Hong Kong Stablecoin Emerges with Potential for RMB Pegging! Comprehensive Interpretation of Compliance Track
1. Policy Breakthrough: RMB Stablecoin Receives "Approval Certificate"
Xu Zhengyu's Latest Positioning: Hong Kong's "Stablecoin Ordinance" Opens Up the Option to Peg to RMB! The Monetary Authority's draft in May hinted early on—allowing any compliant fiat currency to be pegged, as long as it meets 100% reserves + high liquidity. This means Hong Kong is using a "regulatory sandbox + licensing system" to open the gates for RMB stablecoins, aiming at cross-border payments and offshore asset circulation gaps.
Data Truth: 99% of the global stablecoin market value of 240 billion is pegged to the US dollar (CoinGecko Q2 2025), while the 1.2 trillion offshore RMB lacks digital channels (Hong Kong Monetary Authority May 2025). Hong Kong's move is to seize the growing market and streamline Southeast Asian trade and RCEP settlement lifelines!
2. Key to Breaking the Deadlock: Offshore Springboard for Digital RMB
The biggest pain point for RMB internationalization—low cross-border efficiency, the Hong Kong government's plan can be considered a knockout:
On-chain settlement costs reduced to $0.002 per second
Integration of RTGS systems with blockchain for direct access to the mainland clearing and settlement network
Strategic Intent: Currently, USDT/USDC holds 120 billion in US Treasury bonds; if Hong Kong establishes a RMB stablecoin fund pool, it is equivalent to breaking a gap in the US dollar hegemony system!
3. Compliance Lifeline: 25 Million HKD Entrance Ticket
The ordinance sets three hard thresholds:
Paid-in capital ≥ 25 million HKD (Ant Group/JD.com and other giants have already applied for licenses)
Reserve assets 100% coverage + prohibition of algorithmic stablecoins
Daily audits + independent custody to prevent decoupling
Wild projects are completely eliminated, only licensed institutions can participate in cross-border payments, securities settlement, and other scenarios.
4. Hooking: Countdown for Binance to Enter?
Hong Kong accelerates the processing of virtual asset license applications (Chen Maobo June 15, 2025), if Binance grabs the first offshore RMB stablecoin license:
Opening up CEX/DEX full-scene payment channels
Market value expansion of 30%+ to capture the Southeast Asian incremental market
Soul-searching question: If RMB stablecoins account for 10% of the global share, will the 120 billion US Treasury bond empire of USDT collapse?
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