Source: Aiying Payment Compliance
The global stablecoin landscape is quietly changing in a wonderful way. The traditional banks and crypto asset issuers that used to be clearly separated are now intertwined, and the parties have interwoven a diverse, volatile and tense financial panorama. Under the specific regulatory environment outside the United States, Paxos's stablecoins - including the Lift Dollar (USDL) issued in Abu Dhabi and the Global Dollar (USDG) launched in Singapore - are no longer just simple digital tokens, but have become a bridge connecting traditional finance and the crypto world. The reserve assets of these stablecoins are mainly short-term U.S. Treasury bonds, which give them a rare credit background in the currency spectrum.
From the perspective of infrastructure and service supply, Standard Chartered's involvement is eye-catching.The bank recently announced that it will provide cash management, trading and custody and other multiple supports for Paxos' offshore stablecoins.This not only represents that the old financial forces have begun to extend an olive branch to the emerging encryption territory, but also reveals their determination to seize the commanding heights in the new financial ecology.At the same time,Singapore's DBS Bank (DBS) has already built a back-end custody and fund scheduling platform for Paxos' Global Dollar (USDG) issued in Singapore.Invisibly, a distributed, cross-regional stablecoin highway network is taking shape.
On the other hand, Zodia Markets, a startup under Standard Chartered, is trying to use stablecoins as a tool to alleviate the time difference pain points that have emerged in the Asia-Pacific region after the implementation of the US T+1 securities settlement system.Imagine a scenario:When a fund based in Hong Kong needs to deploy funds in Tokyo immediately after clearing in New York, traditional bank transfers may be slow due to business hours and clearing cycles. The advantage of stablecoins is that they can be transferred seamlessly at any time, just like a transoceanic financial corridor built in the air, allowing funds to flow regardless of time zone differences, solving the invisible high walls built by clearing time and geographical factors in the past.In this way, the solid walls of the traditional financial system and the boundless wilderness outlined by encryption technology began to interweave into a jagged forest: there are ancient fir trees and new vines, together forming a complex but thriving ecology.
When we shift the lens slightly from the interaction between Paxos and Standard Chartered, another eye-catching news line is also quietly extending:Circle and Binance, the world's largest crypto exchange, unexpectedly "join hands". Circle's USDC has always been Coinbase's old partner, and the interests between the two are deeply rooted. Coinbase even benefits greatly from the interest of USDC reserves. However, this time Binance's entry is amazing. Once, Binance relied on BUSD issued by Paxos to conquer the stablecoin world, but due to the regulatory storm, BUSD was suspended, and the power map of the currency circle became stormy. Now, Binance has decided to open USDC to 240 million users and convert part of its own funds into USDC reserves, which is tantamount to pushing Circle's coins onto a broader stage.
This series of actions reflects the transformation of the deep logic in the industry:Against the backdrop of stricter US regulation and the imminent release of European MiCA regulations, a trend of "compliance first, cross-border convenience" is accelerating. Whether it is Paxos sharing the yield of reserve bonds with partners, challenging the hegemony of USDT and USDC with Global Dollar, or Circle and Binance joining forces to allow USDC to penetrate markets around the world, they are all shaking the original geopolitical landscape of stablecoins.The exciting game of interests, the hidden behind-the-scenes incentives, and the potential market reshuffle are all embedding a new sense of rhythm into the financial system: sometimes long sentences are laid out, like silk threads outlining the endless stream of new structures; sometimes short sentences are struck, like the echo of the crypto forest.
In this new order,regulators and market players are constantly testing each other's bottom line. Paxos once had a dispute with Binance over BUSD, but now it has gradually faded with the strong entry of USDC. While Circle is trying to win over Binance, it also makes its old partner Coinbase think about it - after all, if Binance's huge funds drive USDC to take off, how much profit can Coinbase get from it? And those traditional banks that want to maintain a steady state, such as Deutsche Bank, are also trying to get a piece of the pie in crypto services.All participants are like a group of dancers, dancing in the intricate lights and shadows, spinning, interlacing, retreating, and advancing, with a fast and slow rhythm and unpredictable pace.
In the end, the narrative of this multi-aggregation is still being written. Whether it is USDG, USDL, USDC, USDT, or other future stablecoins that have not yet been named, they are like stars that suddenly appeared in the sky, injecting new energy into the financial universe that was originally centered on fiat currency and traditional settlement cycles. The world is witnessing this financial experiment intertwined with regulation, technology, interests and innovation. Its pace is sometimes slow and sometimes fast, its language is sometimes complex and sometimes simple, and its pattern is sometimes orderly and sometimes chaotic. It is in this ever-changing, multi-dimensional scene full of uncertainty and surprises that the global stablecoin ecosystem is slowly emerging with a new outline.
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