In late September 2025, the global stablecoin market showed a clear picture of warm and cold weather.
On one hand, there is the “acute brake” of supervision: According to Caixin’s September 23 news, the crypto asset business of Chinese institutions in Hong Kong has been clearly required to shrink recently, including investment, trading, issuance of RWA, stablecoins, etc. Under the cooling down, social media recently circulated that the world’s first stablecoin pegged to the offshore RMB has been issued in Hong Kong, but the news was quickly denied by the official.
On the other hand, there is the “crazy race” in the international market: On September 24, Tether, the world’s largest stablecoin issuer, was revealed to be seeking financing at a valuation of US$500 billion, which is enough to compete with technology giants such as OpenAI and SpaceX. The nine major European banks have recently officially announced that they will develop euro stablecoins in order to seek alternatives to the US dollar.
This seemingly fragmented market ecology is actually a naked interpretation of the “Mundale Impossible Triangle” in the digital age – when the free flow of capital, the balance between exchange rate stability and monetary sovereignty is broken, the strategic choices of various countries will inevitably differentiate, which also reveals the core propositions of current global financial competition.
When the United States accelerates the creation of stablecoins into “on-chain US dollars” to consolidate currency hegemony and attempts to allow global users to take over US debt, many countries around the world have clearly felt the real challenge of their own currency sovereignty being squeezed. China has clarified its path, using Hong Kong as a “compliance test field” to explore development boundaries, and at the same time firmly promote the internationalization of the digital RMB. A smoke-free battle surrounding monetary sovereignty and financial rules in the digital age has begun.
In the secondary market, the stock prices of related companies have been on a roller coaster. Jiami Technology has fallen back 31% from its high point. Even so, the stock has risen by as much as 1404% this year; Guotai Junan International ‘s stock price soared by 556% in more than half a month since June 25, and is currently falling back nearly 40%; in addition, Yunfeng Finance , Hengbao Co. , Ltd. , and Zhongke Jincai have fallen back 29%, 31%, and 35% from this round of high points respectively.
