The Hong Kong Legislative Council has officially passed the "Stablecoin Regulation Draft", allowing institutions to apply for stablecoin issuance licenses by the end of the year...
There is even consideration for a Renminbi stablecoin, which is quite significant, especially from the perspective of Renminbi internationalization. However, the market's reaction has been surprisingly tepid, which somewhat underestimates Hong Kong's bridging position.
The direct beneficiaries are the exchanges and fintech companies that have already established a presence in Hong Kong, while also opening up new growth opportunities for stablecoin yield protocols like Pendle and Spark. Now is a good time for strategic positioning.
It's already given Hong Kong the chance to take a shot, let Hong Kong lead the way!!!
