TechFlow news, July 31 — HTX Research has released a landmark report titled "The New Order of Stablecoins: Global Payment Restructuring, Regulatory Recognition, and Capital Wars (Part I)", systematically analyzing how stablecoins have evolved from on-chain trading tools into global financial infrastructure, reshaping cross-border payments, trade settlements, and capital flows.
The report highlights that in 2024, the total on-chain transaction volume of stablecoins reached $15.6 trillion, gradually replacing high-cost legacy settlement systems like SWIFT and becoming a crucial channel for capital flows in developing countries. With regulatory frameworks such as the U.S. GENIUS Act, the EU's MiCA regulations, and Hong Kong's licensing regime becoming increasingly clear, stablecoins are entering a critical window of comprehensive compliance and institutional adoption.
The report outlines a "two-stage rocket" expansion model for stablecoin development: The first stage is led by traditional financial institutions such as Visa and PayPal, driving stablecoin integration into the global payment system and enabling early adoption in cross-border settlements, trade payments, and commodity transactions. The second stage hinges on regulatory breakthroughs—particularly the U.S. SEC lowering barriers for security token offerings (STOs)—to tokenize traditional assets such as bonds, stocks, and funds. At that point, stablecoins will no longer be mere payment tools but will serve as liquidity anchors and clearing cores of the on-chain financial system. HTX Research believes that future growth of stablecoins will no longer be confined to the crypto industry but will stem from their broad settlement applications across chains, borders, and systems, progressively establishing them as key components of a global "digital dollar operating system".
