US, China, and UAE Race to Regulate Stablecoins
Stablecoins and tokenisation represent a transformative shift in modern finance, poised to reshape how value is exchanged, stored, and managed across global markets. Stablecoins—digital assets pegged to fiat currencies such as USD — offer on-chain stability and near-instant, low-cost cross-border payments, making them key infrastructure for the future of remittances, trade finance, and corporate treasury functions. At the same time, tokenisation of real-world assets (RWAs) unlocks liquidity, transparency, and fractional ownership for traditionally illiquid sectors such as real estate, government bonds, and private equity. Combined, they enable a new paradigm of programmable, interoperable financial interactions that promise greater efficiency and inclusion in global finance.
The global regulatory landscape for stablecoins and tokenised assets is rapidly evolving, with jurisdictions like the US, Hong Kong, Singapore, and the UAE taking leading roles. The US is advancing regulatory clarity through legislative efforts like the GENIUS Act, while Hong Kong has implemented a licensing regime for fiat-referenced stablecoins. The UAE is positioning itself as a strategic hub, with regulatory frameworks and tokenisation guidelines from authorities such as VARA. This regulatory progress is crucial for institutional uptake, risk management, and systemic stability as these digital assets move beyond crypto niches into mainstream finance.
The US, China, and the UAE race to regulate stablecoins as tools of financial innovation and geopolitical influence. Which global power is likely to become the first dominant player in the crypto regulation landscape by setting the standard for stablecoins and tokenisation?
This event will explore these dynamic intersections of innovation, regulation, and geostrategy shaping the future of money and markets.
The Economic Club enrourages participants to share diverse perspectives, and discuss from an economic angle and from a social perspective. Beyond the suggested articles, we encourage all participants to choose a recent article and share why they find the piece informative.
Join us at the Social Room on Tuesday November 18th at 7pm.
Meet the team and fellow members at 3/F, Won Hing Building, 74-78 Stanley St, Central.
Come grab a drink and be prepared to share your insights!
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Suggested reading:
Finance Magnates - Hong Kong Moves Forward with Stablecoins While Beijing Signals Concern https://www.financemagnates.com/cryptocurrency/hong-kong-moves-forward-with-stablecoins-while-beijing-signals-concern/
Lowry Institute - China and America in a stablecoin race that could reshape global finance
https://www.lowyinstitute.org/the-interpreter/china-america-stablecoin-race-could-reshape-global-financeCoinDesk - Singapore's Central Bank to Trial Tokenized Bills, Introduce Stablecoin Laws https://www.coindesk.com/policy/2025/11/13/singapore-s-central-bank-to-trial-tokenized-bills-introduce-stablecoin-laws
SFC issues new guidance for licensed virtual asset trading platforms to tap global liquidity and diversify offerings https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR182
World Economic Forum (WEF) - Stablecoin surge: Here’s why reserve-backed cryptocurrencies are on the rise https://www.weforum.org/stories/2025/03/stablecoins-cryptocurrency-on-rise-financial-systems/
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Format:
Part 1: Reading. The first 30 minutes are dedicated to silent reading, allowing participants to immerse themselves in the topics at hand.
Part 2: Discussion. We will form small groups to foster a dynamic and comprehensive exchange of ideas and insights. In lieu of a keynote speaker, the richness of our conversation will be propelled by the collective knowledge and engagement of attendees. A commitment to punctuality, preparation and respect for all participants is crucial.
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The Economic Club of Hong Kong is a platform for lifelong learning and a community of intellectually curious people in pursuit of knowledge. Our events are organised by dedicated volunteers who strive to create an environment of intellectual engagement and exploration.
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