabling stablecoins to truly step out of the crypto world and into the daily fabric of finance and life.