The US-listed company Yuta Logistics Technology Holdings (RITR) plans to apply for a license after the Hong Kong 'Stablecoin Regulations' come into effect in August. It intends to launch the Hong Kong dollar stablecoin RHKD and a Bitcoin-pegged token RBTC. RBTC will use 100% Bitcoin reserves (1:1 exchange) and support direct exchange between Hong Kong dollars and US dollars. The company previously disclosed plans to acquire 15,000 Bitcoins (approximately $1.5 billion) as a reserve base.

Analysis by Qinge

Core Logic: Achieving financial collaboration in logistics through Hong Kong's new stablecoin regulations (minimum capital of HKD 25 million) — RHKD reduces cross-border payment costs by 3%-5%, while RBTC addresses the pain points of small Bitcoin payments; Innovation Risks: RBTC is essentially a tokenization of Bitcoin certificates, but lacks mandatory on-chain auditing, which creates a transparency gap. If BTC drops more than 20% in a single day, it may trigger a run; Regulatory Game: Hong Kong allows non-bank institutions to hold licenses and permits multiple fiat currencies to be pegged, but prohibits the payment of interest. Yuta needs to avoid using RBTC as a disguised means of earning interest; Industry Impact: If successful, it could catalyze companies to issue RWA asset tokens; if unsuccessful, it may expose operational shortcomings of non-financial enterprises. The key to success or failure lies in disclosing the Bitcoin custody plan before August.