Hong Kong’s Stablecoin Law Goes Live August 1 — But Only a Few Can Play 🇭🇰
It’s official: Hong Kong is launching its Stablecoin Ordinance on August 1, 2025.
And it’s coming with tight control.
Only 3–4 issuers are expected to receive licenses in the first wave.
And if you’re not pegged to $HKD or $USD? You’re out.
No license = no listing on HK exchanges.
What’s the goal here?
Regulate payment stablecoins
Filter the noise, keep just a few serious players
Build “guardrails” before the market goes wild
Basically, they’re tightening things before it’s too late.
And yeah — this feels a lot like EU’s MiCA playbook,
where only a few made it past the finish line.
Who wins?
Entities with resources, lawyers, and compliance muscle.
Think Circle, Tether ($USDT), maybe HK-local banks.
DeFi-native or experimental stables? Probably sidelined — at least for now.
But here’s the tension:
Market reaction has been weirdly quiet.
Institutions like clarity, sure.
But what happens to alt-stables?
And what about liquidity fragmentation?
Your take:
Is this the regulatory moment Asia needed for stablecoins?
Or are we headed for a two-tier market — licensed whales vs open-source builders?
👇 Sound off — $USDT might stay king, but who’s next?
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