HTX Research releases latest stablecoin report: Exploring the profound impact of stablecoins on reshaping the global payment system
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HTX Research releases latest stablecoin report: Exploring the profound impact of stablecoins on reshaping the global payment system
HTX Research has released its landmark report "The New Order of Stablecoins: Restructuring Global Payments, Institutional Recognition, and Capital Wars (Part I)," systematically analyzing how stablecoins have evolved from on-chain trading tools into critical 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 traditional high-cost settlement systems like SWIFT and becoming a key channel for capital flows in developing countries. As regulatory frameworks such as the U.S. GENIUS Act, the EU's MiCA regulations, and Hong Kong's licensing regime become clearer, stablecoins are entering a crucial window for full compliance and institutional adoption. The report proposes 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 depends on regulatory breakthroughs, particularly the U.S. SEC lowering issuance thresholds for security token offerings (STOs), thereby facilitating the tokenization of traditional assets such as bonds, stocks, and funds. At that point, stablecoins will no longer be mere payment instruments but will serve as liquidity anchors and clearing hubs within the on-chain financial system. HTX Research believes that future growth drivers for stablecoins will no longer be confined to the crypto industry itself, but will stem from their broad settlement applications across chains, borders, and systems, gradually establishing stablecoins as a core component of a global "digital dollar operating system."
Navigating Web3 tides with focused insightsTechFlow 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".
