Ping An Securities: Hong Kong May Adopt Dual-Track Regulation for Stablecoins

Odaily Planet Daily – Ping An Securities has released a report on stablecoins, noting that Hong Kong may develop a dual-track regulatory framework: “USD stablecoins connecting to international markets + HKD stablecoins linking to the mainland.” This approach not only reinforces the financial attributes of the Hong Kong dollar but also provides a “testing ground” for the internationalization of the renminbi. Hong Kong’s definition of stablecoins is relatively broad and is not limited to a specific type of fiat-backed stablecoin. With the rapid development of Hong Kong’s stablecoin market, it is expected that the market share of non-USD stablecoins will gradually increase, potentially driving the establishment of a unified international regulatory system in the future.
In addition, the Ping An Securities report mentions that Hong Kong’s regulatory scope for stablecoin-related business activities includes not only the issuance of designated stablecoins within Hong Kong, but also the issuance of stablecoins pegged (or partially pegged) to the Hong Kong dollar outside of Hong Kong. China’s proactive approach to the stablecoin market could inject new momentum into the internationalization of the renminbi and break the monopoly of USD stablecoins. (Hong Kong Wen Wei Po)