Yam Ki Chan, vice-president of Circle, said in an interview during Blockchain Week in South Korea on Wednesday: "Major jurisdictions around the world have set minimum standards for well-regulated stablecoins, and it is the US that has yet to fully implement them." He noted that in the US, many states regulate stablecoin issuers under existing money transfer laws, which also apply to payment services such as Apple Pay, Google Pay and PayPal. These issuers must obtain money transfer licenses across states, resulting in a fragmented market landscape, increasing compliance costs, hindering innovation and complicating expansion across the US