Author: Blockchain Knight; Source: X, @Knight_in_Block

In the past week,three landmark events have occurred for stablecoins at the traditional financial and regulatory levels, outlining how stablecoins in other markets seek to gain a foothold in addition to the dominance of the US dollar.

Toss Bank, which has 15 million users, announced its cooperation with the Solana Foundation to launch a proof-of-concept for cross-border remittances based on the Solana stablecoin.

This South Korean pure Internet bank plans to embed blockchain settlement into its existing banking applications. Customers will still stay in the familiar interface, and the background will try to use stable coins to improve cross-border efficiency.

Currently it is only a technical feasibility test, and the launch time, stablecoin issuer, custody plan and compliance process have not been disclosed.

The Korean Financial Commission has not yet clarified the regulatory path for retail stablecoin remittances, and banks need to first resolve overseas partner and fund reviews.

But the key point is that if banks can dominate customer relationships and introduce blockchain settlement, they may be able to improve existing fiat currency remittance services, but this still depends on subsequent product details and regulatory releases.

AndThe final version of the Bank of England's framework canceled the individual and corporate holding limits, instead set a temporary issuance limit of 40 billion pounds (about 53 billion U.S. dollars) for each systemic pound stablecoin product, and increased the proportion of interest-bearing government bond reserves to 70%.

This is more pragmatic than the previous plan. Wallets and merchants do not need to worry about balance limits, but any pound stablecoin will be limited to a market size smaller than USDT and USDC from birth.

The central bank said the cap is a temporary measure aimed at preventing the rapid loss of deposits and may continue to relax it in the future.

It is currently planned to officially operate in 2027, but in the face of the solidified liquidity and exchange support of the US dollar stablecoin, the adoption window of the British pound stablecoin is limited.

Sweden, which is next door to the UK, launched SEKAU last Friday, becoming the first Swedish krona stablecoin that meets MiCA standards and is deployed on five chains including Ethereum, Solana, and Base.

The product is aimed at institutional fund management and settlement, and is not yet open to public trading venues. Although Northern Europe has an instant payment system, the liquidity of the krona on the chain is far less than that of the US dollar.

SEKAU needs to prove that there is a real need for institutions to use krona for settlement in crypto or tokenized asset workflows, not just an additional compliance track.

The dynamics of stablecoins in three different regions reflect the same dilemma.USD stablecoins have formed a deep network effect. Even if local currency stablecoins receive regulatory green light, they still face scale ceilings and adoption barriers.

The smart thing about South Korea’s Toss Bank is that it does not compete with the U.S. dollar for depth. Instead, it uses stablecoins as a back-end settlement channel. The front-end is still a bank service, and users do not even perceive the existence of the chain. This may be the most realistic way to survive for local currency stablecoins, rather than establishing a separate portal.

The Bank of England is clearly aware that once the scale of the pound stable currency increases, the loss of bank deposits and the contraction of credit will directly impact the real economy, so it would rather sacrifice competitiveness than set a ceiling.

The situation of SEKAU is more delicate. It has complete compliance, but cannot find a scenario where it must be used.

In the next year,the real watershed will not be technology or regulation. Who can be the first to embed stablecoins into real payment or asset tokenization scenarios, and who can break through in the stablecoin camp, otherwise US dollar liquidity will continue to eat up the on-chain settlement share.