Abstract: As countries and regions, including the United States and Hong Kong SAR, have successively enacted and implemented specialized legislation regulating stablecoins, global cryptocurrency legislation has entered a new era. The emerging trends in stablecoin legislation carry significant spillover effects. It is imperative to give high priority to and conduct in-depth analysis of the underlying logic and far-reaching implications of these legislative developments, thereby formulating feasible countermeasures. From the perspectives of three fundamental dimensions - technology, finance, and international affairs, advancing stablecoin legislation represents the legal system's concentrated response to blockchain technology's application in finance. It is an inevitable requirement for furthering financial innovation, enhancing financial efficiency, and safeguarding financial security and stability. Moreover, it serves as a crucial means to uphold financial sovereignty, compete for financial discourse power, and seize strategic high ground in finance. New international developments in stablecoin legislation not only directly impact the future of stablecoins but also exert significant influence on global financial markets, the global financial system, and global financial stability and security. To a certain extent, they will reshape the global financial legal framework, carrying far-reaching implications and profound significance. In response to these new legislative trends and their far-reaching implications, it is imperative to deepen theoretical research on stablecoins and related legislative issues, to accelerate efforts to build a strong financial nation, advance high-level financial opening-up, and promote the internationalization of the renminbi, to expedite the development of financial rule of law, refine relevant financial laws and regulations, and to prepare for the steady advancement of stablecoin-related legislation.

Keywords: stablecoin legislation, new international developments, underlying logic, countermeasures

 

Author:Xiao Jing, associate research fellow, CASS Institute of Law;

Source:1 (2026) Local Legislation Journal.