What was the hottest topic simultaneously trending in China and the US in June 2025? The answer is undeniable—stablecoins.
Hong Kong and the US Push Forward, Accelerating Stablecoin Legislation
On June 6, 2025, the Hong Kong SAR government published a gazette announcement declaring that the Stablecoin Ordinance would take effect on August 1. This legislation provides a clear regulatory framework for the digital asset market, seen as a crucial step in solidifying Hong Kong’s position as a global fintech hub.
On the same day, Circle, the world’s leading USD stablecoin issuer, debuted on the New York Stock Exchange (NYSE) at an IPO price of $31. Its stock skyrocketed over 160% on the first trading day, reflecting unprecedented market enthusiasm. In the following days, Circle’s share price continued its meteoric rise, surpassing $150.
US Passes the GENIUS Act, Tech Giants Enter the Arena
On June 17, the US Senate approved the Global Economic and National Innovation in the United States Act (GENIUS Act), paving the way for tech and retail giants to issue their own stablecoins. Following the news, Web2 behemoths like Amazon and Walmart expressed interest in launching proprietary stablecoins, while Circle—already a market leader—surged once again. At the time of writing, Circle’s stock had soared past $240, marking a nearly 700% increase in just 15 days—one of the most explosive IPOs in recent Wall Street history.
Chinese Business and Regulatory Leaders Weigh In, Stablecoins Take Center Stage
Also on June 17, Richard Liu, founder of JD.com, made a high-profile comeback speech in which he prominently highlighted the potential of stablecoins in cross-border payments and the digital economy. As a bellwether of China’s internet industry, his remarks quickly ignited market discussions.
The next day (June 18), Pan Gongsheng, Governor of the People’s Bank of China (PBOC), mentioned stablecoins for the first time in his annual Lujiazui Forum speech, emphasizing the need to "carefully assess their impact on monetary sovereignty and financial stability." This marked the first public acknowledgment of stablecoins by China’s central bank, signaling heightened regulatory attention.
Stablecoin Fever Sweeps the Globe, US-China Dynamics Enter a New Phase
With stablecoin legislation advancing in both Hong Kong and the US, Circle’s staggering stock performance, and high-profile endorsements from figures like Richard Liu and Pan Gongsheng, stablecoins have rapidly evolved from a niche topic to a cornerstone of global fintech discourse.
Facing the aggressive rise of USD-backed stablecoins, China’s policymakers, business leaders, and academics have responded vigorously. Government officials, entrepreneurs, economists, think tanks, and securities analysts have all joined the debate, spawning a flood of conference calls, in-depth articles, research reports, and public speeches—so much so that "stablecoins dominate every conversation." Discussions have expanded to include the potential for a yuan-backed stablecoin, the internationalization of the RMB, and even possible adjustments to China’s crypto policies.
Interestingly, the stablecoin boom has even prompted a 180-degree shift (Note: The original "360-degree turn" was incorrect—it should be 180 degrees) in stance among some Chinese officials, from cautious skepticism to proactive research. This financial revolution, ignited by stablecoins, is reshaping the future of the global monetary system.