The global stablecoin market is undergoing unprecedented changes. The passage of the US GENIUS Act has triggered a reshuffling of the entire industry, with a clear trend of differentiation in the stablecoin market.

In this transformation, some traditional giants have also begun to change their strategies. Well-known offshore stablecoin issuers have had to adapt to the trend by launching new products that comply with U.S. regulatory requirements, even inviting former government officials to join their management teams to enhance their compliance and credibility. At the same time, community banks in the U.S. have also started to enter the stablecoin field, demonstrating the importance that traditional financial institutions place on this emerging market.

It is worth noting that tech giant Google tends to partner with compliant U.S. exchanges when selecting AI payment protocol partners, rather than choosing offshore platforms. This decision will undoubtedly have a profound impact on the market landscape.

Europe is also actively adjusting its regulatory strategies. France is leading the tightening of the MiCA passport mechanism, while the UK is considering limiting the holdings of stablecoins. These measures reflect the cautious attitude of European regulators towards the stablecoin market.

With the changing regulatory environment, the global stablecoin market is forming two distinctly different ecosystems. One side is the compliant market led by the United States, deeply integrated with the traditional banking system, primarily serving institutional investors and the AI economy; the other side is the traditional offshore market, with varying degrees of regulation, mainly aimed at pure cryptocurrency users.

This divergence could result in compliant stablecoins enjoying a premium in institutional trading, while offshore stablecoins may face a discount risk. The flow of funds between the two ecosystems is expected to become more challenging, and cross-chain bridges may become a focal point for future regulation.

In addition, the wave of tokenization of real-world assets (RWA) is likely to occur primarily within a compliant framework, as it requires integration with traditional legal systems. This trend further highlights the geopolitical attributes of stablecoins, making the development of the stablecoin market closely linked to the international political and economic landscape.

Overall, the stablecoin market is undergoing a profound transformation, and its future development will greatly impact the entire cryptocurrency ecosystem and may even alter the global financial landscape.