In an interview during the Korean Blockchain Week, Yam Ki Chan, Vice President of Circle, mentioned that major jurisdictions around the world have set minimum standards for well-regulated stablecoins, while the United States has yet to fully meet these requirements. In the US, stablecoin issuers need to obtain money transmission licenses in multiple states, which not only leads to market fragmentation and increases compliance costs but also restricts innovation and complicates business expansion across the country. Although payment services such as Apple Pay, Google Pay, and PayPal are similarly regulated, their operational scale and resources far exceed those of most stablecoin issuers, further exacerbating the lag in stablecoin regulation in the US.