Hong Kong has passed its Stablecoins Bill, requiring licenses for all fiat-backed issuers. The new law—managed by the HKMA—sets strict rules for reserves, redemptions, and investor protections. Licensing opens by year-end.

Meanwhile, the U.S. GENIUS Act has cleared a Senate hurdle, moving toward full debate. If passed, it would establish national stablecoin rules around custody, audits, and redemption timelines.

Two major markets. Two different speeds.

Which model sets the tone for global crypto regulation?