The global regulatory framework for stablecoins is accelerating its construction, with Hong Kong and the United States leading the legislation.

As the importance of stablecoins in the digital asset market becomes increasingly prominent, major economies around the world are accelerating the construction of corresponding regulatory frameworks. This not only reflects the key role of stablecoins in the on-chain ecosystem, TradFi, and the real economy, but also embodies their strategic significance in the transformation of the international monetary and financial landscape.

The development of stablecoins faces two major risks: endogenous risk and external risk. Endogenous risk arises from the reliance of stablecoin value stability on market consensus and trust mechanisms. Once the basis of trust is shaken, it may trigger a "death spiral." External risk comes from the possibility that its anonymity and cross-border liquidity could be exploited by criminals.

In response to these challenges, regions such as Hong Kong and the United States are actively advancing regulatory legislation. Hong Kong submitted the "stablecoin ordinance draft" in December 2024, and legislation is expected to be completed within 2025. The ordinance clarifies the definition of "designated stablecoins," the scope of regulated activities, the entry threshold for issuers, and the requirements for reserve asset management. At the same time, Hong Kong has also launched a "stablecoin sandbox" mechanism to provide issuers with a testing environment and compliance support.

In the United States, the "GENIUS Act" and the "STABLE Act" are currently in the legislative process. These acts aim to unify the previously fragmented regulatory landscape and clarify the definitions of stablecoins, issuer qualifications, reserve asset requirements, and more. It is worth noting that the U.S. has adopted a parallel regulatory model at both federal and state levels to more comprehensively cover the market.

With the continuous improvement of the regulatory framework, the stablecoin industry will enter a new stage that balances standardization and innovation. This requires issuers to enhance their compliance capabilities and also provides institutional space for exploring new business models. In the future, stablecoins are expected to find new growth points and value creation opportunities in the global financial system through technological iteration and institutional adaptation.