According to TechFlow, Circle Vice President Yam Ki Chan said at the Korea Blockchain Week that the United States' federal-level stablecoin regulation may lag behind other major regions in the world.

Compared with the EU MiCA rules and the Hong Kong stablecoin framework, the United States has not yet established a unified regulatory approach at the national level. Currently, US states still mainly regulate stablecoins based on existing money transmission laws, resulting in regulatory fragmentation. Although the Payment Stablecoin Clarity Act of 2023 has been passed by the House Committee, it still needs to go through further legislative procedures. Chan emphasized that the United States needs to upgrade its regulatory framework and believes that the upcoming election may be an opportunity to reshape the discussion on cryptocurrency policy.