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No Longer Discussion: Hong Kong Ahead of the US in Regulating Stablecoins

Viacheslav Gulay

Markets

22 may 2025

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Hong Kong has passed a law to regulate stablecoins, beating the US to the punch in creating a legal framework for digital assets.

Hong Kong’s Legislative Council has approved the Stablecoin Regulation Act, introducing a licensing regime for issuers. The new rules will require issuers to fully back stablecoins with fiat currency, comply with anti-money laundering (AML) regulations, and reserve standards. Legislative Council member Johnny Ng Kit-Chong said that financial institutions will be able to apply to the Hong Kong Monetary Authority (HKMA) to become licensed stablecoin issuers by the end of the year. In the long term, the law will stimulate innovation in retail payments and cross-border trade. Overall, the decision positions Hong Kong as a potential global hub for Web3 and digital assets.

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No Longer Discussion: Hong Kong Ahead of the US in Regulating Stablecoins

Viacheslav Gulay

Markets

Meanwhile, the US continues to debate the GENIUS bill, which aims to create a federal legal framework for dollar-pegged stablecoins. In an interview with CNBC, President Trump’s adviser David Sachs expressed confidence in the bill’s adoption with bipartisan support. According to him, the law will unlock trillion-dollar demand for Treasury bonds, strengthening confidence in them amid growing investor doubts. Today, unregulated stablecoins are already valued at more than $200 billion, and clear rules could dramatically increase this figure.

Additionally, recent research estimates that the turnover of income-generating stablecoins has reached $11 billion, or 4.5% of the total stablecoin market. This is a jump from $1.5 billion and a market share of 1% in early 2024.

Despite the progress, the bills still have several hurdles to overcome. For example, amendments by Senator Josh Hawley to limit late fees on credit cards could cost the bill support for financial institutions. At the same time, D. Sachs declined to comment on the possible benefit of the presidential administration from the USD1 stablecoin. And in Hong Kong, questions remain about the distribution of interest income among stablecoin holders and the adaptation of issuers to new requirements. In addition, according to experts, the US banking sector is concerned about competition from more profitable stablecoins, which threaten the traditional profit model.

Hong Kong has shown ambitions to become a crypto hub by accelerating its regulation. In the US, GENIUS adoption is still in question due to political differences and lobbying from traditional banks. And while both jurisdictions are racing to seize the lead, their approaches show that the path to harmonious regulation of stablecoins is full of challenges.