[Stablecoins] The global three-pronged regulatory framework is becoming clear, with Europe, the United States, and Hong Kong each having their own characteristics:

1. Europe is characterized by local protectionism combined with syndicate compliance;
2. Hong Kong is pulling along the issuing banks, focusing on discounting capabilities and channel advantages;
3. The United States still follows a "crossing the sea with the Eight Immortals" approach plus gradual compliance;
4. The UK has not yet developed a mature plan domestically.
The existing payment system's cake-splitting order faces severe challenges! A new era of payments has already arrived!