Singapore, Hong Kong want a slice of the US$250 billion stablecoin pie

[SINGAPORE] Regional financial centres Singapore and Hong Kong are both aiming to capture a piece of the US$250 billion stablecoin market.

On Aug 1, Hong Kong launched a regulatory regime for stablecoin issuers. Some industry watchers noted that the territory might be positioning itself as a regulated gateway into mainland China.

Singapore, on the other hand, finalised its Single Currency Stablecoin framework back in 2023 – a move that pundits viewed as a boost to its role as a hub for South-east Asia and the West.