The ultimate goal for Hong Kong and Singapore by the end of 2024 is to introduce legislation that will allow the use of stablecoins as a means of payment in their domestic markets. According to information from Bloomberg agency, this legislation will establish strict control over digital currencies backed by fiat funds.

In Singapore, tourists can already use stablecoins to pay for goods and services, but currently only tokens like XSGD, the digital version of the Singapore dollar, are permitted. In 2024, there are plans to introduce legislation regulating transactions with digital currencies like USDT issued by private companies.

In August, the Monetary Authority of Singapore (MAS) introduced a bill on stablecoins, and a similar document is currently under discussion in Hong Kong.