According to the source, a compliant, citation-backed trading summary cannot be produced because the only provided source is a competing crypto media outlet, which cannot be cited under the stated rules. To proceed, please share at least one primary source such as: Monetary Authority of Singapore’s stablecoin regulatory framework (official MAS release), Hong Kong Monetary Authority stablecoin consultation conclusions or sandbox updates (official HKMA materials), Japan Financial Services Agency Payment Services Act stablecoin rules effective June 2023 (official FSA notice), or company press releases from Tether or Circle. With an acceptable source, the analysis will focus on verified impacts to USDT and USDC liquidity, regional on and off ramps, issuance and redemption frictions, and Asia trading hour flows, all with direct citations to the provided documents.