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Stablecoins

Stablecoins
Stablecoins are cryptocurrencies that maintain a stable value by being pegged to a reference asset, typically backed by fiat currency such as the US dollar, offering a less volatile alternative to other digital assets.
A booth promotes the digital yuan at an expo in Beijing. China is upgrading its digital currency as it aims to create an alternative to stablecoins and cryptocurrencies. Photo: AP
Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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Banking & finance

Opinion | To harness crypto ingenuity, financial threat must first be neutralised

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Hong Kong economy

Hong Kong to broaden crypto rules with new licences for dealers and custodians

Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

A customer makes a payment using China’s digital currency, or e-CNY, at a store in Beijing. Photo: Getty Images
Yuan

What China’s global yuan push looks like – and what could hold it back

Currency sees wider use in trade, but high domestic savings and partial capital controls still act as constraints, analysis shows.

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Blockchain

Coins in sand: how the UAE draws in the global crypto community

At Abu Dhabi Finance Week, insiders give credit to the UAE’s regulatory infrastructure and institutional adoption of digital assets.

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United States

‘Crypto king’ Do Kwon gets 15 years in prison for misleading investors

The South Korean founder of Terraform Labs had previously pleaded guilty to fraud charges stemming from a US$40 billion stablecoin crash.

Police officers escort Terraform Labs founder Do Kwon in Montenegro’s capital Podgorica in March 2024. Photo: AP
IPO

HashKey aims for US$214 million in Hong Kong IPO amid Beijing’s crypto pressure

Retail investors oversubscribe crypto exchange operator’s offering despite China central bank’s tough stance on virtual assets.

Blockchain

Chinese industry bodies issue RWA tokenisation warning amid Beijing’s crackdown

This was the mainland associations’ first warning to members as Chinese authorities have explicitly targeted RWA tokenisation.

Open Questions series

Open Questions | Huang Yiping on AI and stablecoins’ risks and rewards for China

Influential economist says growth in artificial intelligence must protect livelihoods and Chinese central bank’s cryptocurrency caution is warranted.

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Illustration: Lau Ka-kuen
Cryptocurrency

HashKey’s IPO seeks US$300 million under shadow of Beijing’s regulatory scrutiny

HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’.

HashKey on Monday cleared its Hong Kong listing hearing after a confidential filing earlier this year. Photo: Handout
China digital currency

Beijing’s crypto warning casts shadow over Hong Kong’s stablecoin ambitions

Hong Kong’s pioneering stablecoin rules have attracted 30 applicants – will Beijing’s latest warning force the city to rethink its ambitions?

IPO

Hong Kong crypto exchange HashKey wins listing nod in test of investor appetite

HashKey could raise around US$300 million this month amid Hong Kong’s push to develop its digital asset sector.

Fintech

Does tokenisation in China risk a repeat of the P2P lending crisis?

Tokenisation provides value, but the interest of multilevel marketers raises ‘genuine concerns’, forum speaker says.

Traffic crawls on an elevated highway as buildings are reflected on a glass surface in Beijing’s central business district on November 12, 2025. Photo: Reuters
Banking & finance

China’s PBOC underlines tough stance on virtual currencies like stablecoins

Speculative activities in virtual currencies have resurfaced, PBOC statement warns after multi-department regulatory meeting.

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Stablecoins may be exploited for illegal purposes such as fundraising fraud and unauthorised cross-border fund transfers, the People’s Bank of China has warned. Photo: Shutterstock
Fintech

Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago

Hong Kong’s rise as a fintech hub is due to the concerted regulatory push, with the city competing with Singapore for regional leadership.

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China trade

Explainer | How some Chinese exporters benefit from US dollar-backed stablecoins

From navigating trade restrictions to overcoming regulatory barriers, more traders are embracing the digital asset – but not without risks.

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Japan

Opinion | As Japan takes aim at crypto, first mover Hong Kong must look out

The Takaichi government’s pro-digital assets policies place Tokyo as a direct and serious competitor to Hong Kong.

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Japan’s Prime Minister Sanae Takaichi delivers a speech at the House of Representatives plenary session in Tokyo on October 24. Photo: AFP
Law

Legal Tales | How Hong Kong’s law protects those drawn to crypto and virtual asset investments

City has introduced groundbreaking, tailor-made laws designed to protect the public when investing in new class of financial products.

India

India’s debt-backed stablecoin challenge to US dollar dominance explained

Advocates argue the ARC token will lower India’s borrowing costs, strengthen the rupee and stem outflows to dollar-backed cryptocurrencies.

Cryptocurrency

US, Chinese authorities ramp up actions against syndicates running crypto scams

Syndicates either trick or coerce targeted victims to invest in bogus schemes and transfer funds via bitcoin, ether or stablecoins.

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Cryptocurrencies like bitcoin play a major role in sophisticated criminal enterprises that involve complex money-laundering networks. Photo: Shutterstock
Banking & finance

Hong Kong central to Standard Chartered’s digital finance strategy: CEO

Fintech-friendly regulations have convinced the bank to anchor its digital-asset ventures in the city, Bill Winters says.

Standard Chartered CEO Bill Winters sits down for an interview at the Post’s Hong Kong headquarters. Photo: Jonathan Wong
Cryptocurrency

Hong Kong pushes adjustments to digital-asset rules as Beijing remains cautious

The changes show a ‘clear shift in focus from building guardrails to enabling growth’ in the sector, Clarient Advisory’s Joy Lam says.

Fintech

‘Superconnector’ Hong Kong gets boost from Beijing

China is ramping up support for Hong Kong’s finance sector as it develop the city’s role as a link between the mainland and global markets.

Blockchain

Ant touts ‘tokenised money’ for settlement but remains mum on stablecoin plans

Ant has used tokenised bank deposits to achieve cross-bank real-time settlement this year through Hong Kong’s Project Ensemble.

The entrance to last year’s Hong Kong Fintech Week. Photo: SCMP
Blockchain

Solana event cut short as China’s stablecoin warning sparks unease

While organisers attribute the disruption to overcapacity, some industry players fear a renewed crackdown on cryptocurrencies.

Police inquiry about a Solana event in Shenzhen has sparked unease within the Chinese cryptocurrency community. Photo: Handout
Ant Group

Ant Group seeks ‘Antcoin’ trademark in Hong Kong as city embraces crypto

The Antcoin trademark filing has drawn attention, as Hong Kong’s digital asset development comes under scrutiny from Beijing.

Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

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