Stablecoin Architecture Divergence Intensifies: Regulation Drives Competition Between "Cash-Backed" and "Bank Deposit-Backed" Tokens
BlockBeats News, May 15th, an article in
The article contrasts the two models as a core divergence:
One type is represented by stablecoins, known as "bearer digital cash," emphasizing instant settlement and atomic-level clearance on public chains, reducing intermediaries and counterparty risks, and being closer to the attributes of "on-chain cash."
The other type consists of bank-issued tokenized deposits, closer to the traditional banking liability system, requiring stricter KYC and settlement constraints. Its advantage lies in compliance with regulatory capital requirements but is limited in cross-chain interoperability.
The article points out that the EU's MiCA framework and the US GENIUS Act are accelerating this differentiation from an institutional perspective: the former divides the regulatory path through electronic money tokens and asset-referenced tokens, while the latter requires stablecoins to be 100% backed by cash and short-term US Treasury bonds, and strengthens the bankruptcy priority payment mechanism.
The analysis believes that this structural choice not only determines the payment attributes of stablecoins but also will affect their long-term position in cross-border payments, corporate treasury management, and the global dollar system. At the same time, while "bearer stablecoins" are improving efficiency, they are also suggested to bring about redemption pressure and systemic liquidity risks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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