As Hong Kong looks into creating HKD and USD stablecoins, a local industry executive has addressed possible implications for stablecoins like UDST and USDC.
As Hong Kong regulators launch a collaborative effort with the private sector focused on stablecoins, a local industry executive has discussed the potential implications for stablecoins like Tether (USDT) and USDC (USDC).
On July 18, the Hong Kong Monetary Authority (HKMA) announced the first five participants in the country’s stablecoin issuer sandbox, including firms like Standard Chartered Bank, Animoca Brands, Hong Kong Telecommunications, Jingdong Coinlink Technology and RD InnoTech.
As part of the sandbox — which launched in March 2024 — the participants are expected to test their proposed stablecoin business models and engage with HKMA on future compliance with the proposed regulatory regime.
