The "Creator's Say" is a dialogue column launched by Foresight News, where we interview outstanding creators selected each month on hot market topics and compile their collected insights to gather diverse perspectives and uncover deeper thinking.
Written by: Foresight News June 2025 Outstanding Content Creator
Compiled by: Foresight News
The wave of stablecoin compliance is sweeping globally, with the US GENIUS Act and Hong Kong Stablecoin Regulation taking effect, disrupting the industry landscape. From changes in project survival logic to breakthroughs and obstacles in inclusive implementation, to the gaming triggered by Circle's listing and Tether's offensive and defensive strategies, where will stablecoins head in this wave?
This issue of "Creator's Say" focuses on "Stablecoins". We have invited June 2025 Foresight News outstanding creators including Little King, Sanqing, Dave's Capital Perspective, KuCoin Ventures, Uncle Ya's Crooked Mountain, and Zephyr to join the discussion.
We posed 5 questions: "What changes will regulation bring to stablecoin projects?", "What breakthroughs and obstacles will stablecoin payments encounter?", "What impact will Circle's listing have on other stablecoin projects?", "How should Tether consolidate its position?", and "What are your criteria for choosing stablecoins?" Below are the collected answers.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into English.]Despite the broad prospects, realistic obstacles are equally significant. The biggest challenge lies in the "last mile" of regulation, namely how stablecoins can seamlessly interface with local banking systems of various countries and address cross-jurisdictional regulatory coordination. Additionally, stablecoins will face fierce competition from banks, card organizations, and traditional payment companies. However, we are more inclined to see a trend of "turning enemies into friends", such as VISA actively deploying stablecoin business through its Ventures, signaling that cooperation and coexistence will be mainstream. As multiple countries launch their compliant stablecoins, how to achieve seamless exchange and liquidity coordination between them will be a new obstacle, of course, also providing new opportunities for entrepreneurs.
Zoya's Crooked Mountain: Traditional enterprises choose stablecoins primarily for three reasons: accelerating settlement speed, reducing operational costs, and avoiding cross-border regulatory issues:
- Bypassing banking systems and intermediate links like SWIFT;
- Avoiding exchange rate fluctuations and maintaining transaction settlement efficiency;
- Facilitating business with USD-scarce and sanctioned entities.
The hindrance is that centralized operating entities will still be regulated. During the initial development, there will be a certain degree of freedom, but once they grow, they will inevitably be regulated, as seen in Europe's MiCA, the US GENIUS bill, or Hong Kong's stablecoin.
Zephyr: The advantages of stablecoins in cross-border payments are efficiency and cost, which I believe have been thoroughly explained in recent news reports. I believe this will be blockchain's most breakthrough moment.
Obstacles: Regulatory policies remain a significant issue. Legal restrictions in some regions may expose enterprises to legal risks in cross-border payments, and enterprises may face many challenges in final monetization. Moreover, different stablecoins are scattered across blockchain networks (Ethereum, Solana, Tron), and cross-chain transfers rely on bridging tools. Users in emerging markets might have blurry perceptions of stablecoins and blockchain due to insufficient education, potentially causing asset losses through operational errors, such as mistakenly transferring to an incompatible chain.
(Translation continues in the same manner for the rest of the text, maintaining the specified translations for specific terms)Regarding Tether, as a law-abiding citizen, I believe regulation is definitely a good thing and at least doesn't affect me. But honestly, it impacts some underground interests. Some people use blockchain to bypass regulations, so I don't think Tether necessarily needs to be brought under control to become compliant. I still hope they can use technical methods to reform and prove their reserve transparency. They can consider deepening cooperation with exchanges and projects to consolidate their position. It depends on what path Tether chooses.
5. What stablecoins do you hold? Why did you choose them?
Little King: I hold eUSD from Ethereal, USD* from Perena, and mUSD from Metastbales on Sui. I hold them because they will give me airdrop points. I want to get rich through airdrops and retire after graduation.
Sanqing: I mainly hold USDC on-chain and USDe on exchanges. I choose USDe because I often use Bybit, where USDe generates interest when held and can be used as collateral, improving capital efficiency. I choose USDC on-chain because I'm mainly active on BASE and Plume networks, which have almost no USDT options, and the native stablecoin pUSD on Plume is currently issued with 100% USDC reserves.
Dave's Floating Capital Perspective: I only look at transaction convenience when holding stablecoins. Which stablecoin doesn't matter much to me, and even security issues don't affect me because retail investors' volume can be completely withdrawn within ten minutes. Retail investors don't need to worry about things that only bosses should consider.
KuCoin Ventures: As a venture capital firm, our stablecoin selection is highly scenario-based and demand-driven, so we don't hold just one. In daily operations and investments, both USDT and USDC are tools we use. Our selection logic is pragmatic. When we need to transfer funds in a crypto-native environment, the top stablecoins' excellent liquidity depth, multi-chain support, and broad market acceptance are the most efficient choices.
Zuo Ye Wry Mountain: USDT, out of habit.
Zephyr: I always use USDT. My only purpose is trading, so USDT is still the most convenient. It has the strongest liquidity across the network, and its efficiency and cost are superior to USDC when frequently withdrawing coins and adjusting funds across platforms. The OTC market is also rich, making exchange easier.
