StableCoin

The article offers a comprehensive overview of the mUSD issuer, the technical support team, and its distinctive three-party collaboration model. It also explores mUSD’s market positioning, use cases, and reserve mechanism in depth.

In 2025, the total market capitalization of stablecoins reached $280 billion. Driven by the GENIUS Act, reserve models are converging, shifting the competition focus toward distribution capabilities and ecosystem control. USDT and USDC remain dominant, but USDe is rising rapidly, while the emergence of application-specific chains and dedicated stablecoins is reshaping the industry landscape.

Stablecoin issuers are taking steps to launch their own blockchains, with platforms such as Circle Arc, Stripe Tempo, and Tether Stable redefining the payments and settlement ecosystem. This article offers a comprehensive analysis of stablecoin public blockchain features, representative strategies, effects on mainstream blockchains like Ethereum, and possible entry points for individual investors. It uncovers the foundational narrative and opportunities that drive the next market upcycle.

Hyperliquid is preparing to launch its native stablecoin, USDH, with Native Markets leading with a strong 97% support rate. The platform’s mechanism incorporates innovative reserve management and yield distribution models based on the reserve management and yield distribution models of BlackRock and Superstate. This article offers a comprehensive examination of the team’s background, competitive strengths, and the focus of community debates, and highlights the driving forces behind the emergence of the Stablecoin 2.0 era.

The article provides a detailed description of the proposals submitted by different institutions and DeFi projects, and how they are attempting to gain community support.

The article starts from the fundamental functions of Layer 1 blockchains, providing a detailed explanation of their importance within the cryptocurrency ecosystem. By analyzing the Layer 1 blockchains of major stablecoin issuers such as Circle, Tether, and Stripe, it highlights their common features and core differences.

With stablecoin issuers like Circle, Tether, and Stripe+Paradigm sequentially launching dedicated public blockchains—such as Arc, Plasma, and Tempo—to connect with the settlement system, the industry has entered a new stage. Rather than merely “issuing tokens,” issuers now seek to control the underlying networks that support both issuance and settlement, aiming to capture significant fee revenue and initiate an era of autonomous stablecoin networks.

This article provides a comprehensive overview of a case involving illegal foreign exchange transactions totaling RMB 6.5 billion, adjudicated by the Shanghai Pudong New Area People’s Court. It also examines the context of China's foreign exchange regulatory regime, outlines the legal framework for the illegal business operation offense, and discusses effective defense strategies.

This report highlights that PayFi, leveraging stablecoins as its underlying medium, integrates accounts, clearing and settlement, yield management, and compliance into a unified framework—enabling a paradigm shift from “payments” to “finance.” Its innovative BNPN model allows payment flows to automatically generate yield, breaking the long-standing issue of “idle capital.” The report estimates that PayFi’s serviceable market could reach $25–30 trillion, with its obtainable market projected to achieve hundreds of billions in transaction volume and generate billions in revenue within the next 3–5 years. Powered by four core engines—low-fee high-frequency transactions, yield generation from settlement funds, institutional-grade financial services, and modular PaaS offerings—PayFi is poised to become the next-generation payment infrastructure bridging Web2 and Web3, ushering in a yield-driven era of crypto payments.

The article references a report by JPMorgan analysts that thoroughly examines the factors behind Bitcoin's decreasing volatility, delving into both the context and causes of this shift. It also highlights how this change reflects a transition in the investor base—from predominantly retail participants to a market now led by institutional investors.

This article comprehensively reviews USD.AI’s background, operating principles, and core mechanisms, and examines its competitive strengths and risk factors in the stablecoin market.

The article offers a comprehensive overview of USDf’s yield sources, minting mechanism, and multi-asset over-collateralization strategy. It also examines how Falcon boosts its stablecoin’s liquidity and utility by leveraging cross-chain conversion tools and multiple asset types.

This article offers practical insights and strategies for the African cryptocurrency market, drawing on the author's on-the-ground research across 20 countries and discussions with bankers, regulators, and policymakers.

Stablecoin issuance is rapidly shifting to a "Foxconn model." From Paxos to Bridge—recently acquired by Stripe—an expanding number of providers now offer integrated, one-stop services for wallets, payment platforms, and brands, covering compliance, custody, auditing, and smart contract deployment. These solutions are accelerating the scaling and standardization of the stablecoin sector.

The article delivers an in-depth analysis of YB's use of a 2x leverage mechanism to boost liquidity provider (LP) yields, and further examines its intricate relationships with Curve and Llama Lend.