The stablecoin market is ushering in new developments as global financial infrastructure is about to be reshaped.

Against the backdrop of a gradually clarifying global regulatory environment, the concept of stablecoin has once again become the focus of the capital market. Data shows that related indices soared significantly for several consecutive days in mid-June. Beneath this prosperous scene, divergences regarding the form of the next generation of financial infrastructure are emerging. A Chinese internet technology giant is joining this global competition with a unique model.

The company's top leadership publicly announced plans to apply for stablecoin licenses in major currency countries around the world, with the goal of reducing cross-border payment costs between global enterprises by 90% and improving efficiency to within 10 seconds. Behind this grand plan is a magnificent roadmap that goes from solving its own pain points to building a global financial network.

From Localization to Globalization: A Chinese Tech Giant's Stablecoin Strategy

Until recently, this tech giant had only just placed its stablecoin strategy at the core of its corporate map, allowing outsiders a glimpse into its global financial blueprint. Company executives stated that its international business does not follow the cross-border e-commerce route, but instead adopts a strategy of local e-commerce, local infrastructure, local employees, local procurement, and local shipping, only selling branded products. This "localization" logic is key to understanding its stablecoin layout.

To replicate the "localization" model in mainstream global markets, it is essential to equip each node with local settlement capabilities. For instance, efficient operations in Japan require a yen stablecoin, while launching in Europe necessitates a euro stablecoin. This inherent compliance demand within the business has led to a rigid pursuit of "local stablecoin licenses". The first phase goal of the stablecoin network is to create a unified and efficient financial operating system for distributed global businesses.

Once the B2B settlement network is established, the second phase goal is to move towards the C-end market, realizing the vision of consumers using the company's stablecoin for payments globally. The core challenge in achieving this cross-border consumption experience is the traditional foreign exchange friction. Currently, the stablecoin market is highly dependent on USD stablecoins, and users in non-USD regions still need to frequently exchange currencies when making payments, resulting in high costs and low efficiency. To address this issue, the multi-currency stablecoin system anchored to local fiat currencies, constructed in the first phase, will be key to breaking down this barrier.

The focus of this company's stablecoin strategy is to directly penetrate the traditional trade settlement market, with "compliance" as the core barrier, focusing on serving global entities that have a rigid demand for transparent and efficient payment solutions. This strategy is highly aligned with the background of the responsible person in the relevant department of the company. This industry veteran, who has been deeply involved in mobile payment design, has dedicated his career to embedding payment technology into real industry scenarios, making the company's "industry-first" approach not only pragmatic and feasible but also credible in implementation.

Ultimately, when the constructed financial network possesses sufficient liquidity and trust foundation, its stablecoin strategy will evolve from an internal settlement system to an open "international stablecoin settlement hub".

Two modes: Uncertainty of the US stablecoin bill

However, as Asian tech giants accelerate their efforts in the "vertical integration" model, the United States is building a different set of rules. The highly anticipated GENIUS Act stablecoin bill has recently passed in the U.S. Senate with an overwhelming bipartisan vote of 68-30.

The passage of this bill is just the first step in the regulatory long march. It is reported that the bill has received over 100 proposed amendments, and a "battle of interpretations" over the details of the rules has just begun. Among them, a widely concerned amendment is particularly crucial, which proposes that publicly listed companies whose main business is non-financial cannot issue payment stablecoins without the unanimous consent of a specific review committee. The final interpretation and specific implementation details of this clause will be determined by the relevant regulatory agencies in a fierce competition. If the restrictions are strictly enforced, the path for large technology companies will be to cooperate with licensed issuers rather than issuing themselves; for existing issuers who have already made significant compliance investments at the state level, this is no different from a "regulatory moat" solidified by federal law.

At this point, apart from the digital yuan, China and the United States have demonstrated two different models in their exploration of future development paths in the global stablecoin market: one is the Asia model driven by commercial giants, seeking "vertical integration"; the other is the U.S. model driven by regulation, where the mainstream trend is to seek "separation of issuance and distribution," but the ambiguity of the final rules leaves significant uncertainty in the market.

A Broader Perspective: Geofinance Beyond Payments

All of this is happening against the grand backdrop of reforms in the global monetary system and reflections on the reliance on traditional international payment systems. The strategic intentions of Chinese tech giants have surpassed mere considerations of commercial efficiency. They have clearly expressed support for and promotion of the issuance of offshore RMB stablecoin, but whether it can ultimately be realized still depends on domestic regulation. Once this multi-currency stablecoin network is established, it will itself be an efficient global trade settlement layer that does not rely on the hegemony of the US dollar.

Therefore, the layout of this company can be interpreted as a bottom-up exploration of the internationalization of the renminbi led by market forces. The world's attention is focused on this, observing a major game driven by both regulation and commerce that could determine the shape of the next generation of financial infrastructure.