Guotai Junan International Research Report: The future stablecoin market is likely to exhibit a "dual-track parallel" development characteristic.

On July 10, Guotai Junan International recently published a digital asset research report titled "Insights from USD: Can Non-Dollar Stablecoins Break the Deadlock?" The report indicates that with the implementation of stablecoin regulatory frameworks in major countries and economies worldwide, the global digital asset market is undergoing historic changes. The bank points out that after years of development, non-dollar stablecoins have established a basis for expansion, and the "de-dollarization" trend this year has provided new opportunities for non-USD stablecoins. Based on the existing regulatory framework and development status of the stablecoin market, it is likely that the future stablecoin market will exhibit a "dual-track parallel" development characteristic. On one hand, domestically compliant stablecoins in the United States will dominate, serving the heavily regulated TradFi and institutional markets, emphasizing security, transparency, and legal protection. On the other hand, USD may continue to play an important role in specific regions and the native encryption ecosystem; at the same time, compliant offshore stablecoins relying on different sovereign currencies will accelerate development, catering to specific geopolitical economic circles and diversified demands. In terms of market composition, for USD, the wave of stablecoin compliance in the US presents both a challenge to its market share and a potential opportunity for deepening its engagement in specific "offshore" ecosystems. Meanwhile, non-dollar stablecoins can also find their own breakout possibilities by learning from USD.