The "Stablecoin Regulation" in Hong Kong has come into effect on August 1 this year, marking a solid step forward in the regulation of digital assets in Hong Kong. Recently, the Chairman of the Hong Kong Investment Promotion Agency, Douglas So, stated during a radio program that the main use of stablecoins is as a tool for cross-border remittances, and if widely accepted by society in the future, it could reduce the costs of cross-border payments. This statement undoubtedly injects a new "positive" signal into the Hong Kong stablecoin market. However, Nobel laureate Jean Tirole has warned that the current regulation of stablecoins is "insufficient," and if these tokens collapse during a future financial crisis, the government may be forced to inject billions of dollars for rescue.

Main Use: Chairman Douglas So pointed out that the main use of stablecoins is as a tool for cross-border remittances, and if widely accepted by society in the future, it could reduce the costs of cross-border payments.

Relation to Virtual Currency: Douglas So noted that stablecoins are related to virtual currencies, issued by private institutions and backed by mainstream fiat assets like the US dollar, while using cryptocurrencies as collateral, which correspondingly has high volatility. He advised that citizens who do not understand these products should not invest in them.

Financial Education: He mentioned that a study on the financial literacy of Hong Kong residents showed an upward trend in investment capability, reflecting good financial education; the research also indicated that Hong Kong residents have a high level of financial knowledge, understanding concepts like risk and inflation, but lack long-term planning, and their financial attitudes need improvement. He believes that every era has different challenges, and educational work is never-ending.

HKMA Encourages Mainland Enterprises to Set Up Financial Centers in Hong Kong: According to Chinese media reports, HKMA Vice President Chen Weimin stated at the 7th Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum that the authority actively encourages mainland enterprises to establish overseas business headquarters and corporate financial centers in Hong Kong to coordinate the allocation of overseas funds. Chen Weimin pointed out that in terms of payments, the current global payment system still suffers from many intermediaries and high payment costs. With technological advancements, these issues will gradually be resolved, one example being the application of blockchain technology in the payment field. Currently, Hong Kong is simultaneously promoting the applications of central bank digital currency and commercial bank currency, hoping to provide more convenient and efficient solutions for future cross-border trade and investment payments.

Nobel Laureate's Concerns: According to the Financial Times, Nobel laureate Jean Tirole warned that the current regulation of stablecoins is "insufficient," and if these tokens collapse during a future financial crisis, the government may be forced to inject billions of dollars for rescue.

Risk of Bank Runs: Tirole expressed that he is "very, very concerned" about the regulation of stablecoins, and if doubts arise regarding the underlying reserve assets linked to these digital tokens, depositors may initiate a bank run.

Calls for Government Bailouts: Tirole stated that although stablecoins may be seen as "absolutely safe deposits" by ordinary users, they could become a source of losses and trigger calls for the government to spend huge amounts on bailouts.

Investment Risks: He also warned that using US Treasury bonds as backing assets for stablecoins may become unpopular due to the relatively low yields of these underlying assets. Therefore, issuers of stablecoins may be tempted to invest in "higher-yield but riskier" other assets.

Less than a month after the official implementation of the HKMA's "Stablecoin Regulation," a battle for the issuance rights of stablecoins has quietly begun.

Bank of China (Hong Kong) Plans to Apply for License: As one of the three major note-issuing banks in Hong Kong, the news that Bank of China (Hong Kong) plans to apply for a stablecoin issuer license undoubtedly drops a bombshell in the market.

Natural Advantages of Note-Issuing Banks: The greatest competitive advantage of Bank of China (Hong Kong) lies in its ability to reuse reserve assets. As a note-issuing bank, its management of US dollar reserves and currency issuance mechanisms can be directly transferred to the stablecoin business. In contrast, privately issued stablecoins, while dominating the market, have long faced questions regarding audit transparency and redemption mechanisms.

Regulatory Trust: The HKMA requires stablecoin issuers to publicly disclose audit reports monthly, while bank-affiliated institutions already have mature systems for financial disclosure and compliance risk control. This inherent advantage makes bank-affiliated stablecoins more likely to gain recognition from institutional investors and traditional financial markets.

Market Restructuring: The competition for the first batch of licenses is likely to become a watershed between traditional finance and crypto-native forces. The three major note-issuing banks—Bank of China (Hong Kong), Standard Chartered, and HSBC—are collectively positioning themselves, potentially quickly seizing high-frequency scenarios such as cross-border payments and institutional clearing. Meanwhile, privately issued stablecoins may only retreat to DeFi and other native crypto ecosystems.

A New Pivot for Renminbi Internationalization: The unique value of Bank of China (Hong Kong) lies in the global clearing network of its parent company, Bank of China. If its stablecoin can become a digital bridge for the cross-border flow of the Renminbi, especially in the context of trade settlements under the Belt and Road Initiative, it will significantly reduce the costs and frictions of traditional cross-border payments.

Hong Kong has released positive signals for stablecoins, with Chairman Douglas So revealing new opportunities for cross-border payments, indicating that stablecoins will welcome new developments in Hong Kong. However, Nobel laureate Jean Tirole's warning of a "collapse" also reminds us that the regulation of stablecoins still faces challenges. The Hong Kong stablecoin market is undergoing a restructuring led by note-issuing banks, and the competition between traditional finance and crypto-native forces will determine the future direction of stablecoins.

Related Articles: Crypto Biz: Japan's Quiet Stablecoin Coup

Original Article: “Hong Kong Signals Stablecoin Boost, What Exactly Did the Investment Promotion Authority Chairman Say?”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。