June sustained the stablecoin momentum, especially in the U.S., where legislation is at the final stretch. Around the world, regulators continued refining crypto intermediary and tokenization frameworks.
A GENIUS Summer
The steady drumbeat of stablecoin policy news continued in the month of June. The rhythm was set in DC, as the GENIUS Act passed in the Senate with bipartisan support. We still expect it to be signed into law before the August recess, guided (among other signals) by President Trump’s comments on social media.
More than just a legislation, the GENIUS Act is a signal. While formally clarifying rules for issuing stablecoins in the U.S., it legitimizes the tokenized payments industry and gives it certainty extending beyond electoral cycles. This certainty is mission-critical for banks and payment providers. Even though they are already legally permitted to facilitate stablecoin transfers (following regulatory reversals from earlier in the year), they have the GENIUS Act go-live date marked in their calendars for that reason.
Transatlantic Views
US developments are putting regulators elsewhere on alert. Central banks remain uncertain of the systemic impact of using stablecoins at scale, not only for payments, but also for wholesale settlement use cases.
In the UK, the Financial Conduct Authority (FCA) and the Bank of England had a busy June and will have a busy July, collecting industry feedback on their proposed safekeeping and stablecoin rulebooks. The consultation window for crypto intermediary rules closed mid-month. The UK will end up with a two-tier stablecoin framework: smaller issuers staying under FCA oversight while larger players move under BoE supervision with stricter reserve requirements.
Considering the UK’s evolving regime and MiCA implementation pains in the EU, we are inclined to think that issuing stablecoins may be more profitable in the US than across the Atlantic. Our view is further colored by the Administration’s comments that there is some flexibility on income distribution by stablecoin accounts.
Tokenization’s Turn in the Sun
Elsewhere, a regulatory focus on real-world assets tokenization made strides in Argentina, the EU, Hong Kong, and Thailand, with initiatives amounting to regulatory clarity. The EU remains in consultation mode, and Hong Kong’s latest commitments are early-stage. Thailand, however, has already begun translating policy into execution—setting a regional benchmark.
APAC Highlights
June saw meaningful shifts in Vietnam, Hong Kong, and South Korea.
In a reversal of policy, the Vietnamese government passed the Digital Technology Industry Law, defining digital asset activities and incentivizing blockchain and AI development. The law sets the stage for licensed crypto services offered through local banks and financial institutions—though stablecoins remain excluded for now.
For context: In Bolivia, a year after lifting its ban on virtual asset transactions, trading volume surged 630%—from $46.5M in H1 2024 to $294M in H1 2025, totaling $430M over the 12-month period.
In Hong Kong, authorities unveiled a comprehensive “LEAP” framework, including:
- New licensing regimes for dealers and custodians (under the SFC)
- Legal exploration of tokenization barriers
- Expansion of tokenized bond issuance and stablecoin trials for government services
- A new incentive program to fund RegTech, cybersecurity, and monitoring infrastructure with regional presence
In South Korea, June brought further institutional tailwinds:
- The election of President Lee Jae-myung, who campaigned on a crypto-positive message, followed shortly after by
- A bill permitting Won-pegged stablecoin issuance,
- Approval of crypto and bitcoin ETFs pencilled in for H1 2025, and
- Regulatory support for the national pension fund to invest in crypto assets.
Conclusion
The solstice marks a turning point—the longest day of the year, and a shift in season. This June felt much the same for digital assets.
In the U.S., the GENIUS Act is poised to become law, setting the foundation for regulated stablecoin adoption. In the EU, the hard work of implementation has begun, with frameworks for intermediaries and tokenized finance taking shape. And in APAC, momentum accelerated—from Vietnam’s policy reversal to South Korea’s crypto-friendly leadership and Hong Kong’s push to operationalize tokenization.
Stablecoins and tokenized infrastructure are no longer theoretical. They’re becoming embedded in national policy, institutional strategy, and real-world systems.
This summer isn’t just a midpoint—it’s a signal: the second half of the year is about execution. We’ll be watching closely.
