Over the past two years, stablecoins have been a focal point of global regulatory discussions.
Today, they are simultaneously entering the core systems of two major financial centers: Hong Kong is pushing for implementation, while the United States is clarifying regulatory rules. This indicates that the development of stablecoins is moving from a market experiment phase into formal institutionalization — no longer just products of the crypto industry, but compliant assets recognized by regulatory frameworks.
Hong Kong: Entering the “Licensing Era”
The development of stablecoins in Hong Kong is reaching a critical milestone.
Hong Kong Legislative Council member Wu Jiezhuang recently revealed that Hong Kong is expected to issue the first stablecoin issuer licenses this March. This means that stablecoin issuance in Hong Kong will officially enter the “licensing era.”
But even more noteworthy is the next step the regulators are considering.
Wu Jiezhuang explicitly proposed — the government could distribute stablecoin-based consumption vouchers to qualified citizens for local small and medium-sized enterprise spending, to promote practical use of stablecoins.
The logic behind this proposal is straightforward: rather than waiting for the market to adopt stablecoins gradually, the government directly creates usage scenarios.
There are precedents for this approach.
Between 2021 and 2023, the Hong Kong government issued electronic consumption vouchers multiple times to promote electronic payments on a large scale. This policy directly accelerated the penetration of electronic payments in Hong Kong, making them a mainstream payment method.
Now, Hong Kong is attempting to replicate this model — upgrading electronic consumption vouchers to stablecoin-based vouchers. The clear signal behind this is: stablecoins in Hong Kong are no longer just “permitted digital assets,” but “actively promoted payment infrastructure.”
More importantly, Hong Kong’s stablecoin regulatory framework itself is ready.
Over the past year, Hong Kong has completed the institutional design of the stablecoin regulatory framework, including:
- Issuers must operate under a license
- Stablecoins must be fully backed by reserves
- Reserve assets must be independently held
- Redemption must be at face value
These rules essentially replicate the trust structure of traditional banking systems. Stablecoin issuers will no longer be crypto companies but “quasi-financial institutions.” This means that in Hong Kong, stablecoins are no longer experimental but part of the formal system.
United States: New Developments in the Regulatory Game
Compared to Hong Kong’s push for issuance and implementation, the U.S. is completing another equally critical task: clarifying the position of payment-type stablecoins within the financial regulatory system.
Previously, U.S. banking and crypto industries had significant disagreements over whether “payment stablecoins should be allowed to offer yields to holders,” which once affected related legislation. On February 20, the White House convened a third special meeting with representatives from both sides to foster regulatory consensus on stablecoin yields.
The next day, SEC Commissioner Hester Peirce stated that the SEC is pushing to revise Rule 15c3-1 to more clearly include payment stablecoins within the broker-dealer net capital regulation framework.
Specifically, payment stablecoins held by broker-dealers could be subject to a 2% capital haircut, with regulators no longer objecting.
This is not just a simple rule adjustment but marks the first time U.S. regulators explicitly recognize: payment stablecoins as compliant assets within the financial system.
At the same time, the SEC clarified that only stablecoins that are dollar-denominated, issued by regulated entities, fully backed by reserves, supported by monthly audits, and redeemable, can be recognized as compliant payment stablecoins.
Essentially, this is the first formal acknowledgment at the capital regulation level that payment stablecoins possess the attributes of financial assets, integrating them into the risk management and capital constraints of traditional financial institutions. This shift signifies that payment stablecoins are moving from the regulatory gray area into a standardized, regulated, and measurable part of the financial system.
New Entry Points
Hong Kong’s stablecoin licensing is imminent, and the U.S. regulatory framework is becoming clearer.
Two paths are converging: stablecoins are quietly transitioning from the regulatory gray zone into a standardized, regulated, and measurable financial system.
In the institutionalization phase, the future of stablecoins will no longer solely depend on technological innovation or market acceptance but will be formally incorporated into the financial regulatory system, becoming sustainable and traceable compliant assets within the global digital currency ecosystem.
Stablecoins are no longer just crypto products but a newly opened gateway to the global financial system.
This article is for informational purposes only and does not constitute investment advice. Markets are risky; invest cautiously.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Oil price shocks sweep the globe, but Bitcoin remains steady at $67,000: Wall Street correlation becomes a key variable
The Middle East geopolitical conflict has led to a rise in international oil prices, while Bitcoin prices remain relatively stable, staying around $67,000. The US stock market has shown resilience, with increased correlation to Bitcoin, while Asian markets are more affected. As institutional funds enter the crypto market, Bitcoin is increasingly viewed as a risk asset. Additionally, although the US has a high level of energy independence, rising oil prices may still impact inflation through consumer spending.
GateNews20m ago
Former CFTC Chair claims banks need clearer regulation more than the crypto industry, but is the argument valid?
Former CFTC Chairman Chris Giancarlo believes that American banks are unable to develop cryptocurrency businesses due to unclear regulations, but this argument requires multiple premises. Giancarlo mentioned the competitive pressure from Asia and Europe and the progress of the CLARITY Act, pointing out that regulatory uncertainty is not the only obstacle. Additionally, his claim needs to meet conditions such as the necessity for banks to enter the crypto market, which currently lacks sufficient evidence to support.
動區BlockTempo2h ago
The U.S. Treasury Department recognizes mixers as having legitimate privacy uses but still recommends Congress establish a freezing law to control suspicious crypto assets.
The U.S. Department of the Treasury recently acknowledged for the first time in a report the legitimate privacy uses of cryptocurrency mixers and suggested that Congress establish a "Freezing Law" to temporarily freeze suspicious digital assets. The report states that legitimate users can utilize these tools to protect financial privacy, but also expresses concerns about money laundering risks associated with non-custodial mixers. The debate over privacy issues continues, and the legal responsibilities of open-source tool developers remain unclear.
動區BlockTempo2h ago
Former CFTC Chairman Warns: Without Clear Cryptocurrency Regulations, U.S. Banking Sector May Fall Behind in Global Financial Competition
Former CFTC Chairman Giancarlo stated that a clear regulatory framework for cryptocurrencies is crucial for the U.S. banking system. The lack of regulation could cause the U.S. to fall behind Asia and Europe in financial innovation. He pointed out that banks find it difficult to make large-scale investments in blockchain technology in an uncertain legal environment and warned that the U.S. might be forced to follow global digital financial trends. Even if the Crypto Market Structure Act does not pass, regulatory agencies may still implement temporary policies, but these cannot replace a stable legislative framework.
GateNews2h ago
War risk shocks global markets: oil prices surge past $110, Asian stock markets plummet, Bitcoin stays steady at $67,000
Middle Eastern geopolitical risks have intensified, leading to a sharp decline in Asian stock markets, a surge in energy prices, and crude oil surpassing $110. Despite market concerns, cryptocurrencies like Bitcoin remain stable. Oil prices are expected to continue rising, but some traders anticipate a correction. The Federal Reserve's interest rate expectations remain stable, and future oil price increases could impact inflation.
GateNews2h ago
