The stablecoin market, now valued at approximately $323.4 billion, is experiencing a significant structural divergence influenced by regulatory developments. This divergence centers on the choice between bearer-style stablecoins and tokenized bank deposits. Bearer-style stablecoins, which function as "tokenized digital cash," offer instant settlement and reduced counterparty risks on public blockchains. In contrast, tokenized bank deposits align more closely with traditional banking systems, emphasizing compliance with regulatory capital requirements but facing limitations in cross-chain interoperability. Regulatory frameworks such as the EU's MiCA and the U.S. GENIUS Act are accelerating this divergence. MiCA establishes distinct pathways for electronic money tokens and asset-referenced tokens, while the GENIUS Act mandates stablecoins to be fully backed by cash and short-term U.S. Treasuries. This regulatory influence is shaping the future of stablecoins, impacting their role in cross-border payments and corporate treasury management. However, bearer-style stablecoins, despite their efficiency, pose potential risks of bank runs and systemic liquidity stress.