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