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Table of Contents:
Global Stablecoin Market in 2025: Growth and Turning Points
United States: The GENIUS Act and Its Worldwide Impact
Europe & UK: MiCA, FCA and Bank of England’s Two-Tier Approach
Asia’s Regulatory Leadership: Hong Kong and Singapore Frameworks
Emergence of Non-Dollar Stablecoins and Compliance Trends
Global Stablecoin Market in 2025: Growth and Turning Points
United States: The GENIUS Act and Its Worldwide Impact
Europe & UK: MiCA, FCA and Bank of England’s Two-Tier Approach
Asia’s Regulatory Leadership: Hong Kong and Singapore Frameworks
Emergence of Non-Dollar Stablecoins and Compliance Trends
From the US releasing the first stablecoin framework to Hong Kong’s updated rules, stablecoins are given the green light. The markets follow regulation changes, demonstrating up to 22% in the first six months of 2025.
By late 2025, the estimated cluster of stablecoins market is in the $270–310B range, depending on whether you include some fringe / off-chain tokens.
By late 2025, the estimated cluster of stablecoins market is in the $270–310B range, depending on whether you include some fringe / off-chain tokens.
US
US
In July 2025, the US enacted the GENIUS Act. The Act represents the first federal digital asset law (Guiding and Establishing National Innovation for US Stablecoins Act of 2025), creating a regime for “payment stablecoins.”
With clear definitions and guidance, it made a significant boost to financial organizations, such as banks and fintechs, as well as to progressive institutional adoption and tokenized cash/treasury products.
At the same time, the act raised the compliance bar for issuers by introducing bank-grade AML/KYC, sanctions, audits, and reserve attestations. Non-compliant foreign issuers are restricted from operating on the US market.
The legal documents' impact extends beyond US borders, signalling the acceleration of dollarization via stablecoins and reshaping cross-border payments.
With clear definitions and guidance, it made a significant boost to financial organizations, such as banks and fintechs, as well as to progressive institutional adoption and tokenized cash/treasury products.
At the same time, the act raised the compliance bar for issuers by introducing bank-grade AML/KYC, sanctions, audits, and reserve attestations. Non-compliant foreign issuers are restricted from operating on the US market.
The legal documents' impact extends beyond US borders, signalling the acceleration of dollarization via stablecoins and reshaping cross-border payments.
EU
EU
The EU markets follow the MiCA regime for crypto regulations, and in 2025, MiCA fundamentally changed the requirements for stablecoin operations.
The new standards formalize stricter obligations for e-money tokens (EMTs) and asset-referenced tokens (ARTs).
Exchanges were given two options on non-MiCA-compliant stablecoins for EU users: delisting or geo-blocking. The further recommendation is to onboard only MiCA-licensed issuers and CASPs (crypto-asset service providers).
The EU stablecoin issuers are now facing more scrutiny from regulators, requiring more detailed paperwork, reserve policies and redemption procedures. MiCA also imposed ongoing disclosures and audits, as well as stronger AML/CTF controls.
The 2025 update prioritizes compliant euro-denominated stablecoins and pushes the market toward regulated "onshore" liquidity.
The new standards formalize stricter obligations for e-money tokens (EMTs) and asset-referenced tokens (ARTs).
Exchanges were given two options on non-MiCA-compliant stablecoins for EU users: delisting or geo-blocking. The further recommendation is to onboard only MiCA-licensed issuers and CASPs (crypto-asset service providers).
The EU stablecoin issuers are now facing more scrutiny from regulators, requiring more detailed paperwork, reserve policies and redemption procedures. MiCA also imposed ongoing disclosures and audits, as well as stronger AML/CTF controls.
The 2025 update prioritizes compliant euro-denominated stablecoins and pushes the market toward regulated "onshore" liquidity.
UK
UK
The UK is building a two-tier framework for stablecoin operation governed by the Bank of England and the FCA:
- Systemic sterling stablecoins);
- Non-systemic stablecoins & crypto custody.
A 2025 consultation by the Bank of England covers a regime for sterling-denominated “systemic” stablecoins used in payments, to be jointly overseen with the FCA and HM Treasury.
Rules for qualifying stablecoin issuers and custodians are set out in the FCA consultations CP25/14 and CP25/15.
Rules for qualifying stablecoin issuers and custodians are set out in the FCA consultations CP25/14 and CP25/15.
Hong Kong
Hong Kong
Hong Kong passed a comprehensive Stablecoins Ordinance in May 2025, creating a licensing framework for fiat-referenced stablecoin issuers.
The law came into force on 1 August 2025, with transitional arrangements and HKMA oversight.
According to the new legal approach, issuing or marketing HKD-backed or other fiat-referenced stablecoins is allowed only under an HKMA license. Stablecoin operations meet stringent reserve, redemption, governance, and AML requirements.
As such, Hong Kong positions itself as a regulated stablecoin hub. Banks and large financial institutions (e.g. Standard Chartered) are already moving to issue licensed HKD stablecoins.
The law came into force on 1 August 2025, with transitional arrangements and HKMA oversight.
According to the new legal approach, issuing or marketing HKD-backed or other fiat-referenced stablecoins is allowed only under an HKMA license. Stablecoin operations meet stringent reserve, redemption, governance, and AML requirements.
As such, Hong Kong positions itself as a regulated stablecoin hub. Banks and large financial institutions (e.g. Standard Chartered) are already moving to issue licensed HKD stablecoins.
Singapore
Singapore
Singapore’s MAS stablecoin framework, finalized initially in 2023, is now a core piece of Singapore’s 2025 digital-asset regime, updated with:
- Clear rules for "MAS-regulated stablecoins": fully-backed, high-quality reserves, and strong redemption and disclosure standards;
- Narrow scope — only tokens pegged to SGD or major G10 currencies and issued in Singapore qualify.
Singapore is creating a “top-tier” regulatory label and giving clear guidance on how to enter it. Singapore requires tokens to meet MAS definitions and to follow robust AML, KYC, and travel-rule compliance, strengthened by clear segregation and safeguards.
Global perspective on stablecoins
Global perspective on stablecoins
In 2025, stablecoin regulation has been updated across regions (EU MiCA, US GENIUS, UK proposals, Singapore, Hong Kong), marking a turning point in the stablecoin story.
The global stablecoin market is heavily dominated by U.S. dollar-pegged tokens (like USDT and USDC), which account for a large share of liquidity and settlement flows. However, there is an ongoing upward trend in non-dollar stablecoins.
Among those stablecoins is A7A5 and USDKG. Despite sanctions, the Russian stablecoin A7A5 made a big splash at leading industry events and reached a market cap of $ 0.5 billion in less than a year. USDKG, a gold-backed stablecoin pegged 1:1 to the U.S. dollar, issued by the Kyrgyz government with CZ as a blockchain advisor, aims to become the number one Central Asian Web3 currency.
In September 2025, a Hong Kong-based fintech firm launched the first offshore stablecoin. AxCNH is a digital asset designed to maintain stable value, pegged 1:1 to the offshore Chinese yuan (CNH).
While still a small slice of the overall stablecoin market, they are increasingly relevant in regions seeking monetary sovereignty and efficient cross-border value transfer — and may become a strategic piece of the digital money ecosystem over the coming years. Companies and countries want alternatives so they aren’t overly exposed to dollar liquidity, monetary policy, or geopolitical risk.
The practical compliance consequences for users and businesses relying on stablecoins today are highlighted as:
The global stablecoin market is heavily dominated by U.S. dollar-pegged tokens (like USDT and USDC), which account for a large share of liquidity and settlement flows. However, there is an ongoing upward trend in non-dollar stablecoins.
Among those stablecoins is A7A5 and USDKG. Despite sanctions, the Russian stablecoin A7A5 made a big splash at leading industry events and reached a market cap of $ 0.5 billion in less than a year. USDKG, a gold-backed stablecoin pegged 1:1 to the U.S. dollar, issued by the Kyrgyz government with CZ as a blockchain advisor, aims to become the number one Central Asian Web3 currency.
In September 2025, a Hong Kong-based fintech firm launched the first offshore stablecoin. AxCNH is a digital asset designed to maintain stable value, pegged 1:1 to the offshore Chinese yuan (CNH).
While still a small slice of the overall stablecoin market, they are increasingly relevant in regions seeking monetary sovereignty and efficient cross-border value transfer — and may become a strategic piece of the digital money ecosystem over the coming years. Companies and countries want alternatives so they aren’t overly exposed to dollar liquidity, monetary policy, or geopolitical risk.
The practical compliance consequences for users and businesses relying on stablecoins today are highlighted as:
- KYC/AML equal to or stricter than fiat PSPs;
- On-chain analytics and wallet-risk scoring are becoming standard;
- Ongoing reserve attestation and capital/risk management requirements.
Stablecoins are already mainstream. However, the convenience of instant payments and transfers comes with compliance scrutiny. The AML procedures serve not only reporting goals but, more importantly, ensure risk monitoring and prevent businesses from any association with illicit crypto activities.
