If some of the less trustworthy corners of the internet were to be believed, China took a fairly drastic step against cryptocurrencies last weekend by banning them.

As it turns out, that was fake – or at the very least old – news; Beijing did put a ban on trading and mining crypto, but that was handed down on September 24, 2021, a lazy 1409 days earlier.

But if you zoomed out just slightly from the Chinese mainland, then there was a genuine development.

On August 1, new regulations in Hong Kong came into effect, allowing companies to apply for a licence to issue stablecoins.

Unlike more typical cryptocurrencies like Bitcoin, whose value fluctuates wildly, the value of…