Moreover, benefiting from the inherent advantages of stablecoins in cross-border trade and settlement, some non-financial giants have begun exploring stablecoins. For example, retail giants Walmart and Amazon are rumored to be researching the issuance of stablecoins, which are expected to help them bypass traditional payment networks and save billions of dollars in transaction fees.
As well as the recently frequently reported JD stablecoin, which is expected to obtain a license by the end of 2025 and simultaneously launch the JD stablecoin. The first batch of issuance may simultaneously anchor the Hong Kong dollar and US dollar. As a Chinese e-commerce giant, JD's moves in the stablecoin field are receiving significant attention, which is not just a technical layout at the company level, but a deep transformation of international trade and supply chain finance.
From this perspective, in the next few years, stablecoins may recreate the rise of credit card networks - first paved by giants, then supported by policies, and finally landing as a standard in payments.
Starting with Stablecoins, Are Institutions Entering a New Cycle?
Looking back now, it becomes clear that the institutionalization of Crypto has been brewing for years. As early as 2019, the emergence of Libra once made many exclaim about the arrival of the "digital dollar" era, but this global payment system's ambition became almost Libra's only highlight moment. Subsequently, under heavy regulatory pressure, Libra had to gradually narrow its goals and ultimately exit the stage.
Nevertheless, Libra to some extent promoted the large-scale practice of the "digital dollar" experiment, especially with stablecoins centered on the US dollar achieving explosive growth in 2020, quickly penetrating broader financial scenarios and becoming a USD alternative for cross-border payments.
Since last year, global market recognition of cryptocurrencies has extremely escalated. The "GENIUS Act" mentioned at the beginning is a crucial milestone, and another key factor accelerating institutional layout is the significant shift in regulatory stance:
As a federal-level legislation focusing specifically on stablecoin issuance and management, it clearly stipulates that stablecoin issuers must meet 1:1 reserve, audit report, and redemption obligations, and supports banks, licensed institutions, and audited enterprises to apply for issuance qualifications, which undoubtedly opens a compliance door for Wall Street's major players.
Therefore, before and after the clear expectation of the bill's implementation, we can successively see multiple changes accelerating - besides Circle's listing and outstanding performance, JPMorgan, PayPal and others are rapidly advancing stablecoin product compliance registration, and traditional asset management institutions like Franklin Templeton and Fidelity have already initiated digital asset custody and re-issuance attempts.
If stablecoins were previously the "folk hard currency" in the Web3 world, compliant stablecoins may become the global monetary replica in the next-generation financial infrastructure.
Moreover, with the rapid growth of institutional and high-net-worth individual demand, pure trading business models can no longer meet the increasingly complex market needs. Non-trading business competition is becoming the strategic core of the new wave of institutionalization, which is another variable brought by institutions and giants.
Conclusion
From BTC/ETH financial exposure to rebuilding on-chain payment networks, and to the actual impact on crypto regulations, institutions are gradually reconstructing the cornerstone of the Web3 world. These traditional financial players are clearly not just dipping their toes, but intend to deeply cultivate the long-term industrial chain.
In the next few years, the crypto industry landscape may no longer be just a competition between "projects and protocols", but a remake of the map between crypto-native enterprises and financial giants.
This also means that the real narrative battle has just begun.
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