Since the US signed the GENIUS Act, Asia launched 6 national stablecoin initiatives

When it comes to stablecoin initiatives, America provided the regulatory clarity but Asia focused on building. „Every empire thinks it’s permanent. Every financial center believes it’s irreplaceable. Then technology shifts, and power flows like water to where innovation actually happens.” said Sandy Peng, co-founder of Scroll, a blockchain company that support founders building the Open Economy.

Here’s everything that happened in the past 4 months:

1) Hong Kong: LEAP framework went live August 1 – introducing the first complete stablecoin licensing regime.

2) Hong Kong then doubled down – committing $18 billion annually to tokenisation projects and public-private pilots.

3) Japan: Launched JPYC – yen-backed, fully redeemable, government bond supported stablecoin.

4) Singapore greenlit stablecoin payments across GrabPay merchants, bringing crypto to everyday retail.

5) China started weighing its own RMB-backed stablecoin, aiming to expand digital yuan influence beyond mainland rails (despite the previous strong stance against crypto).

6) South Korea accelerated its digital-asset and KRW-stablecoin bills, with fintechs like Toss preparing for launches.

7) UAE: ADGM expanding fiat-token licenses, and positioning for bank-grade issuance across MENA.

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The GENIUS Act, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoin Act, is a federal law aimed at regulating stablecoins in the United States, ensuring consumer protection 

and financial stability.

The GENIUS Act was signed into law on July 18, 2025, marking a significant step in the regulation of digital assets, particularly stablecoins, which are cryptocurrencies pegged to stable assets like the U.S. dollar. This legislation establishes a comprehensive regulatory framework for stablecoins, addressing the need for oversight in a rapidly evolving digital currency landscape.