With the arrival of the summer of 2025, the concept of stablecoins, which was originally limited to the crypto world, is sweeping the global financial stage with unprecedented momentum. It is no longer just a trading tool in the digital asset field but has evolved into a key piece that influences the strategies of major powers and reshapes the international financial order.

In Washington, Beijing, and Seoul, stablecoins have become the focus of policymakers and capital markets. The U.S. Congress is accelerating the advancement of the GENIUS Act, Chinese tech giants are actively laying out plans using the Hong Kong platform, and South Korea has introduced the ambitious Digital Asset Basic Law. Meanwhile, Wall Street investors have shown unprecedented enthusiasm for the listing plans of stablecoin issuer Circle. These developments indicate that a global competition surrounding stablecoins has already begun, with the U.S., China, and South Korea becoming the main participants in this new era of monetary games, each employing their unique yet interconnected strategies.

As the current dominant player in the global financial system, the United States has shifted from a cautious wait-and-see attitude towards stablecoins to an aggressive one. Its strategic goal is clear and ambitious: to seamlessly extend the dominance of the US dollar into the digital realm, achieving 'digital dollarization'. The U.S. has taken a multi-pronged approach, starting with a legislative push for the GENIUS Act, which aims to build a clear and unified regulatory framework for USD stablecoins. The Act requires issuers to hold reserves of high-quality assets of equivalent value and be legally licensed to operate. This is not only to protect the interests of investors, but also to export 'American standards' to the global market and lay a foundation of trust for the global expansion of US dollar stablecoins."

The U.S. Treasury Department is also actively participating in this digital currency revolution, striving to extend the influence of the dollar into the emerging digital financial sector. This series of measures reflects the United States' determination to maintain its global financial hegemony while also demonstrating its flexibility to adapt to the digital economy era.

However, the United States is not the only participant in this competition. China and South Korea are also actively positioning themselves to participate in this global stablecoin competition in their own ways. This multilateral competition surrounding stablecoins is not only related to financial innovation but also involves national strategic interests and the reshaping of the global economic landscape. As the competition deepens, stablecoins may become a key factor in redefining the international financial order.