In the context of the profound changes in the global financial landscape and the wave of the digital economy, Hong Kong is accelerating the transformation and upgrading of its international financial center with unprecedented determination and action. On September 25, 2025, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly released the "Roadmap for the Development of Fixed Income and Currency Markets." This roadmap not only proposes ten initiatives covering four major pillars: primary market issuance, secondary market liquidity, offshore RMB business, and new generation financial infrastructure, but also clarifies Hong Kong's strategic positioning to promote itself as a global center for fixed income and currency by enhancing demand, liquidity, and innovation. With Citibank raising its forecast for stablecoin issuance to $1.9 trillion by 2030, and potentially reaching $4 trillion in a bull market scenario, this initiative from Hong Kong will undoubtedly accelerate the construction of new digital financial infrastructure and play a key role in the fierce competition of the trillion-dollar stablecoin market.
On September 25, the SFC and HKMA jointly released the "Roadmap for the Development of Fixed Income and Currency Markets," aiming to promote Hong Kong as a global center for fixed income and currency through enhancing demand, liquidity, and innovation.
Four Major Pillars: The "Roadmap" proposes key measures around four major pillars: primary market issuance, secondary market liquidity, offshore RMB business, and new generation financial infrastructure.
Ten Initiatives: Aimed at consolidating Hong Kong's existing advantages, including further attracting issuers to use Hong Kong as a fundraising hub and providing risk management and liquidity management tools for issuers and investors; at the same time, it emphasizes exploring new opportunities, including enhancing the scale and liquidity of offshore RMB usage and developing new generation financial infrastructure to empower market innovation.
High-Level Statements: SFC Chairman Tim Lui stated that the "Roadmap" will bring long-term benefits to market participants; HKMA Chief Executive Eddie Yue emphasized seizing the opportunities of RMB internationalization and market digitization to promote innovation and development. SFC Chief Executive Ashley Alder stated that strengthening Hong Kong's fixed income and currency markets is crucial for enhancing its status as an investment and fundraising center, and committed to strengthening Hong Kong's role as a key bridge between domestic and foreign capital markets.
Citibank's latest report raises the baseline forecast for stablecoin issuance in 2030 to $1.9 trillion, potentially reaching $4 trillion in a bull market scenario. The report states that if the circulation speed of stablecoins approaches that of fiat currency, the annual transaction volume could reach $100 trillion to $200 trillion. This indicates that stablecoins have become an indispensable part of future financial infrastructure.
The Rise of Bank Tokens: Citi points out that bank tokens (such as deposit tokens) are expected to surpass stablecoins in future trading volume due to compliance and real-time settlement demands.
Dollar Dominance: The US dollar remains the dominant on-chain currency, but places like Hong Kong and the UAE are becoming centers for innovative experimentation.
Coexistence and Reshaping: Citi believes that stablecoins, bank tokens, and central bank digital currencies will coexist and jointly reshape financial infrastructure.
The emphasis on developing new generation financial infrastructure to empower market innovation in Hong Kong's "Roadmap" undoubtedly views stablecoins and tokenization technology as core components. This will help Hong Kong secure a favorable position in the competition of the trillion-dollar stablecoin market.
The "Crypto Wealth Report 2025" shows that the number of people globally holding over $1 million in crypto assets has increased by 40% in the past year, reaching 241,700. Among them, the number of Bitcoin millionaires surged by 70%, now totaling 145,100.
Market Rebound: In June of this year, the total market capitalization of digital assets rebounded to $3.3 trillion, a year-on-year increase of 45%. In the high-end market, 450 individuals hold at least $100 million in crypto assets, while 36 billionaires control larger holdings.
Bitcoin's Transformation: The report points out that Bitcoin is gradually transforming into the foundational layer of a parallel financial system, with its function expanding from a speculative tool to collateral and a base currency for wealth accumulation.
Wealth Landscape Reshaping: The decentralized nature of cryptocurrencies is redefining the global wealth landscape, with Singapore, Hong Kong, the United States, Switzerland, and the UAE becoming preferred destinations for investors.
The release of Hong Kong's "Roadmap" will further enhance its attractiveness in the digital asset field, attracting more crypto wealth and talent.
To further promote discussions with market participants on the development of fixed income and currency markets, the SFC and HKMA successfully held the "Hong Kong Fixed Income and Currency Forum 2025" on September 25. The forum brought together senior government officials from Hong Kong and the mainland, senior management from regulatory agencies, and management from major financial institutions to exchange views on opportunities, challenges, and new trends in the global fixed income and currency markets. This indicates that Hong Kong is actively building an open and cooperative platform to gather wisdom from all parties and jointly promote the development of digital finance.
The "Roadmap for the Development of Fixed Income and Currency Markets," jointly released by the SFC and HKMA, is a key step for Hong Kong in the digital finance era. Through the construction of ten initiatives and four major pillars, Hong Kong aims to consolidate its leading position in the global fixed income and currency markets and accelerate the construction of new generation financial infrastructure. Against the backdrop of the imminent explosion of the trillion-dollar stablecoin market, this strategic layout from Hong Kong will not only provide strong momentum for RMB internationalization and digital asset development but also enable it to play a crucial role in the reshaping of the global digital financial landscape.
Related: HKMA: Offshore RMB stablecoins have not been issued in Hong Kong, beware of fake news and crypto scams.
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