The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

Hong Kong has passed a stablecoin bill to expand its cryptocurrency licensing regime as more governments recognize the digital assets.

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.

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

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

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.