New Regulation for Stablecoins: East and West Progress Together, Reshaping the Global Financial Landscape
Recently, the U.S. Senate and the Hong Kong Legislative Council took key actions regarding stablecoin regulation almost simultaneously. In the U.S., the Senate passed a procedural motion for the GENIUS Act by an overwhelming majority, paving the way for the first federal stablecoin legislation. Meanwhile, Hong Kong passed the third reading of the Stablecoin Bill, becoming the first jurisdiction in the Asia-Pacific region to establish a stablecoin licensing system. This high degree of alignment in the legislative processes of the East and West is not merely a coincidence, but reflects the intense competition for future financial discourse power.
The stablecoin market has huge potential.
Data shows that the global stablecoin market value has approached $250 billion, growing more than 22 times over the past 5 years. From the beginning of 2025 to the present, the on-chain transaction volume has surpassed $3.7 trillion, with an expectation to reach nearly $10 trillion for the whole year. USD-based stablecoins are emerging in the market.