The U.S. stablecoin yield bill text was postponed for release because of concerns that it would give opponents an opportunity to delay.

Hong Kong SFC Launches Pilot Framework for Secondary Trading of Tokenised Investment Products

Hong Kong's SFC launched a pilot framework for secondary trading of tokenised investment products on licensed platforms, enhancing retail access and blockchain settlement. The framework includes investor protection measures and aims to expand the tokenised products market.

Hong Kong SFC issues two tokenized offering circulars on the same day (26EC22 / 26EC23): Full breakdown of VATP secondary trading and primary subscription and redemption rules

The Hong Kong Securities and Futures Commission will issue two guidance circulars for tokenized products in 2026, covering primary-market subscription and redemption and secondary-market trading requirements, respectively. The circulars will clearly define the responsibilities of product providers, liquidity requirements, and fair pricing mechanisms. The new regulatory framework will affect how the industry operates and will create new business opportunities for compliance lawyers, forming a template for tokenized finance regulation in the Asia-Pacific region.

Hong Kong SFC prepares the world’s first tokenized assets trading framework for VATP: money market funds to lead the way, gradually expanding to all authorized products

The Hong Kong Securities and Futures Commission will publish a framework in April 2026 that will allow licensed virtual asset trading platforms to conduct secondary-market transactions of tokenized assets, with the first batch including money market funds and future expansion to stocks, bonds, and more. This will make Hong Kong the first market to use Web3 infrastructure, and it will advance in step with the regulatory technology “CrypTech” to establish a regulatory template for tokenized finance. The move is intended to secure Hong Kong’s position as an Asia-Pacific digital-asset hub and to create competitive pressure on Taiwan-based industry players.

BIS calls for globally coordinated stablecoin regulation: warns that Tether and Circle account for 85% of those showing “security-like characteristics”

The Bank for International Settlements (BIS) once again emphasized the importance of global stablecoin regulatory coordination, pointing out three major risks that stablecoins face at this stage, including regulatory challenges related to cross-border flows and issues with market concentration. BIS proposed a unified ledger framework and argued that central banks need to lead the development of digital currencies, which would pose challenges to existing stablecoin issuers such as Tether and Circle. Overall, in the future, stablecoins may face a more stringent regulatory framework.

Hong Kong SFC Approves New Framework for Trading Tokenized Investment Products

Hong Kong's SFC introduced a regulatory framework for trading tokenized investment products, enabling secondary market trading on licensed virtual asset platforms and enhancing access for retail investors.

Central Bankers Warn Stablecoins Risk Accelerating Dollarization in Emerging Markets

Central bankers warn that stablecoins may accelerate dollarization in emerging markets and pose financial crime risks due to weak regulatory oversight. They urge for international coordination on stablecoin standards to balance innovation with financial stability.