Executive Summary • Three Flavors of Stability: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. • Market Size: Global stablecoins now command a $260.7 billion market cap—about 1 % of U.S. 2024 nominal GDP—serving 170 million users across 80+ countries. • Regulatory Tipping Point: 2025 laws in the U.S., Hong Kong, and elsewhere mark the end of the “Wild West” and the start of a high-stakes contest over monetary sovereignty. • Strategic Stakes: Stablecoins sit at the ne...

Executive Summary • Three Flavors of Stability: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. • Market Size: Global stablecoins now command a $260.7 billion market cap—about 1 % of U.S. 2024 nominal GDP—serving 170 million users across 80+ countries. • Regulatory Tipping Point: 2025 laws in the U.S., Hong Kong, and elsewhere mark the end of the “Wild West” and the start of a high-stakes contest over monetary sovereignty. • Strategic Stakes: Stablecoins sit at the ne...