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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 panel session on cryptocurrencies and digital assets is held at the Global Prosperity Summit. Photo: Karma Lo
Hong Kong economy

Hong Kong minister touts gold as ‘bridge between conventional and new finance’

Treasury chief Christopher Hui also says city opted against separate regulatory authority for digital assets to support ‘convergence’.

Cryptocurrency

Hong Kong a key global hub for USDC cross-border payments: Circle CEO

China's economic recovery

Open Questions | How China can avoid a repeat of Japan’s ‘lost decades’

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Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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Illustration: Lau Ka-kuen
Hong Kong economy

Opinion | To be the world No 2 financial centre, Hong Kong must be a rule maker

In a fragmenting world where the old financial order is being renegotiated, the greater prize goes to those who help set the new standards.

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Banking & finance

Open Questions | Euro, yuan unlikely to match US dollar, Daniel Gros says

German economist doubts EU and Chinese currencies will be widely used for international trade or that stablecoins will take off outside the ‘shadow economy’.

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Hong Kong economy

Opinion | Hong Kong’s stablecoin roll-out puts banks at the centre of digital money

Hong Kong is building a bank-led digital money system, not a cryptocurrency free-for-all.

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Bank and commercial buildings dot the skyline in Hong Kong’s Central business district in 2020. Photo: Sun Yeung
Cryptocurrency

Hong Kong lawmaker swipes at US lack of ‘clarity’ as city eyes crypto lead

Hong Kong has granted its first two licences for stablecoin issuers, and is pushing forward regulations on crypto dealers and custodians.

China digital currency

Hong Kong seen leading Asia in push to scale stablecoins, HSBC says

Interoperability and real-world applications seen as key hurdles as city looks to unlock tokenisation’s full potential.

Fintech

How PayMe’s 3.3 million users and Hong Kong firms could start using stablecoins

HSBC eyes retail stablecoin roll-out via PayMe in second half of 2026, as Standard Chartered-led joint venture focuses on institutions first.

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HSBC is looking to introduce stablecoins by integrating them into its popular PayMe app. Photo: Jonathan Wong
Banking & finance

Calls grow for HKMA to go further on stablecoins after conservative first batch

Analysts and investors say the HKMA’s cautious approach prioritises risk control, but limits Hong Kong’s digital asset ambitions.

Analysts say the HKMA has prioritised risk management , even as it seeks to promote financial innovation through stablecoins. Photo: Jonathan Wong
Fintech

HSBC, StanChart-led group among first to get stablecoin licences in Hong Kong

HSBC will launch its Hong Kong dollar stablecoin in the second half of this year, integrating it into its PayMe and mobile banking platforms.

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Hong Kong economy

Letters | Hong Kong is not competing with US stablecoins or the digital renminbi

Readers discuss the city’s stablecoin ambitions, the use of e-payments, and the role eHealth could play in stroke prevention.

Banking & finance

Editorial | Stablecoin launch delay shows Hong Kong would rather be safe than sorry

Given the complexity involved, it’s wise not to rush to meet any self-imposed deadline but to make sure a good framework is in place first.

Hong Kong plans to be a digital asset hub with stablecoins playing a key role. Photo: Shutterstock
Banking & finance

Hong Kong’s anticipated stablecoin licence by end-March does not materialise

Analysts say the delay is most likely administrative and that the overall plan is still on track.

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Hong Kong’s stablecoin initiative is part of efforts to become a global digital-asset hub. Photo: Getty Images
Yuan

Open Questions | Kenneth Rogoff on why China’s yuan will be a reserve currency within 5 years

Harvard economist explains why cryptocurrencies will never take the US dollar’s place, despite their popularity in underground economies.

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Banking & finance

Open Dialogue | Gary Liu and Liu Xiaochun on the US and China’s divergent paths for stablecoins

As investors await Hong Kong’s first stablecoin licences, two experts discuss the assets’ integration with the city’s economy – and the world’s.

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Cryptocurrency

Has Hong Kong laid the groundwork to become a world-leading crypto hub?

With its regulatory clarity and superconnector edge, the city is drawing global crypto firms as it emerges as a premier Web3 hub.

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Illustration by Lau Ka-kuen
US-China relations

US-China split on digital money deepens as stablecoin debate stalls Clarity Act

Crypto push for yield clashes with banks, slowing US legislation as China advances interest-bearing e-CNY on a different path.

Fintech

Exclusive | HSBC, Standard Chartered tipped to win Hong Kong stablecoin licences in 2 weeks

The approvals would mark a milestone in Hong Kong’s push to regulate stablecoins while positioning itself as a global digital asset centre.

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Hong Kong budget 2026-27

Hong Kong’s virtual asset sector considered for taxation under policy review

Latest budget announces new government committee to be tasked with reviewing Hong Kong’s tax policies.

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A pedestrian passes in front of a currency mural on a shop’s gate in Hong Kong. Photo: Antony Dickson
Hong Kong budget 2026-27

Hong Kong seeks to hone edge as offshore yuan hub, digital-asset front runner

Market participants largely welcome Paul Chan’s renewed push to strengthen Hong Kong’s position as an international financial centre.

Hong Kong’s renewed push to strengthen its position as an international financial centre has been welcomed. Photo: Felix Wong
Hong Kong budget 2026-27

Hong Kong budget 2026-27: should the coming blueprint boost yuan’s global push?

Experts say Hong Kong has ‘distinct advantages’ that can support the country’s financial development amid geopolitical uncertainties.

Fintech

Can Hong Kong lead a digital gold trading revolution with blockchain innovation?

Beyond banks, asset managers, fintechs and crypto firms are racing to launch innovative tokenised gold products for investors.

Banking & finance

Hong Kong bridges traditional, digital finance with new virtual asset initiatives

The first initiative will allow licensed virtual asset brokers to offer margin financing to clients with strong credit profiles.

Hong Kong’s SFC unveiled new initiatives on Wednesday aimed at further developing the city’s virtual asset sector. Photo: Shutterstock Images
Cryptocurrency

Consensus 2026 kicks off in Hong Kong amid tighter Beijing oversight

Organised by CoinDesk, the event is an important gathering for digital finance and cryptocurrency professionals.

Visitors attend a panel discussion at Consensus 2025 in Hong Kong, February 19, 2025. Photo: AFP
Yuan

China keen to realise ambitions for digital currency amid slow uptake

Despite record transactions last year, most users prefer alternatives – while Beijing likely to maintain gradual expansion, analysts say.

Cryptocurrency

Scams and outflows: why China slammed the door on real-world asset tokens

Beijing’s clampdown aims to help safeguard financial security and monetary sovereignty while leaving room for regulated fintech innovation in Hong Kong.

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