On May 21, 2024, the Legislative Council of Hong Kong formally passed the Stablecoin Issuer Ordinance Bill on its third reading. This bill provides the first comprehensive regulatory framework for stablecoins. After the implementation of the regulation, three types of activities related to stablecoins will require a license: first, the issuance of fiat-backed stablecoins in Hong Kong; second, the issuance of Hong Kong dollar stablecoins in or outside of Hong Kong; and third, the active promot...

On May 21, 2024, the Legislative Council of Hong Kong formally passed the Stablecoin Issuer Ordinance Bill on its third reading. This bill provides the first comprehensive regulatory framework for stablecoins. After the implementation of the regulation, three types of activities related to stablecoins will require a license: first, the issuance of fiat-backed stablecoins in Hong Kong; second, the issuance of Hong Kong dollar stablecoins in or outside of Hong Kong; and third, the active promot...

1. The License Dash—Lawyers First to the Trough Compliance is the ticket to play, and right now everyone is queuing in Hong Kong. The regulator’s checklist is long, dense and shifting—too much for most firms to decode alone. Enter the law firms. They draft applications, translate rules, lobby behind closed doors and bill by the hour. Long before a single token is minted, the lawyers have already locked in their win.2. Building the Stack—Web3 Infrastructure Shops Feast Next Compliance and tech...

1. The License Dash—Lawyers First to the Trough Compliance is the ticket to play, and right now everyone is queuing in Hong Kong. The regulator’s checklist is long, dense and shifting—too much for most firms to decode alone. Enter the law firms. They draft applications, translate rules, lobby behind closed doors and bill by the hour. Long before a single token is minted, the lawyers have already locked in their win.2. Building the Stack—Web3 Infrastructure Shops Feast Next Compliance and tech...

This week, the stablecoin competition revealed two clear fronts: a compliance race between nations and a battle for distribution dominance within the industry. Globally, stablecoins are being integrated into financial infrastructure, with countries like China, the US, Japan, and South Korea accelerating efforts to link their currencies with stablecoins. A Federal Reserve Governor explicitly listed stablecoins, smart contracts, and AI as the three pillars of payment innovation. At the industry...

This week, the stablecoin competition revealed two clear fronts: a compliance race between nations and a battle for distribution dominance within the industry. Globally, stablecoins are being integrated into financial infrastructure, with countries like China, the US, Japan, and South Korea accelerating efforts to link their currencies with stablecoins. A Federal Reserve Governor explicitly listed stablecoins, smart contracts, and AI as the three pillars of payment innovation. At the industry...

The global stablecoin market experienced unprecedented explosive growth in 2024-2025. As of October, the total market capitalization of stablecoins has surpassed $300 billion, marking an annual growth rate of 82.9% from $166.3 billion at the end of 2024. This growth not only sets a new historical record but also signifies a fundamental shift for stablecoins from a peripheral speculative instrument to mainstream financial infrastructure. Historic breakthroughs in the regulatory environment pro...

The global stablecoin market experienced unprecedented explosive growth in 2024-2025. As of October, the total market capitalization of stablecoins has surpassed $300 billion, marking an annual growth rate of 82.9% from $166.3 billion at the end of 2024. This growth not only sets a new historical record but also signifies a fundamental shift for stablecoins from a peripheral speculative instrument to mainstream financial infrastructure. Historic breakthroughs in the regulatory environment pro...

Software Ate the World, Stablecoins Are Eating Blockchains Software ate the world; stablecoins are eating blockchains. This time the headlines are not about Coinbase’s Base or Robinhood’s L2. Circle and Stripe have—almost in lockstep—decided to build their own Layer-1 blockchains purpose-built for stablecoins, freeing themselves once and for all from the constraints of existing networks. From consensus to gas token, every layer is re-engineered around the single use-case of moving stable valu...

Software Ate the World, Stablecoins Are Eating Blockchains Software ate the world; stablecoins are eating blockchains. This time the headlines are not about Coinbase’s Base or Robinhood’s L2. Circle and Stripe have—almost in lockstep—decided to build their own Layer-1 blockchains purpose-built for stablecoins, freeing themselves once and for all from the constraints of existing networks. From consensus to gas token, every layer is re-engineered around the single use-case of moving stable valu...