Recently, Tel Aviv held a conference on the payment industry, where the Governor of the Central Bank of Israel, Amir Yaron, said some thought-provoking words—he believes that stablecoins are no longer a marginalized niche, but rather a real force that has penetrated the global payment system. Regulatory authorities must take this seriously.

Let's take a look at some numbers. Currently, the global stablecoin market capitalization has exceeded 300 billion USD, with monthly trading volumes reaching over 2 trillion USD. This scale is already significant enough to have a substantial impact on traditional financial channels. More critically, there is a market structure issue: 99% of stablecoin transactions are essentially dominated by Tether's USDT and Circle's USDC.

Yaron specifically mentioned this extremely concentrated market structure. The absolute dominance of the two giants means that any operational issues or trust crises in either could trigger a chain reaction throughout the entire stablecoin ecosystem. This systemic risk is exactly what regulators are most concerned about.

So what should regulators do? Yaron provided some directions. First is the issue of reserve transparency—every stablecoin must be backed by sufficient 1:1 assets. This sounds like a basic requirement, but its actual implementation involves a series of details such as auditing standards, disclosure frequency, and asset quality. Currently, there is a significant difference in transparency among various stablecoin issuers in the market, with some regularly publishing audit reports while others remain relatively vague.

From the statement of the Central Bank of Israel, it seems that future regulation of stablecoins is likely to develop in a stricter and clearer direction. This is not just an action from Israel alone; several countries in Europe and America are also advancing similar legislative processes. For those holding or using stablecoins, it is quite necessary to understand these regulatory trends.