Regulatory reasons: Stablecoins center around the core selling point of 'pegging to fiat currency and price stability'. By May 2025, the total market value of global stablecoins reached approximately $24.58 billion, a year-on-year increase of about 53%. However, there are issues such as insufficient reserve transparency and poor mechanism stability, and they are often used for cross-border money laundering and illegal fund transfers due to high liquidity and anonymity, exacerbating financial system risks. The International Monetary Fund has also pointed out that unregulated stablecoins may 'threaten monetary sovereignty', which has prompted a global acceleration of stablecoin regulation.
Global major regulatory pathways: European Union: Took the lead in passing the (Markets in Crypto-Assets Act) (MiCA), classifying stablecoins as electronic money tokens (EMTs), implementing a unified licensing system and transparent regulation.
United States: Through the draft of the (GENIUS Act) and state-level regulatory mechanisms, core requirements such as prohibiting unlicensed issuance and implementing 100% reserves are proposed. On July 30, 2025, the White House released a report (Strengthening U.S. Leadership in Digital Financial Technologies) demanding that stablecoins must obtain licenses, undergo audits, and protect consumers.
Hong Kong: The (Stablecoin Regulation) will officially take effect on August 1, 2025, establishing a compliance pilot benchmark for the world through a 'licensing + sandbox' dual-track model. Any institution wishing to issue or circulate stablecoins in Hong Kong must obtain a license issued by the Monetary Authority. At the same time, a 'stablecoin regulatory sandbox' system is introduced, allowing projects with innovative potential but not yet fully mature to conduct pilot operations under the guidance of regulatory agencies.
Singapore, Japan, and other regions: Choose a relatively open path, supporting fintech companies and payment institutions to carry out innovative pilot projects while clarifying regulatory boundaries.
Overall, although the policy frameworks in different regions have varying emphases, they are converging in direction, all aiming to ensure financial stability and protect user rights, creating a sustainable regulatory environment for the healthy development of stablecoins. In the future, whether a unified international regulatory standard will be formed, a 'stablecoin rating' system will emerge, and how stablecoins will coordinate with central bank digital currencies will become trends worth noting.
