Ping An Securities: Hong Kong May Adopt a Dual-track Regulatory Approach for Stablecoins

By: theblockbeats.news|2025/07/23 11:22:16

BlockBeats News, July 23, Ping An Securities released a stablecoin report pointing out that Hong Kong may form a dual-track regulatory framework of "USD Stablecoins Connecting to the International Market + HKD Stablecoins Connecting to the Mainland," which not only consolidates the financial attributes of the Hong Kong Dollar but also provides an "experimental field" for RMB internationalization. Hong Kong's definition of stablecoins is relatively broad, not limited to a specific type of fiat-backed stablecoin. With the rapid development of the Hong Kong stablecoin market, it is expected that the market share of non-USD stablecoins will gradually increase, potentially driving the establishment of a unified international regulatory system in the future.

Furthermore, the Ping An Securities report also mentioned that Hong Kong's regulatory scope for regulated stablecoin activities includes not only activities issuing designated stablecoins in Hong Kong, but also activities issuing Hong Kong Dollar-anchored (or partially anchored) stablecoins outside of Hong Kong. China is actively laying out the stablecoin market, which can inject new impetus into RMB internationalization and break the monopolistic position of USD stablecoins. (Hong Kong Wen Wei Po)

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