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