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"From Access Thresholds to Institutional Games: A Comparative Analysis of Stablecoin Regulatory Strategies in the US, EU, and Hong Kong"
This article compares the three regulatory paths for stablecoins in the EU, the US, and Hong Kong: the EU constructs a unified market with MiCA, the US strengthens dollar dominance through federal legislation, and Hong Kong pilots compliance and RWA applications under high thresholds. The three reflect different governance logics and are reshaping the market landscape and technological pathways for stablecoins.