Stablecoins: A global regulatory landscape from the United States to Hong Kong

Here's the English translation: Stablecoins, the product form closest to Real World Assets (RWA) in crypto finance, are facing an unprecedented regulatory transformation. On June 18, 2025, at dawn, the U.S. Senate passed the "GENIUS Act" (Giving Every Nation a United Stablecoin) with 68 votes in favor and 30 against, which is considered a milestone in crypto payment legislation. This is the first time the United States has established a clear compliance pathway for stablecoins at the federal level, marking a critical turning point for crypto assets moving from technical experimentation to institutionalization. Simultaneously, Hong Kong has also made forward-looking arrangements through the "Stablecoin Regulation" and future related license applications, and will officially begin accepting stablecoin issuance license applications on August 1, becoming the world's first financial center to implement a local stablecoin licensing mechanism. As previously discussed, the new compliance cycle represented by the United States and Hong Kong may profoundly reshape the position of stablecoins in the global financial system, with underlying currents accelerating to the forefront. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into English.]

Recently, the senior deputy governor of the Bank of Korea, Ryu Sang-dun, also stated that the introduction of a Korean won-denominated stablecoin should be gradual, and commercial banks with the strictest regulations should first issue Korean won stablecoins, and then gradually open it to non-banking institutions after gaining experience.

Additionally, several major financial centers have historically issued local stablecoin frameworks or pilot projects:

• The Monetary Authority of Singapore (MAS) proposed a stablecoin regulatory draft in 2023, emphasizing 1:1 reserves, transparent disclosure, and local operation requirements;

• Abu Dhabi Global Market (ADGM) launched a stablecoin clearing and settlement pilot, attracting cross-border businesses such as PayPal and USDC;

• Japan passed a new law allowing banks and trust companies to issue stablecoins;

Overall, European regulation focuses on protecting user rights and financial stability, while South Korea tends to explore in collaboration with local financial and technology giants. This signifies that the global stablecoin regulatory system is gradually moving towards unified standards and indicates that stablecoins are no longer in a gray area but are being viewed as a formal component of financial innovation, with their regulatory testing ground becoming an important capital policy tool for attracting Web3 projects.

Dialectically, starting from 2025, whether it's crypto asset ETFs or stablecoins, a completely new regulatory cycle has become a clear watershed for Web3 and the crypto industry's development. Especially when compliance becomes the main theme of the next stage of stablecoin development, each country's exploration at the institutional level not only influences the market landscape but also profoundly shapes the future infrastructure of Web3 finance.

It can be said that globally, stablecoins are experiencing a dramatic transformation from "wild expansion" to "institution-led", and the landscape reconstruction under this massive change is comprehensively unfolding with the implementation of regulations from various countries.