Hong Kong officially applies its complete prescription for Stablecoin today, August 1, 2025.
This regulatory step transitions from stablescoins of speculative cryptographic stories in a programmable financial infrastructure. The frame positions Hong Kong as a strategic center for compliant digital finance.
Regulatory and market dynamic transformation
Why important: The adoption of the act of legitimate genius the stabbles supported in dollars in the United States. Consequently, the current domination of the USD in the Stablescoins reinforces the hegemony of the dollar through cash reserves. For example, Tether alone has nearly $ 100 billion in US cash bills. With the law on engineering, even non-financial companies in the United States can now issue stablescoins in dollars, amplifying the domination of the world dollar.
This development raises concerns concerning monetary sovereignty through Europe and Asia. The proactive legislative framework of Hong Kong, promulgated in May, offers a strategic alternative. Above all, the stock market capacities in Yuan Offshore of the territory create unique positioning opportunities with China. This regulatory foresight deals with increasing geopolitical tensions in the control of digital currency.
Last update: The new diet replaces the “White List and Bac Bac” model from Hong Kong. Instead, a complete license system supervised by HKMA now governs Stablecoin operations. Applicants must demonstrate the support of 100% of liquid assets and robust governance structures.
The requirements include a minimum capital of $ 25 million HK and a local presence of companies. In addition, the complete verification of users in accordance with KYC and transparent audit trails are compulsory. These strict standards guarantee that only mature operators enter the market.
Background context: More than 50 institutions would prepare Stablecoin license requests for the regulated Hong Kong framework. However, HKMA emphasizes “quality of quantity”, targeting the first approvals by the beginning of 2026. The main financial institutions demonstrate a significant commitment to the digital asset ecosystem.
Standard Charterd formed a joint venture with the animoca and HKT brands. Their collaboration targets the stabing program supported by HKDs, filling traditional and digital finances. The JD.com blockchain subsidiary recorded “jcoin” and “joycoin” brands for cross -border payments.
Geopolitical implications
Wider impact: These developments mark the evolution of stablescoins beyond cryptographic trading tools. Digital currencies are now used as essential infrastructure for commercial financing operations. The tokenization of real assets and programmable monetary systems obtain institutional adoption.
The CEO of JD.com, Richard Liu, recently said: “Thanks to Stablecoin licenses, we can carry out currency changes between global companies, reduce global 90% cross -border payment costs and improve efficiency in 10 seconds.” This change in performance attracts traditional financial institutions looking for operational efficiency.
Geopolitical implications: The flexible approach to Hong Kong fiat-pegging hosts models of unique currency and basket. This framework creates opportunities for stablescoins offshore RMB (CNH). Market analysts consider this to be the strategic window of China for the internationalization of the renminbi.
The examples often mentioned include: Morgan Stanley and a ping and titles identify the potential development of double rail architecture. Eastern and Western financial systems could connect with competing digital ecosystems. Consequently, this structure questions traditional global finance focused on the dollar.
History and future perspectives
History preceding: China established markets with Renminbi offshore in 2003 for the international promotion of currencies. The strategy accelerated after the 2009 financial crisis, the vulnerabilities of the Dollar system. Meanwhile, the proportion of trade on the continent established in RMB also increased from 15% in 2020 to around 30% in 2024.
The Blockchain Service Network supported by the State in China creates a web infrastructure 3 parallel to the support of alternative systems. Potential adoption on a global scale, led by the participating countries of the belt and the road, is a support factor.
Possible risks: The regulatory acceptance between the courts remains crucial to question the domination of the dollar. The commercial settlement ratios are 54% USD against 4% CNY. Exchange trading shows a disparity of 88% USD compared to 7% CNY.
| Value share in Forex | Share of commercial regulations | Part of the Forex transaction | |
| USD | 57% | 54% | 88% |
| Euro | 20% | 30% | 31% |
| GBP | 5% | 4% | 13% |
| Jpy | 6% | 4% | 17% |
| RMB | 2% | 4% | 7% |
The operations of financing the crisis after 2009 remained called dollars despite the internationalization efforts of the Yuan. On the other hand, the offshore Renminbi deposits culminated at 700 billion RMB before contracting significantly. In the end, capital controls limited arbitration flows, limiting progress despite the expansion of financial products.
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