Is the stablecoin entering the 'dual-track' era? US and EU regulation divergence reshapes industry competition landscape

【Crypto World】The future landscape of stablecoins is being redrawn by regulatory frameworks.

As key policies like the US GENIUS Act continue to advance, the industry is undergoing a qualitative shift—from previously vague broad principles to clear specific requirements, enforceable regulatory standards, and institutional-level compliance expectations. Web3 security firm CertiK recently released a report stating that the core sign of this transformation is the industry’s overall shift from pursuing “rapid innovation” to prioritizing “security.”

What does this mean? It means that future issuers who can survive and develop in the stablecoin sector will no longer just compete on marketing effectiveness, but on their expertise and institutionalization in reserve management, transparency disclosure, and infrastructure operation. CertiK co-founder and CEO Gu Ronghui bluntly stated that companies with mature, institutional-level operational systems are the winners in this space.

Even more interesting is the regulatory divergence between the US and Europe. The US regards USD stablecoins as strategic assets, while the EU’s MiCA framework focuses on protecting the euro’s monetary sovereignty. This difference is shaping a “dual-track” global stablecoin system—two regions operating independently, each with its own set of rules.

CertiK’s perspective touches on the essence: regulatory frameworks will determine who is qualified to issue stablecoins and who can compete in the global market. The future battleground shifts to long-term operational capabilities across different regulatory systems. This is not just policy adjustment but a whole new set of game rules.