PANews July 23 reported that, according to Hong Kong Wen Wei Po, Ping An Securities released a stablecoin report indicating that Hong Kong may form a dual-track regulatory framework of 'USD stablecoins connecting to the international market + HKD stablecoins linking to the mainland', which not only consolidates the financial attributes of the HKD but also provides a 'testing ground' for the internationalization of the RMB. The definition of stablecoins in Hong Kong is relatively broad and is not limited to a specific type of fiat stablecoin. With the rapid development of the stablecoin market in Hong Kong, it is expected that the market share of non-USD stablecoins will gradually increase, potentially promoting the establishment of a unified international regulatory system in the future.
In addition, the Ping An Securities report also mentioned that the scope of regulation in Hong Kong includes not only the issuance of specified stablecoins in Hong Kong but also the issuance of stablecoins pegged (or partially pegged) to the HKD outside of Hong Kong. China's active layout in the stablecoin market can inject new momentum into the internationalization of the RMB and break the monopoly position of USD stablecoins.
