#BigTechStablecoin BigTech stablecoins refer to stablecoins issued by large technology companies, such as Google, Amazon, Facebook, or Apple. These companies have started offering financial services and, with their massive customer base and access to unique information, are becoming significant players in the global financial market.

*Key Concerns:*

- *Regulatory Challenges*: The intersection of BigTech and global stablecoins raises concerns about regulatory oversight and the potential for these companies to "print their own money" or use consumer data to corner markets.

- *Financial Stability*: The growth of non-bank financial intermediaries (NBFIs) and digital assets like stablecoins can increase the risk of contagion and spillovers from a sudden loss of risk appetite among NBFIs or a sudden loss of confidence in some NBFIs.

- *Global Regulatory Strategy*: The global stablecoin race depends on both security and policy. Regulation grants permission, while security earns trust ¹.

*Current Developments:*

- *US Stablecoin Act*: The US is expecting to submit a stablecoin legislation for the President's signature before the summer recess, with bipartisan support.

- *Hong Kong's Stablecoin Bill*: Hong Kong's Legislative Council passed a Stablecoin Bill, allowing the issuance of HKD-backed stablecoins.

- *UK's Stablecoin Regulations*: The UK is finalizing its statutory instrument, recognizing stablecoins as investment instruments ².