💡 OKG Research: Competition for stablecoin regulation, comparison of legislative timelines between the United States and Hong Kong This week, the United States and Hong Kong have almost simultaneously advanced in stablecoin regulation: 🇺🇸 United States: The GENIUS bill has passed a procedural motion and officially entered the Senate voting stage. It is expected to be implemented by the end of the year and may give birth to the first federal stablecoin bill. Hong Kong: On May 21, the Legislative Council passed the third reading of the Stablecoins Bill, becoming the first jurisdiction in the Asia Pacific region to establish a licensing system. We have compiled a comparison timeline chart and summarized the following key points ⬇️ 🔹 Rhythm of legislative process: 📆 The path of Hong Kong is clear. Starting from 2022, the Hong Kong Monetary Authority will take the lead in initiating research, consultation, drafting, and legislative reading, and complete the closed loop within three years. 📆 The United States has experienced multiple failed drafts (2021-2024) and only achieved a breakthrough through the GENIUS Act in 2025, with more complex procedures and intense competition. 🔹 Differences in regulatory demands: More emphasis is placed on the defense of US dollar hegemony and the stability of the financial system, viewing stablecoins as an extension of the US dollar on the chain, emphasizing federal dominance and restrictions on overseas issuance. The focus is on local financial security and the implementation of international projects, reflecting the characteristics of "limited openness and global compatibility", and the regulatory path is more flexible and pilot oriented. 🔹 Comparison Table of Institutional Mechanisms: 🌐 The regulation of the two places leads to the same goal, and stablecoins have become a key component of the global financial infrastructure. The era of compliance has arrived, and ecosystems such as on chain payments, new clearing, and RWA are accelerating their restructuring. 📊 Please refer to the following figure for the timeline of the entire article 👇 Stablecoin GENIUS bill, Hong Kong Legislative Council Web3 payment OKGResearch