Hong Kong Airdrops Stablecoins, U.S. Clarifies Boundaries: The Institutionalization Stage of Stablecoins

Over the past two years, stablecoins have been a focal point of global regulatory discussions.

Today, they are simultaneously entering the core systems of two major financial centers: Hong Kong is pushing for implementation, while the United States is clarifying regulatory rules. This indicates that the development of stablecoins is moving from a market experiment phase into formal institutionalization — no longer just products of the crypto industry, but compliant assets recognized by regulatory frameworks.

Hong Kong: Entering the “Licensing Era”

The development of stablecoins in Hong Kong is reaching a critical milestone.

Hong Kong Legislative Council member Wu Jiezhuang recently revealed that Hong Kong is expected to issue the first stablecoin issuer licenses this March. This means that stablecoin issuance in Hong Kong will officially enter the “licensing era.”

But even more noteworthy is the next step the regulators are considering.

Wu Jiezhuang explicitly proposed — the government could distribute stablecoin-based consumption vouchers to qualified citizens for local small and medium-sized enterprise spending, to promote practical use of stablecoins.

The logic behind this proposal is straightforward: rather than waiting for the market to adopt stablecoins gradually, the government directly creates usage scenarios.

There are precedents for this approach.

Between 2021 and 2023, the Hong Kong government issued electronic consumption vouchers multiple times to promote electronic payments on a large scale. This policy directly accelerated the penetration of electronic payments in Hong Kong, making them a mainstream payment method.

Now, Hong Kong is attempting to replicate this model — upgrading electronic consumption vouchers to stablecoin-based vouchers. The clear signal behind this is: stablecoins in Hong Kong are no longer just “permitted digital assets,” but “actively promoted payment infrastructure.”

More importantly, Hong Kong’s stablecoin regulatory framework itself is ready.

Over the past year, Hong Kong has completed the institutional design of the stablecoin regulatory framework, including:

• Issuers must operate under a license
• Stablecoins must be fully backed by reserves
• Reserve assets must be independently held
• Redemption must be at face value

These rules essentially replicate the trust structure of traditional banking systems. Stablecoin issuers will no longer be crypto companies but “quasi-financial institutions.” This means that in Hong Kong, stablecoins are no longer experimental but part of the formal system.

United States: New Developments in the Regulatory Game

Compared to Hong Kong’s push for issuance and implementation, the U.S. is completing another equally critical task: clarifying the position of payment-type stablecoins within the financial regulatory system.

Previously, U.S. banking and crypto industries had significant disagreements over whether “payment stablecoins should be allowed to offer yields to holders,” which once affected related legislation. On February 20, the White House convened a third special meeting with representatives from both sides to foster regulatory consensus on stablecoin yields.

The next day, SEC Commissioner Hester Peirce stated that the SEC is pushing to revise Rule 15c3-1 to more clearly include payment stablecoins within the broker-dealer net capital regulation framework.

Specifically, payment stablecoins held by broker-dealers could be subject to a 2% capital haircut, with regulators no longer objecting.

This is not just a simple rule adjustment but marks the first time U.S. regulators explicitly recognize: payment stablecoins as compliant assets within the financial system.

At the same time, the SEC clarified that only stablecoins that are dollar-denominated, issued by regulated entities, fully backed by reserves, supported by monthly audits, and redeemable, can be recognized as compliant payment stablecoins.

Essentially, this is the first formal acknowledgment at the capital regulation level that payment stablecoins possess the attributes of financial assets, integrating them into the risk management and capital constraints of traditional financial institutions. This shift signifies that payment stablecoins are moving from the regulatory gray area into a standardized, regulated, and measurable part of the financial system.

New Entry Points

Hong Kong’s stablecoin licensing is imminent, and the U.S. regulatory framework is becoming clearer.

Two paths are converging: stablecoins are quietly transitioning from the regulatory gray zone into a standardized, regulated, and measurable financial system.

In the institutionalization phase, the future of stablecoins will no longer solely depend on technological innovation or market acceptance but will be formally incorporated into the financial regulatory system, becoming sustainable and traceable compliant assets within the global digital currency ecosystem.

Stablecoins are no longer just crypto products but a newly opened gateway to the global financial system.

This article is for informational purposes only and does not constitute investment advice. Markets are risky; invest cautiously.