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China and US Diverge on Stablecoin Regulation Strategies

3/25/2026

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Summary

Story summary

Gary Liu, economist with the South China Morning Post's Open Dialogue series, explains that China and the United States take different approaches to stablecoins.
He notes Hong Kong will issue stablecoin licenses, illustrating regulatory divergence.
Stablecoins are primarily used for transactions in crypto finance, accounting for 90% of usage.
The discussion underscores the growing importance of stablecoins in the digital asset economy.

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Story summary

Gary Liu, economist with the South China Morning Post's Open Dialogue series, explains that China and the United States take different approaches to stablecoins.
He notes Hong Kong will issue stablecoin licenses, illustrating regulatory divergence.
Stablecoins are primarily used for transactions in crypto finance, accounting for 90% of usage.
The discussion underscores the growing importance of stablecoins in the digital asset economy.