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## Introduction

The stablecoin sector has seen many changes recently, with the passage of the STABLE Act in the United States opening up a new regulatory landscape for stablecoins, and the FDUSD anchor-breaking crisis and the rise of the Trump family's USD1 revealing market changes. This article provides an in-depth analysis of the upgraded regulatory framework, differentiated market competition, and the challenges facing the dominance of the US dollar, offering insights into the future direction of the stablecoin race amidst the wave of compliance.

## The crypto market is cooling down, and the stablecoin sector remains strong and promising.

Since the bottoming out and rebound of the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> in 2023, the market value of stablecoins has shown explosive growth. By the end of 2024, the total market value of global stablecoins has surpassed 200 billion USD for the first time, with USDT accounting for 62.72% of the market share at 130 billion USD, followed closely by USDC at 39 billion USD. This growth resonates with the overall bull market in the crypto market: from September 2024 to January 2025, the market value of stablecoins increased by 50 billion USD, while the total market value of crypto doubled from 21 trillion USD to 36 trillion USD. It is worth noting that the expansion of stablecoins is not entirely dependent on new capital entering the market, but is driven by the activity of RWA, DeFi, and other factors.

![](https://gimg2.gateimg.com/image/article/17448523861.jpg)

Since 2025, the influx of stablecoin funds into the stock and bond markets continues to grow amidst uncertainty, implying that cryptocurrency assets are gradually evolving into a more uncorrelated asset class. While this is not yet enough to trigger a landslide-like altcoin market, it undoubtedly indicates that the industry is far from stagnant. In addition, tokens of various stablecoin protocols such as ENA, USUAL, MKR, etc., have also shown a certain level of resilience.

The optimistic signal of the stablecoin sector may be attributed to the dual role stablecoins play in the volatility of the crypto market:

Liquidity tools: When mainstream assets such as <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> experience increased volatility, investors tend to convert their assets into stablecoins to mitigate risks. Data shows that the ratio of exchange stablecoin reserves to Bitcoin reserves reached a historical peak in the fourth quarter of 2024, reflecting an increase in market risk aversion sentiment.

Value anchoring bridge: In March 2025, during a period when the liquidity of the Federal Reserve was not loose, stablecoins, such as USDC through compliant custody channels like Circle, became the entry point for institutional funds, driving its market value to grow by 0.91% in a single week to $229.3 billion. This "fiat deposit channel" feature makes it a key infrastructure in the bull market.

## The Trump family's encrypted project USD1 emerges

At the beginning of April, the WLFI project associated with the Trump family launched the USD1 stablecoin on the Binance Smart Chain (BSC). As of April 15, the circulation reached 113 million coins, and the total trading volume exceeded 139 million USD.

![](https://gimg2.gateimg.com/image/article/17448524212.jpg)

The rapid rise of USD1 is due to:

Celebrity effect and compliance narrative: WLFI claims that USD1 is fully backed by offshore US dollar deposits and plans to apply for a BitLicense in New York State, attracting investors who are hopeful about Trump's policies.

Ecological integration strategy: USD1 has been listed on DeFi protocols such as <a href="/price/pancakeswap-cake" target="_blank" class="blog_inner_link">PancakeSwap</a>, and it has formed synergy with the Trump platform, attempting to replicate the 'transaction scenario binding' model of USDT.

## Justin Sun's tweet triggers FDUSD decoupling crisis

On April 3, 2025, Justin Sun, the founder of <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>, accused FDT company, the issuer of FDUSD, of financial opacity on social media, resulting in the price of FDUSD plummeting from $1 to $0.87. This incident exposed the vulnerability of the stablecoin market:

Trust crisis spreads: Despite FDUSD's attempt to restore its peg through collateral asset audits, market doubts about its reserve adequacy continue to ferment, triggering the risk of a run on small and medium stablecoin projects.

Regulatory arbitrage controversy: FDT founder Vincent Chok is accused of transferring assets through related-party transactions, highlighting the issue of the wild growth of offshore stablecoins outside the regulatory framework.

As of April 16, FDUSD has restored the normal fiat anchoring exchange rate under the official continuous redemption and stabilization, but the exposed issues are still worth market consideration.

## STABLE Act Strikes: New Era of Stablecoin Regulation in the United States

On April 3, the U.S. House Financial Services Committee approved the Stablecoin Transparency and Accountability to Promote Economic Ledger (STABLE) Act with 32 votes in favor and 17 against. The bill, introduced by Representatives Brian Steil and French Hill in March 2025, aims to establish a comprehensive regulatory framework for payment stablecoins.

![](https://gimg2.gateimg.com/image/article/17448525453.jpg)

The STABLE Act clearly defines the concept of 'payment stablecoin' as a digital asset used for payment or settlement, denominated in national currency, and issued by an entity obligated to redeem or exchange it at a fixed amount. The Act mandates that stablecoin issuers must obtain licenses from federal or state regulatory agencies and comply with strict reserve and disclosure requirements. Issuers are required to publicly release monthly reports, including total circulation, total reserves, and composition, which must be independently audited by registered accountants.

It is worth noting that the STABLE Act sets a high compliance threshold for stablecoin issuers. If the CEO or CFO submits false financial report statements or intentionally violates regulations, they may face up to 20 years in prison and a $5 million fine; negligence may result in up to 10 years in prison and a $1 million fine. These strict penalties are designed to ensure transparency and accountability in the stablecoin market.

## Intensified global competition: the challenge to the dominance of the US dollar

The introduction of the STABLE Act is not only related to the domestic market of the United States, but will also have a profound impact on the global financial landscape. As countries around the world formulate their own stablecoin regulatory policies, the United States' move will undoubtedly set an important regulatory benchmark on the international stage.

The EU has passed the Markets in Crypto-Assets (MiCA) regulation, establishing a comprehensive regulatory framework for stablecoins. Financial centers in Asia such as Singapore and Hong Kong are also actively exploring best practices for regulating stablecoins. This global regulatory trend is reshaping the future of digital currencies.

It is worth noting that the development of stablecoins may have an impact on the global dominance of the US dollar. A report by Bernstein shows that stablecoin issuers have become the 18th largest holders of US government debt, and the total circulation of stablecoins has reached a historical high of 170 billion USD. This means that stablecoins are becoming an important part of the global US dollar reserves.

However, this trend also brings challenges. Other countries may use stablecoin technology to develop their own digital currencies to reduce dependence on the US dollar. Therefore, the implementation of the STABLE Act is not only related to domestic financial stability, but also an important measure for the United States to maintain its global financial leadership.

## Conclusion

From market value expansion to regulatory game, stablecoin has become an indispensable infrastructure in the <a href="/price" target="_blank" class="blog_inner_link">cryptocurrency market</a>. In the short term, the STABLE Act will undoubtedly accelerate industry reshuffling; in the long term, technological innovation and compliance will determine whether it can break the controversy of "shadow banking" and become a "digital era currency" in the true sense. For investors, it is necessary to find a balance between high-yield pledging, emerging project dividends, and regulatory risks, and the story of stablecoin may be _script_ing a new chapter in the global financial system.

Risk reminder: Regulatory policies may be adjusted due to market changes, and technological innovation may bring unexpected challenges, affecting the implementation effect of the STABLE Act.

<div class="blog-details-info">
<div>Author: Charle A., Researcher at Gate.io<div class="info-tips">*This article represents only the author&#39;s views and does not constitute any trading advice. Investment carries risks, and decisions should be made carefully.
<div>*This content is original, copyright belongs to Gate.io, if you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.
</div><p></p>
</div></div></div>

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This article delves into a series of recent innovations in the stablecoin sector, especially the approval of the STABLE Act in the United States in early April, which is expected to usher in a new era of global stablecoin regulation.

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Stablecoin New Developments: FDUSD Unpegged, Stablecoin USD1 Launched, etc.