2025-08-30
In 2025, the compliance sandbox of Hong Kong HashKey Exchange supports real asset collateral stablecoin publishing, processing cross-chain securities publishing for more than 1 billion US dollars, and the settlement time is shortened from T + 2 to real-time. This practice marks the evolution of stablecoins from edge tools of cryptocurrency to core infrastructure connecting real assets and digital finance.
Real asset-backed stablecoins achieve a 1:1 mapping between off-chain assets and on-chain tokens through smart contracts. For example, stablecoins backed by gold track the ownership of physical gold in London vaults through blockchain, with each token corresponding to a real-time valuation of 0.01 ounces of gold. Combined with Chainlink oracle to obtain data from the London Gold Exchange, the collateral rate is dynamically adjusted to 120%. Fiat-backed stablecoins such as USDC, after users deposit $1, the publisher mints USDC on Ethereum through the ERC-1400 security token standard, and the cash and US bonds in reserve assets are audited monthly by Grant Thornton.
LayerZero protocol supports direct collateral of multi-chain native assets. For example, users can deposit US Treasury tokens in Arbitrum and instantly borrow USDT on Avalanche without bridging assets. The cross-chain gateway of HashKey Exchange integrates multi-chain nodes, which improves the efficiency of cross-chain stablecoin trading strategy formulation by 200% in 2025, but increases maintenance costs by 300%. The CCIP protocol cooperated by ANZ Bank and Chainlink realizes cross-chain synchronous settlement between Australian dollar stablecoins and Hong Kong central bank digital currency e-HKD, and the transaction confirmation time is shortened to 3 seconds.
Institutional stablecoin platform accelerates landing. VAX (VaultX) allows institutions to borrow USDC with tokenized US bonds as collateral through the US MSB license compliance framework, with an annualized return of 5%, attracting more than 200,000 COMP coins to be locked. HashKey Exchange's compliance sandbox supports mixed verification of PoW and PoS chains. In 2025, it will process more than 500,000 cross-chain stablecoin exchanges, and the fraud rate will decrease by 42%.
Real asset-backed stablecoins are restructuring supply chain financing. A certain auto parts manufacturer published stablecoins through real estate mortgage, reducing financing costs from 12% to 6.5% and compressing payment terms from 90 days to real-time. Ant Digits' "Antchain Inside" solution collects real-time charging pile operation data through IoT devices, generates tradable stablecoins, and increases asset liquidity by 300%.
Global regulation is accelerating. The US GENIUS Act requires stablecoins to hold 100% cash or US Treasury bonds and undergo annual audits. The Hong Kong Stablecoin Ordinance requires publishers to implement on-chain reserve monitoring and promote the application of zero-knowledge proof (ZK) technology in audits. The hybrid verification mechanism of HashKey Exchange, combined with real-time on-chain data and off-chain manual review, will achieve a transparency score of AAA for stablecoin reserves in 2025.
Dynamic collateral rate algorithm becomes key. MakerDAO's DAI introduces RWA collateral pool, allowing users to generate stablecoins with tokenized US Treasury bonds as collateral. The dynamic optimization algorithm of collateral rate reduces settlement risk by 60%. The deep integration of cross-chain protocols and oracles is driving the evolution of stablecoins from single-chain tools to full-chain financial infrastructure.