1️⃣ What is the Hong Kong Stablecoin? What is the difference with U?

The Hong Kong Stablecoin is a cryptocurrency that is pegged to the Hong Kong dollar at a one-to-one ratio and must be fully regulated and licensed by the government before it is issued. Compared with stablecoins pegged to the US dollar (such as USDT), the core difference of the Hong Kong Stablecoin is that it is anchored to fiat currency and government endorsement, which makes it safer and more reliable, and has the opportunity to further expand to scenarios such as daily payments, not just limited to the cryptocurrency circle.

2️⃣ What is the purpose and significance of Hong Kong's launch of stablecoins?

Hong Kong hopes to become the center of the global Web3 (the next generation of the Internet for blockchain technology applications), and the Hong Kong dollar stablecoin will be its core component. The current daily trading volume of the global cryptocurrency market is about US$70 billion, of which stablecoin transactions account for as much as 60%. Stablecoins act as a bridge between digital assets and the traditional financial system. The launch of a regulated Hong Kong dollar stablecoin will help to enter the Web3 market more safely and promote the development of the entire industry. In addition, stablecoins also have great potential in cross-border payments, clearing and financing, and are expected to become part of the internationalization of the RMB.

3️⃣ When will the Hong Kong Stablecoin be launched?

It is expected to be launched as early as next year. Since the Hong Kong Monetary Authority released a discussion paper in January 2022, it has recently completed the summary of the regulatory system consultation and announced the first batch of shortlisted issuers. It is expected that the drafting of the regulations will be completed by the end of this year and submitted to the Legislative Council for deliberation, and the legislation will be completed and officially launched as early as next year.

4️⃣ What impact will the Hong Kong stablecoin have on everyone? What opportunities are there?

For users who participate in cross-border trade and use stablecoins, Hong Kong stablecoins will provide a safer and more compliant option. Hong Kong's Web3 industry, including compliant and licensed virtual asset exchanges, brokers and asset management companies, will also usher in development opportunities. At present, this track is not too crowded and is suitable for investment and development.

The answers to these core questions show the importance of Hong Kong stablecoins, its position in the cryptocurrency market, and the market impact and business opportunities it may bring. #美国以太坊现货ETF开始交易 #比特币大会 #美国大选如何影响加密产业？