HashKey: U.S. CLARITY Act could spark global stablecoin competition

The U.S. CLARITY Act could strengthen the dollar's influence and intensify the competition for stablecoin dominance with Asian markets, according to Hong Kong-based crypto exchange group HashKey. In an interview with CoinDesk, HashKey stated that if the bill passes, it will have a significant impact on the entire global crypto market, not just the U.S. The exchange group noted that the legislation would allow financial institutions and sovereign wealth funds to invest in cryptocurrencies under a clearer legal framework. This could increase the use of stablecoins by institutional investors and expand their adoption across Asia, particularly in payments, settlements, and treasury management. HashKey explained that Asian markets generally have currency structures vulnerable to external shocks. In an environment of rising dollar funding costs and increased volatility in emerging market currencies, dollar-pegged stablecoins serve as a flexible liquidity channel for businesses and investors. "Ultimately, the core of the competition is not about which region, the U.S. or Asia, becomes the regulatory hub, but rather who absorbs the global capital flows generated during the stablecoin adoption process," HashKey added.