1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Investment Research at:https:/ Listen to our insightsFind out moreHSBCGlobal

2、InvestmentResearchPodcasts Stablecoins are the dominant transaction tool in digital assets,for payments,trading on exchanges,or remittances Regulators are mindful of the risks stablecoins create,but they are likely to be central to the digital asset architecture This explainer covers all the stablec

3、oin basics;you can also check out our six-minute coaching video Stablecoins could become a cornerstone of the digital finance ecosystem Stablecoins are one of the most talked-about and most important areas of the fast-evolving digital landscape.We recently launched our digital asset research with a

4、deep-dive report on cryptocurrencies(June 2025)and a look at how President Donald Trumps pledge to make the US the crypto capital of the planet could shape the future of global money,markets,and US financial leadership.We argue that stablecoins,estimated to have reached USD28trn in transaction volum

5、es in 2024(),offer the bridge between traditional finance and digital assets,and,as they are linked to other assets,namely the US dollar,they are the vehicle for moving capital in the digital asset space without the volatility evident in native cryptocurrencies.On the back of strong investor interes

6、t,we publish this explainer,which highlights content from our previous report,but makes it more easily accessible.We have also created a five-minute video to coach you on the stablecoin basics.Regulation is the key to the future of stablecoins The key to capitalising on the potential of stablecoins