Hong Kong Stablecoin is coming
The three institutions can test the intended business models within the specified scope and communicate with the HKMA on how to comply with the proposed stablecoin regulatory regime in the future.

The three institutions can test the intended business models within the specified scope and communicate with the HKMA on how to comply with the proposed stablecoin regulatory regime in the future.
In Yuanbi Technology's view, the Hong Kong dollar stablecoin will not compete with the US dollar stablecoin for the market in the future, but will work with various stablecoins to broaden the application scenarios of stablecoins and expand the overall market in the process of grafting Web2 and Web3.
With the popularity of stablecoins, their security and compliance, especially anti-money laundering (AML) issues, have become core issues in the development of the industry.
The report will deeply explore the definition of stablecoins and their main models, analyze the current market landscape and competitive situation, and focus on the operating principles, advantages and disadvantages of fiat currency-collateralized, crypto asset-collateralized and algorithmic stablecoins, as well as the performance of stablecoins in the market.
Taking into account the EU’s decades of experience in the field of electronic money and the improvements brought by other countries, effective stablecoin regulation should be built around three pillars: the granting of non-bank licenses, direct access to central bank accounts, and bankruptcy protection for backing assets.
Stablecoins gain prominence in 2023, with global regulatory efforts and market growth highlighting their evolving financial impact.
Licensed platforms in Hong Kong are currently limited to facilitating the trading of Bitcoin (BTC) and Ethereum (ETH).
Changes in the regulatory landscape seem to have stalled the project.
Spoiler: No, stablecoin issuers do not guarantee the legal right for users to claim fiat currency back.