Partners Sebastian Barling, Geoffrey Chan, Mark Chorazak and Stuart Levi authored a chapter in which they provide a thorough examination of the evolution of stablecoins, as well as the current regulatory landscape for the cryptocurrency. The chapter provides a comparative analysis of how major jurisdictions are shaping the future of stablecoins. The authors discuss:
- The GENIUS Act — the United States’ first comprehensive federal framework for payment stablecoins — and how it may pave the way for widespread adoption of stablecoins in the country.
- The EU’s Markets in Crypto-Assets (MiCA) regulation, which introduces unified rules for stablecoin issuance, trading and offering, and addresses concerns regarding strengthened retail investor protection and financial stability.
- The U.K.’s forthcoming framework that will bring fiat-backed stablecoins within the regulatory perimeter, anchored in changes to existing financial legislation.
- Hong Kong’s new licensing regime for stablecoin issuers, which will be regulated by the Hong Kong Monetary Authority and covers the issuance of “specified stablecoins.”
This article appeared in Global Legal Insights - Blockchain & Cryptocurrency Regulation 2026, published by Global Legal Group Ltd., London.