As stablecoins become increasingly central to digital finance and global payments, regulatory frameworks are rapidly evolving across key markets. Recent developments in jurisdictions such as the United States, Hong Kong, the European Union, and Japan reflect a shared urgency to formalize the role of fiat-backed digital assets within traditional financial systems.
This regulatory momentum signals a turning point: stablecoins are no longer viewed as experimental financial tools, but as viable infrastructure for mainstream payment and settlement use cases.
Against this backdrop, Alchemy Pay is expanding its role in the global financial ecosystem—not only as a fiat-to-stablecoin gateway onboarding users into the stablecoin economy, but also as a key infrastructure builder through its blockchain platform, Alchemy Chain. With the upcoming launch of its own stablecoin, Alchemy Pay aims to become a central exchange hub for both global and local stablecoins, facilitating compliant and efficient cross-border value flows.
Stablecoin Regulation: A Global Overview
United States: GENIUS Act Passed in Senate (June 18, 2025)
The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on June 18, 2025, marking the country’s first comprehensive framework for fiat-backed stablecoins. The law requires full 1:1 dollar reserves, independent audits, monthly disclosures, and formal licensing. Importantly, it defines compliant stablecoins as non-securities, insulating them from SEC jurisdiction.
Hong Kong: Stablecoin Bill Passed (May 21, 2025)
On May 21, 2025, Hong Kong’s Legislative Council passed a bill creating a mandatory licensing system for fiat-referenced stablecoin issuers. Issuers operating in or referencing the Hong Kong dollar must now apply through the Hong Kong Monetary Authority (HKMA) and comply with strict rules around reserve management, redemption mechanisms, and risk oversight. This regulatory clarity is seen as a key step toward Hong Kong potentially issuing its own stablecoin.
European Union: MiCA Regulation Phased Rollout (June & December 2024)
In June 2024, the EU began enforcing the first phase of its Markets in Crypto-Assets (MiCA) regulation, targeting Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs). The second phase came into effect on December 30, 2024, introducing further compliance requirements including licensing for crypto-asset service providers and anti-market abuse provisions. The framework allows financial institutions across the EU to explore stablecoin services under clear legal conditions.
Japan: New Stablecoin Rules Approved (February 2025)
In early 2025, Japan’s Financial Services Agency (FSA) implemented new stablecoin regulations focused on collateral management and consumer protections. The framework permits up to 50% of stablecoin reserves to be held in short-term government bonds or fixed-term deposits, enhancing both stability and yield. New rules also streamline regulatory compliance for intermediaries that facilitate crypto transactions without custody, reducing friction for market entry.
Alchemy Pay’s Strategic Response: Alchemy Chain and Stablecoin Launch
As regulatory frameworks materialize, Alchemy Chain is being purpose-built to serve the evolving global stablecoin ecosystem. As a blockchain specially built for stablecoin payments, Alchemy Chain will support frictionless conversion between global stablecoins (like USDT, USDC) and local stablecoins (such as EURC, MBRL
), aggregating liquidity across chains and jurisdictions.
Alchemy Chain is scheduled for official launch in Q4 2025, with its stablecoin planned for release shortly thereafter. These efforts will further Alchemy Pay’s position as both a gateway and infrastructure provider in the rapidly formalizing global stablecoin economy.
As jurisdictions move toward common-sense stablecoin regulation, the global financial system is preparing to integrate digital assets more deeply into mainstream commerce. By aligning its blockchain and stablecoin roadmap with the world’s most advanced regulatory developments, Alchemy Pay is not only building a more efficient payment layer—but helping to shape the future of compliant, cross-border financial infrastructure.
About Alchemy Chain
Alchemy Chain is a pioneering stablecoin-based payment blockchain, transforming global remittances by unifying mainstream and local fiat-backed stablecoins across multiple fiat currencies. Through a simple API integration, the platform seamlessly handles cross-border transactions, currency conversions, and on-chain asset transfers, bridging different stablecoin and financial ecosystems. Powered by the $ACH gas fee token, Alchemy Chain eliminates traditional barriers in international finance, providing businesses and individuals with a unified, efficient infrastructure for global financial operations.
About Alchemy Pay
Founded in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off-Ramp, Web3 Digital Bank, NFT Checkout and its newly launched RWA platform, Alchemy Pay supports fiat payments in 173 countries.
The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The RWA platform allows global users to invest in tokenized real-world assets using local fiat currencies, lowering entry barriers and democratizing access to traditional financial instruments. Our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. Additionally, the NFT Checkout enables direct purchases of NFTs using fiat payment methods. ACH is the Alchemy Pay network token on the Ethereum blockchain.
