Hong Kong's legislature passed a stablecoin bill on Wednesday that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for upcoming stablecoin issuers.

Hong Kong has been working on establishing a stablecoin regime since 2023. The nation had published a consultation paper on stablecoin guidelines towards the end of 2023. It later introduced the Stablecoin Bill, which the Legislative Council of the Hong Kong Special Administrative Region passed in its third reading, Ng's post said.

Asset manager Bitwise says the US stablecoin bill could be bigger than Bitcoin ETFs, and may spark a multi-year crypto bull run.

Trump’s top crypto advisor David Sacks says the administration’s stablecoin bill is poised to pass with bipartisan support.

The Stablecoin Bill has cleared Hong Kong’s Legislative Council, setting a legal foundation for fiat-backed stablecoin issuance and strengthening the region's push to lead in global Web3 development.

Sen. Elizabeth Warren (D-Mass.) is urging her colleagues to vote down updated stablecoin legislation, arguing it fails to sufficiently address concerns related to President Trump’s crypto ties and

A bill to regulate stablecoins passed a key procedural hurdle in the Senate Monday night, paving a path for final passage of legislation pushed by the crypto industry.