According to the source, the People's Bank of China has warned that global stablecoins may bring risks to the financial system and threaten monetary sovereignty, signaling continued policy caution toward privately issued digital currencies. Source: https://www.reuters.com/world/china/chinas-central-bank-says-global-stablecoins-may-bring-risks-financial-system-2021-07-08/ ; https://www.bis.org/publ/bisbull65.htm In Asia, Singapore’s MAS finalized a regulatory framework for single-currency stablecoins on Aug 15, 2023, and Circle Internet Singapore holds a Major Payment Institution license enabling regulated issuance and redemption—shaping compliant liquidity rails in the region. Source: https://www.mas.gov.sg/news/media-releases/2023/mas-announces-regulatory-framework-for-stablecoins ; https://www.circle.com/en/pressroom/circle-receives-major-payment-institution-license-in-singapore Hong Kong launched a stablecoin issuer sandbox on Mar 12, 2024 and is advancing legislation to regulate fiat-referenced stablecoin issuers; the SFC’s public register shows ongoing VATP applications and approvals including Hash Blockchain Limited (HashKey Exchange) and OSL Digital Securities, evidencing active offshore licensing. Source: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/03/20240312-4/ ; https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/12/20231227-3/ ; https://www.sfc.hk/en/Rules-and-standards/Virtual-asset-service-providers-and-trading-platforms/List-of-virtual-asset-trading-platforms For trading, stablecoins account for the majority of crypto transaction volumes, making these Singapore and Hong Kong policy tracks key catalysts for BTC and ETH liquidity, market depth, and basis during Asia hours. Source: https://www.bis.org/publ/bisbull65.htm ; https://kaiko.com/research

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.