HK stablecoin: Between crypto’s decline and digital yuan’s rise
On August 1, Hong Kong’s Stablecoin Ordinance officially came into force, marking the city as the first jurisdiction in Asia to roll out a comprehensive regulatory and licensing regime for stablecoins.
The Hong Kong Monetary Authority (HKMA) announced that it expects to issue the first batch of stablecoin licenses by early 2027 and has already begun vetting applicants and preparing operational frameworks.
This brisk yet deliberate rollout signals Hong Kong’s measured gamble in digital finance—a venture that aims to strike a balance between innovation and stability, all in the pursuit of a trust-based new financial order.
Purpose-built regulatory experiment
Unlike the US model—where markets often race ahead of…
