Breaking news late at night! The biggest upheaval in the crypto world in 2026 is not in the United States, but in Israel and Pakistan's quiet actions

Everyone’s eyes are fixed on the US spot ETF, thinking the bull market has returned. But the true moves that will determine the next phase of the industry are quietly being made in emerging markets.

Israeli crypto company Bits of Gold announced that the Israel Securities Authority has approved the issuance and circulation of the stablecoin BILS, anchored to the shekel. After two years of pilot testing, this domestic fiat-backed stablecoin has finally received its birth certificate. Just a few days ago, Pakistan’s National Bank issued Notice No. 10 of 2026, officially repealing the virtual currency ban that has been in place since 2018, allowing licensed virtual asset service providers and approved operators to open bank accounts.

These two developments are on a different level from the US ETF. ETFs simply provide investors with an additional asset allocation channel, while domestic stablecoins and bank access test whether cryptocurrencies can truly integrate into mainstream financial infrastructure.

BILS initially issued based on $SOL, with partners including Fireblocks, QEDIT, Ernst & Young, and the Solana Foundation. It introduces shekel into the on-chain market, which has been dominated by dollar-stablecoins. Dollar stablecoins are now the primary settlement medium in the crypto world, with USDT’s 24-hour trading volume around $111.5 billion and USDC approximately $47.8 billion. But will sovereign nations be willing to hand over the payment layer to dollar tokens? BILS offers another possibility: building payment channels within the on-chain version of their own currency.

Pakistan’s bank access is a tougher nut to crack. Bank accounts are fundamental infrastructure of the financial system, directly affecting whether compliant institutions can custody funds, reconcile transactions, and be regulated. Pakistan, which has long been among the top countries globally for on-chain crypto adoption, previously saw these transactions mostly in the shadows. Now, licensed institutions can openly open bank accounts.

Hong Kong has also taken the route of licensing first, then business. On April 10, the Hong Kong Monetary Authority issued stablecoin licenses to Anto Financial and HSBC. The UAE introduced a regulatory framework for payment tokens, with several financial institutions approved to issue Dirham stablecoins (DDSC), though currently limited to institutional scenarios. Korea’s Crypto.com partnered with KG Inicis to connect a vast merchant network, enabling overseas tourists and local e-commerce users to pay with crypto. K Bank in Korea is testing cross-border payments with Ripple.

Regulatory rules are increasingly becoming part of the industry’s infrastructure. Japan’s Financial Services Agency plans to elevate crypto assets from the Payment Services Act to the Financial Instruments and Exchange Act, strengthening disclosure, insider trading restrictions, and user protections. The UK will open applications for new crypto business licenses from September 30, 2026, to February 28, 2027, with the rules taking effect in October 2027. The EU’s MiCA regulation is fully implemented, covering transparency, institutional access, and daily supervision.

The US still dominates in scale. As of April 29, total crypto market cap approached $2.59 trillion, with Bitcoin’s market cap around $1.56 trillion. But data reflecting actual usage is rewriting the standards. Chainalysis shows that in 2025, the global stablecoin circulation reached $28 trillion, expected to grow to $71.9 trillion by 2035. Emerging markets are at the center: India tops the adoption list, followed by the US, with Pakistan, Vietnam, and Brazil close behind.

The International Monetary Fund warns of risks: cross-border stablecoin flows could impact exchange rates, lead to local currency depreciation, and threaten financial stability. Every new channel involves reserve management, anti-money laundering design, and exchange rate risk controls.

The landscape is already clearly divided: the US ETF has completed the financialization of cryptocurrencies; the more challenging mass adoption test—whether to connect with local fiat currencies, bank accounts, and merchant spending—is underway under regulatory push in various regions. If these pilots succeed, the global scene will no longer be dominated by US-led investment cycles, but instead by regional financial ecosystems absorbing crypto assets within their local regulatory frameworks. If not, the US dollar and American capital markets will continue to lead.

The next round of competition will not be about market hype but about real usage and adoption.

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