Stablecoins are redefining the rules of cross-border payments. Data from 2025 shows that the annual transaction volume of stablecoins has surpassed $12 trillion, with cross-border payments accounting for 47%. This growth rate is already challenging the ceiling of traditional payment networks. In contrast, they are irreversibly transforming the underlying logic of the global settlement system.

Hong Kong's recent policy actions are particularly noteworthy—36 stablecoin license applications are about to be approved, with reserve assets limited to Hong Kong dollar cash and government bonds. This directly upgrades stablecoins from market tools to "on-chain fiat currencies." With a 24-hour redemption mechanism and second-level settlement capability, foreign trade merchants in the Pearl River Delta have already sensed the opportunity. They are testing stablecoins as a replacement for traditional cross-border remittances, reducing fees from 3% to a few basis points.

However, the ambitions of stablecoins go far beyond payments. The vertical integration case of FRAX is very insightful—using U.S. Treasuries as collateral, Fraxtal L2 ecosystem utilizing FRAX for Gas, and integrating banking interfaces. This combination creates a complete closed loop of "stablecoin + application layer + financing channels." Such architecture is widely adopted by institutions and also indicates that stablecoins are evolving from simple transaction media into more complex financial infrastructure.

The overlay effect of the RWA (Real-World Asset) track is even more noteworthy. When traditional financial assets are tokenized, stablecoins are needed as the benchmark unit and transaction medium, further strengthening their central role in the ecosystem. To some extent, the role of mainstream public chain tokens is gradually broadening, while stablecoins are continuously reinforcing their core functions.