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Since 2026, the market size of stablecoins has been nearing $300 billion, with daily trading volume reaching tens of billions of dollars. However, the larger the scale, the fiercer the controversy. The focus of this dispute is no longer “whether to develop,” but “how to rein in risk.”

The first major controversy: cracks in trust. The world’s largest stablecoin, USDT, has recently been downgraded to the worst tier by the rating agency S&P, citing that the share of high- and medium-risk assets in its reserves has jumped from 17% to 24%. Bitcoin, corporate bonds, and even unidentified assets are clearly on the list. If stablecoins cannot live up to the “stable” promise, they can disrupt the entire financial system at any time.

The second major controversy: fragmented regulation. The U.S. is pushing the GENIUS Act to give stablecoins a legitimate identity; the European Union, meanwhile, tightly controls risks through MiCA, and countries including France and Germany are also calling for stricter rules. China, on the other hand, has firmly halted stablecoins and is fully advancing the digital yuan. This “everyone doing their own thing” approach is driving regulatory arbitrage, causing cross-border flow risks to surge.

Stablecoins are not a flood monster, but they must operate on a path that is transparent, unified, and accountable. We need global coordination to find a true balance between innovation and security.