mBridge already settles cross-border CBDC flows between China, HK, Thailand, and UAE without touching SWIFT or dollar rails, with Saudi Arabia onboarded last year. Every month CLARITY sits in Senate committee, more US-domiciled crypto teams relocate to Singapore or Dubai where the rules are actually written. Hong Kong's stablecoin ordinance has been live since August — the SEC and CFTC still can't agree on a market structure framework while Project Agora's Western counterweight crawls along.

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