Global Stablecoin Regulatory Landscape

Compares stablecoin regulatory frameworks in major regions like the US and EU, explaining the impact of different regulatory logics on industry development.

{{{##anchor=part-1-global-perspective}}} 1. Why Can't We Discuss Stablecoin Regulation Without the 'Global Landscape' Perspective? If you look at regulation in just one country, stablecoin regulation seems like a control tool made of clauses; but when you expand your view from one country to many, you see the true global contradiction behind this regulation: on one side is the internet's naturally borderless attribute, on the other is the strict boundaries of sovereign currency systems; on one side is the technological drive of rapidly evolving on-chain assets, on the other is the responsibility financial regulators must bear to "hold the bottom line against systemic risk." Stablecoins sit at the intersection of these two forces—acting like financial products and technical protocols; serving cross-border payments for individuals and businesses while naturally affecting capital flows; bringing efficiency while potentially breaking existing national regulatory patterns. Therefore, no single country can formulate stablecoin rules in isolation, because as long as users can connect to the internet, they can freely choose another, more attractive system. Precisely because of this, unders