On June 6, an announcement was published in the Hong Kong Gazette, declaring that the "Stablecoin Ordinance" will officially take effect on August 1, marking a milestone step in the regulation of stablecoins in Hong Kong. The President of the Hong Kong Monetary Authority, Yu Weiwen, emphasized that considering the relative novelty of stablecoins, the risks associated with issuance, user protection, and market capacity, the licensing threshold will be quite high, and initially, only a "small number of licenses" will be granted.
Yu Weiwen clearly stated that the sandbox program for stablecoin issuers launched by the Monetary Authority in 2024 is not a prerequisite for future license applications, and institutions that have entered the "sandbox" are not guaranteed to receive a license. All license applications will be prudently considered according to consistent and strict standards. Applicants must present specific and feasible business plans and real application scenarios, with a focus on their reserve management capabilities, compliance systems, and technical security. Notably, the first batch of stablecoins will focus on cross-border trade and Web 3.0 applications, indicating that while Hong Kong promotes the development of stablecoins, it also emphasizes their practical implementation in the real economy and emerging technology fields.
Globally, the stablecoin market is experiencing explosive growth. According to Businesslive, since June, the daily trading volume of US dollar stablecoins has exceeded $100 billion, significantly surpassing the trading volumes of Bitcoin and Ethereum. Based on the quarterly reports from Tether and Circle, it is estimated that among the total of $250 billion in US dollar stablecoins, US Treasury bonds account for at least 80% of the reserve assets, which corresponds to an additional demand for $200 billion in US Treasury bonds.
Standard Chartered Bank predicts that by 2028, the stablecoin market size will reach $2 trillion, with corresponding demand for US Treasury bonds reaching between $1.2 trillion and $1.6 trillion. At that time, stablecoin issuers are expected to become the second-largest buyers of US Treasury bonds, following the Federal Reserve. This trend not only highlights the core position of stablecoins in the crypto economy but also reveals their growing influence on traditional financial markets, particularly the sovereign debt market.
Despite the booming stablecoin market, its regulation still faces numerous challenges. Li Bo, Vice President of the International Monetary Fund (IMF) and former Deputy Governor of the People's Bank of China, pointed out at the Summer Davos Forum in 2025 that stablecoin regulation faces two core issues: first, whether stablecoins are classified as currency or financial assets; second, if classified as currency, whether they fall under broad money M2 or cash-like M0. He emphasized that different attribute classifications will correspond to different legal regulatory requirements, including anti-money laundering mechanisms, and that global consensus still needs to be further solidified.
Meanwhile, the United States has also been active in stablecoin regulation. The Wall Street Journal reported that the "GENIUS Act," which is about to be passed by the US Congress, aims to integrate stablecoins into the mainstream financial system, sparking strong interest from startups, banks, and even giants like Walmart. However, the bill imposes strict requirements on stablecoin issuers, including the need to hold cash, short-term US Treasury bonds, and other safe assets as reserves, with large issuers also required to publish audited annual financial reports.
This poses a severe challenge to Tether (USDT), which holds a 66% market share in stablecoins, as part of its reserve assets is backed by Bitcoin and gold, and it has long refused to fully disclose financial details. Former federal prosecutor Scott Armstrong pointed out that this could lead to Tether being unable to continue operating in the US. Although Tether CEO Paolo Ardoino has stated that they may issue localized stablecoins to maintain US operations, the transition period set by the bill for compliance (3 years for the Senate version, 18 months for the House version) still exerts tremendous pressure on them. Ultimately, the bill must be signed into effect by President Trump, who supports it.
Driven by favorable policies for stablecoin regulation in Hong Kong, the local crypto market has also shown strong vitality. The licensed crypto exchange HashKey's platform token HSK has recently surged, rising over 120% in the past week, with a circulating market value of $79 million. Reports indicate that large institutions such as Guotai Junan International and Futu are entering the crypto space using a brokerage intermediary model, with HashKey providing underlying technical support. This indicates that Hong Kong's regulatory environment is attracting more traditional financial institutions to enter the crypto field, which is expected to further drive up HSK.
Additionally, the IPO case of Circle (the issuer of USDC) provides profound insights for the market. Although Circle executives and venture capitalists chose to sell shares during the IPO, missing out on the subsequent rocket-like surge in stock prices, resulting in a potential loss of up to $1.9 billion in earnings, this also indirectly reflects the market's immense confidence in and valuation potential for compliant stablecoin issuers. Circle's founder Jeremy Allaire and major venture capital firms, while partially cashing out during the IPO, still retained a significant amount of shares, demonstrating their confidence in the company's long-term development. Circle's case undoubtedly provides valuable market references for potential compliant stablecoin issuers that may emerge in Hong Kong in the future.
The "Stablecoin Ordinance" in Hong Kong will officially take effect on August 1, undoubtedly setting a new benchmark for global stablecoin regulation. Under high-threshold prudent regulation, Hong Kong is expected to attract more compliant stablecoin issuers and application scenarios, particularly in the fields of cross-border trade and Web 3.0. However, challenges such as attribute classification and reserve transparency still exist in the global stablecoin market, and the impact of the US "GENIUS Act" on the existing market landscape is also worth ongoing attention. Whether Hong Kong can stand out in the global stablecoin competition and become a true Web 3.0 hub will depend on its ability to find the best balance between strict regulation and market innovation, while continuously attracting top global crypto talent and institutions.
Related: Hong Kong Accelerates Digital Asset Layout: Stablecoin Bill Takes Effect, Attracting Companies to Seize New Opportunities
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