Stablecoins can be divided into three types based on their price anchoring methods: fiat-collateralized stablecoins, crypto asset-collateralized stablecoins, and algorithmic stablecoins. • Currently, the global market capitalization of stablecoins has reached $260.728 billion, accounting for about 1% of the nominal GDP of the United States in 2024. The number of stablecoin holders has exceeded 170 million, making up about 2% of the global population, and they are widely distributed across more than 80 countries and regions. • Governments are increasingly focusing on regulating stablecoins, with the core legislative motivations encompassing financial stability, monetary sovereignty, and cross-border capital regulation. Economies like the United States and Hong Kong have successively introduced systematic regulatory frameworks, marking the entry of global stablecoins into an era of stringent regulation, reshaping the international financial order and monetary power structure. • Behind the rise of stablecoins is a covert competition between monetary sovereignty and financial hegemony. As a strategic core resource at the intersection of financial sovereignty, financial infrastructure, and capital market pricing power, stablecoins have become the focal point of financial governance.