According to the public consultation documents on stablecoins jointly issued by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority, Kelvin Guo, co-founder of OneDegree, a Hong Kong digital asset insurance company, stated that stablecoins are crucial for the development of Web3 and can help mainstream investors enter the Web3 and cryptocurrency ecosystem. Stablecoins are supported by legal tender and can be easily converted into legal tender while maintaining value stability, providing investors with flexibility and protection.

According to Coingecko data, the total market value of stablecoins has reached $131,341,924,612, with USDT accounting for 71.66% of the total market value of stablecoins. USDT currently ranks first with a market value of $91,062,275,440, with a 30-day increase of 3.7%; USDC ranks second with a market value of $24,781,831,406, with a 30-day increase of 1.5%; and DAI ranks third with a market value of $5,289,958,455, with a 30-day decrease of 0.2%.

Data from the US Senate Public Records Office shows that lobbying activities for stablecoins have surged in the first three quarters of 2023, including lobbying funds from the largest stablecoin issuer Tether. There have been 161 lobbying disclosure reports mentioning stablecoin legislation or regulation, a 79% increase from the 90 reports in the first three quarters of 2022.

According to Defillama data, as of December 5th, the total market value of stablecoins reached 128.77 billion US dollars, an increase of 0.58% from last week. In addition, the circulation of USDT has exceeded 89.7 billion US dollars, and the stablecoin market share has reached 69.73%.

Coinbase released a blog post stating that stablecoins are part of the future of currency, and they have already arrived. The biggest opposition to using cash in the current financial system for Americans is that obtaining and transferring funds requires too many fees. Stablecoins provide consumers with all the benefits of cash, but without the drawbacks, including being cheaper and faster in circulation. They are an important part of the future of currency and are already helping to update the system. As the importance of stablecoins increases, so does the urgency to regulate them.

Lybra Finance, the issuer of interest-bearing stablecoins, announced on X platform that it has paid out over $5 million in rewards to stablecoin and governance token holders, with nearly 20% paid out last month. The protocol distributes nearly $1 million in actual earnings each month.

According to a report from Jinse Finance, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), also known as the Singapore Central Bank, stated at the "Future of Monetary Systems" panel discussion at the Hong Kong Monetary Authority-International Bank for Settlements event that the future monetary system will consist of three key components: central bank digital currencies, tokenized bank liabilities, and "well-regulated" stablecoins. Private digital currencies "fail the currency test because they are not a store of value". No one puts their life savings into these things. People buy and sell these things to make a quick buck. Private cryptocurrencies, as native digital tokens, do not pass this test, so I think they will eventually exit the stage.

According to Defillama data, as of November 21st, the total market value of stablecoins has reached $128.191 billion, an increase of 1.14% from the previous week. In addition, the circulation of USDT has exceeded $88.8 billion, and the stablecoin market share has reached 69.32%.

Lawmakers in the United States are yet to pass legislation providing regulatory clarity on stablecoins and other aspects of the digital asset space. Consensys senior counsel Bill Hughes believes that once issues related to state-level regulators are resolved, legislating on stablecoins should be a "no-brainer" for lawmakers. Hughes also commented on proposed crypto bills, stating that the Clarity for Payment Stablecoins Act was "pretty sensible" while Massachusetts Senator Elizabeth Warren's bill was "problematic" in addressing Anti-Money Laundering. Candidates for the 2024 presidential election expressed their support for crypto-related policies at the North American Blockchain Summit, an issue that has not taken center stage at Republican Party debates.

Golden Finance reported that Alessandr Perrazzelli, Deputy Governor of the Bank of Italy, discussed the differences between central bank digital currencies, stablecoins, and cryptocurrencies. Perrazzelli stated that unlike private stablecoins, the digital euro will protect public interest.