
The Stablecoin Dilemma Facing Every Non-US Economy
Hong Kong’s largest English-language newspaper published a pointed debate on stablecoins on March 25, as the city’s self-imposed March deadline for its first stablecoin licenses nears its end with no official word. The conversation raises a question that every non-US jurisdiction now confronts: Does embracing dollar stablecoins deepen dependence on the very system many governments want to diversify away from? The Dollar Paradox The South China Morning Post paired Gary Liu, co-founder of Terminal 3 and former SCMP chief executive, with Liu Xiaochun, an economist at Shanghai Jiao Tong University. Gary Liu argued that the GENIUS Act may have been…








