Under the wave of regulation: Compliance risks and breakthrough paths of stablecoins Author: Lawyer Jie Hui; Source: Mankun Blockchain Law 2025 will be a watershed year for the development of stablecoins, as the global regulatory framework accelerates to take shape and continues to improve, the once "grey area" is being clearly delineated into regulatory categories. This market, valued at over $250 billion, is experiencing the growing pains and transformation from barbaric growth to compliance. Core definition, classification, and importance of stablecoins (1) Core definition of stablecoins Stablecoin is a special type of Crypto Assets, with the core goal of maintaining value stability (as opposed to Bitcoin, Ethereum and other Crypto Assets that pursue price growth), achieving value anchoring through pegging to fiat currencies, commodities, or Crypto Assets, or relying on algorithms, providing a value benchmark for the highly volatile digital asset market. Stablecoins essentially act as a "bridge asset" connecting the traditional financial world and the crypto digital world. It inherits the technological advantages of Crypto Assets.