The "first stock" of stablecoin is listed. Will the Web3 payment era come ahead of schedule?

Written by: OKG Research

According to OKG Research's research data, by June 2025, 62.5% of the global population and countries/regions representing 76.56% of GDP are advancing the construction of stablecoin regulatory frameworks. Recently, Hong Kong's "Stablecoin Regulation" was officially gazetted, and the U.S. "GENIUS Act" is accelerating its legislative process, marking a key breakthrough in stablecoin regulation globally. Today, the stablecoin "first stock" Circle officially listed on the New York Stock Exchange, once again pushing this topic into the spotlight. [Image] Recently, OKG Research, in collaboration with the Hong Kong University of Science and Technology's Financial Research Institute and Crypto-Fintech Lab, hosted a symposium themed "Stablecoin Legislation Opening the Gate: Will Web3 Payment Step Out of the 'Experimental Zone'?" They engaged in in-depth discussions with key representatives in the Web3 payment ecosystem, including OKX Pay, Solana Foundation, JD Chain, and ZA Bank. These organizations collectively constitute the critical pieces of the current Web3 payment ecosystem, covering payment infrastructure, technical solutions, financial services, and compliance pathways. As the initiator of this symposium, OKG Research is committed to clarifying the practical significance of stablecoin legislation for Web3 payment implementation through diverse perspectives. [OKG Research Releases Trend Report: Stablecoins Enter "Regulatory Acceleration Period"] At the conference, OKG Research officially released a joint research report on Web3 payments with the Hong Kong University of Science and Technology's Crypto-Fintech Lab. The report indicates that by May 2025, global stablecoin supply will approach $250 billion, growing over 54% in the past 12 months, with a circulation market value equivalent to 1.13% of the U.S. M2 (broad money supply). Annual transaction volume is expected to exceed $10 trillion. The report believes that as user experience improves, merchant coverage expands, and compliant stablecoins are promoted, Web3 payments will release more growth dividends in the next two years, with penetration rate expected to rise to around 20%. [Image] [Image source: OKG Research: Global Stablecoin Supply] The research findings received positive responses from scholars and industry representatives. Tang Bo, Assistant Dean of the Hong Kong University of Science and Technology's Financial Research Institute, noted, "Stablecoin legislation is a significant opportunity for Hong Kong. Its advantage lies not just in its financial system, but in its unique position connecting East and West." [Decoding the Web3 Payment Ecosystem: Why Are They Important?] During the roundtable session, OKG Research invited experts from Solana Foundation, JD Chain, ZA Bank, and OKX Pay to discuss the core topic: "How far are we from large-scale Web3 payment adoption?" Multiple guests mentioned that the true value of Web3 payments lies not only in on-chain transaction settlement but in building a verifiable trust structure that reconstructs traditional challenges like cross-border payments and cross-platform transactions. The OKG Research representative stated that with blockchain technology's continuous development and global stablecoin legislation, a foundation for large-scale blockchain technology adoption is being laid. The report predicts that under an optimistic scenario of gradually expanding global compliance frameworks and widespread institutional and individual adoption, the global stablecoin market supply could reach $3 trillion by 2030, with annual transaction volumes exceeding $100 trillion, becoming a crucial bridge connecting Web3 and the real world.