币界网报道：Huobi HTX released a research report titled "On-chain extension of the US dollar: stablecoins, shadow banks and the reconstruction of global payment weights", which deeply analyzes the strategic value of stablecoins in cross-border payments. The report points out that stablecoins build a "parallel US dollar network" through on-chain technology to solve the problems of low efficiency and high cost of traditional cross-border payments, especially benefiting 1.3 billion people without bank accounts. At the same time, the report warns of the regulatory and liquidity risks of stablecoins as "US dollar shadow banks". Huobi HTX has recently launched 6 stablecoins, including USD1 issued by the Trump family project, and continues to expand its stablecoin ecological layout. The global regulatory framework is accelerating, and the institutionalization process of stablecoins will depend on the degree of cross-border regulatory coordination.