Over the past two years, stablecoins have been a focal point of global regulatory discussions.
Now, they are simultaneously entering the core systems of two global financial centers: Hong Kong is promoting their implementation, while the United States is clarifying regulatory rules. This means that the development of stablecoins is transitioning from the market trial phase to a formal institutionalization phase—no longer just a product of the crypto industry, but a compliant asset recognized by the regulatory system.
Hong Kong: Entering the "Licensed Era"
The development of stablecoins in Hong Kong is reaching a critical juncture.
Hong Kong Legislative Council member Wu Jiezhuang recently revealed that Hong Kong is expected to issue its first batch of stablecoin issuer licenses in March this year. This means that the issuance of stablecoins in Hong Kong will officially enter the "licensed era."
But what is more noteworthy is the next step being considered by Hong Kong regulators.
Wu Jiezhuang explicitly proposed that the government could distribute consumption vouchers in the form of stablecoins to eligible citizens for use in local small and medium-sized enterprises to promote the practical use of stablecoins.
The logic behind this proposal is straightforward: instead of waiting for the slow market adoption of stablecoins, the government would directly create usage scenarios.
This is not without precedent.
From 2021 to 2023, the Hong Kong government distributed electronic consumption vouchers multiple times, significantly accelerating the penetration of electronic payments in Hong Kong and making them a mainstream payment method.
Now, Hong Kong is attempting to replicate this model—upgrading electronic consumption vouchers to stablecoin consumption vouchers. The signal behind this is clear: the role of stablecoins in Hong Kong is no longer just "permitted digital assets" but "actively promoted payment infrastructure."
More importantly, Hong Kong's stablecoin regulatory system is already in place.
Over the past year, Hong Kong has completed the institutional design of its stablecoin regulatory framework, including:
- Issuers must operate with a license
- Stablecoins must be fully backed by reserve assets
- Reserve assets must be held in independent custody
- Redemption at face value must be supported
These rules essentially replicate the trust structure of the traditional banking system. Stablecoin issuers will no longer be crypto companies but "quasi-financial institutions." This means that stablecoins in Hong Kong are no longer an experiment but part of the system.
United States: New Developments Amid Negotiations
Compared to Hong Kong's push for issuance, the United States is completing another equally critical task: clarifying the position of payment stablecoins within the financial regulatory system.
Previously, there was a clear divergence between the U.S. banking industry and the crypto industry over whether payment stablecoins should be allowed to offer yields to holders, which once affected related legislative progress. On February 20, the White House convened representatives from both sides for the third special meeting on stablecoin yield issues, attempting to foster regulatory consensus.
The following day, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated that the SEC is pushing to amend Rule 15c3-1 to more clearly incorporate payment stablecoins into the net capital regulatory system for broker-dealers.
Specifically, payment stablecoins held by broker-dealers would be subject to a 2% capital haircut, and regulatory agencies would no longer raise objections to this.
This is not just a simple rule adjustment but the first time U.S. regulators have explicitly stated: payment stablecoins are compliant assets within the financial system.
At the same time, the SEC clarified that only stablecoins that meet the criteria of being denominated in U.S. dollars, issued by regulated entities, fully backed by reserves, providing monthly audit reports, and supporting redemption can be recognized as compliant payment stablecoins.
In essence, this is the first time the United States has formally confirmed the financial asset attributes of payment stablecoins at the capital regulatory level and incorporated them into the risk management and capital constraint systems of traditional financial institutions. This change marks the transition of payment stablecoins from a regulatory gray area into the standardized, regulated, and measurable financial system.
A New Gateway
Hong Kong's stablecoin licenses are about to be issued, and the U.S. regulatory framework is being clarified.
As these two paths intersect, stablecoins are quietly moving from the regulatory gray area into a standardized, regulated, and measurable financial system.
In the institutionalization phase, the future of stablecoins no longer depends solely on technological innovation or market acceptance but is formally integrated into the financial regulatory system, becoming a sustainable, traceable, and compliant asset in the global digital currency ecosystem.
Stablecoins are no longer just crypto products but a new gateway to currency in the global financial system.
*This content is for reference only and does not constitute any investment advice. The market carries risks, and investment requires caution.
