Source: Aiying Payment Compliance

The global stablecoin landscape is quietly transforming in a wonderful way. In the past, there were clear distinctions between traditional banks and crypto-asset issuers. Now there is me among you, and you among me. All parties interweave together a diverse, volatile and tense financial panorama. Under the specific regulatory environment outside the United States, Paxos’ stablecoins – including the Lift Dollar (USDL) issued in Abu Dhabi and the Global Dollar (USDG) launched in Singapore – are no longer just digital tokens, but have become To serve as a bridge between traditional finance and the crypto world. The reserve assets of these stablecoins are mainly short-term U.S. Treasury bonds, giving them a rare credit foundation in the currency circle.

From the perspective of infrastructure and service supply, the involvement of Standard Chartered is eye-catching. The bank recently announced that it will provide multiple support such as cash management, trading and custody for Paxos’ overseas stable currency. . This not only means that the old financial forces are beginning to extend an olive branch to the emerging encryption field, but also reveals their determination to seize the commanding heights in the new financial ecosystem. At the same time, Singapore's DBS Bank has already built a back-end custody and fund scheduling platform for the Global Dollar (USDG) issued by Paxos in Singapore. Faintly, a distributed, cross-regional stablecoin highway network is taking shape.

On the other hand, Zodia Markets - a business plan under Standard Chartered - is trying to use stablecoins as a starting point to alleviate the pain points of jet lag that have arisen in the Asia-Pacific region after the implementation of the T+1 securities settlement system in the United States. Imagine a scenario: when a fund based in Hong Kong needs to deploy funds in Tokyo immediately after liquidation in New York, traditional bank transfers may be limited by business hours and liquidation cycles and appear slow. The advantage of stablecoins is that they can be transferred seamlessly at any time, just like a transoceanic financial corridor erected in the sky, allowing funds to flow regardless of time zone differences, solving the invisible walls built in the past by liquidation time and geographical factors. In this way, the solid city walls in the traditional financial system and the boundless wilderness mapped out by encryption technology began to intertwine into a patchwork forest: there are ancient fir trees and new vines, which together form a complex but vigorous 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 unexpectedly "joined hands" with Binance, the world's largest crypto exchange. Circle’s USDC has always been an old partner of Coinbase, and the interest entanglement between the two is deep-rooted. Coinbase has even benefited greatly from the USDC reserve interest. However, Binance’s entry into the game this time is amazing. In the past, Binance relied on BUSD issued by Paxos to conquer the stablecoin world. However, due to regulatory turmoil, BUSD encountered a suspension, and the currencyAs a result, the territory of the circle of power is about to become troubled. 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 to a broader stage.

This series of actions reflects a change in the underlying logic of the industry: Against the background of tightening US regulations and the impending European MiCA regulations, a trend of "compliance first, cross-border convenience" is accelerating. Whether it is Paxos sharing the proceeds of reserve government bonds with partners, wanting to challenge 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 up the original geographical map of stablecoins. Exciting interest games, secret behind-the-scenes incentives, and potential market reshuffles are all embedding a new sense of rhythm into the financial system: sometimes long sentences are laid out, like threads outlining the endless stream of new structures; sometimes short sentences are struck, Like an echo ringing through the encrypted forest.

In this new order, regulators and market players continue to test each other’s bottom lines. The dispute between Paxos and Binance over BUSD has gradually faded away with the strong entry of USDC. While Circle is wooing Binance, it also makes Coinbase, its old partner, think on the sidelines - after all, if Binance's huge amount of funds promotes the take-off of USDC, how much profit can Coinbase get from it? And those traditional banks that want to maintain stability, such as Deutsche Bank, are also trying to get a piece of the crypto services pie. All the participants are like a group of dancers, dancing in the intricate lights and shadows, rotating, intertwining, retreating and advancing, the rhythm is sudden and slow, and the pace is unpredictable.

In the end, the narrative of this diverse convergence is still being written. Whether it is USDG, USDL, USDC, USDT, or other yet-to-be-named future stablecoins, they are like stars suddenly appearing in the sky, injecting new energy into the financial universe that was originally centered on legal currency and traditional liquidation cycles. The world is witnessing this financial experiment intertwined by regulation, technology, interests and innovation. Its footsteps are sometimes slow and sometimes galloping, 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 ecology is slowly emerging with a new outline.