Stablecoins such as tether are backed by fiat currencies like the US dollar. Photo: Shutterstock Images
Stablecoins such as tether are backed by fiat currencies like the US dollar. Photo: Shutterstock Images

HKMA, Hong Kong’s de facto central bank, proposes regulating fiat currency-backed stablecoins with rules similar to banks

  • The Hong Kong Monetary Authority is seeking public views on rules that would license and supervise stablecoin activities like banks
  • Usually pegged to the US dollar, the US$150 billion stablecoin market is growing as a means of payment, necessitating regulatory framework, says the HKMA

Topic |   Banking & finance
Stablecoins such as tether are backed by fiat currencies like the US dollar. Photo: Shutterstock Images
Stablecoins such as tether are backed by fiat currencies like the US dollar. Photo: Shutterstock Images
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