The heat of Hong Kong dollar pegged stablecoins is rising: multiple institutions are preparing to issue them!

At the same time, the Hong Kong Monetary Authority (HKMA) has opened up a regulatory "sandbox", allowing three institutions to conduct testing to pave the way for the compliant implementation of stablecoins. This series of measures not only demonstrates Hong Kong's determination to promote digital financial innovation, but also has the potential to further consolidate its hub position as an international financial center.

1、 Core dynamics: Multiple institutions layout, 1:1 reserve linkage to build a solid security foundation

The heating up of the Hong Kong dollar pegged stablecoin this time lies in the active layout of market entities and the safety design of products. It is understood that the participating institutions include local mainstream banks and leading fintech companies, leveraging their respective advantages in financial strength, risk control capabilities, and technological research and development to promote the compliance process of Hong Kong dollar stablecoins. It is worth noting that the stablecoins being prepared for issuance all adopt a "1:1 Hong Kong dollar reserve linkage" model, and the issuer needs to entrust sufficient reserve assets to licensed institutions to ensure that users can redeem them at face value at any time, fundamentally safeguarding the value stability of stablecoins and avoiding the risk of "reserve black holes" in some previous encrypted assets.

Behind this layout is the recognition of Hong Kong's digital finance policy environment by institutions. On August 1, 2025, the Hong Kong Stablecoins Ordinance officially came into effect, establishing a licensing system for fiat stablecoin issuers, clarifying a series of regulatory requirements such as reserve asset management, redemption mechanisms, and anti money laundering, providing a clear institutional framework for the compliant development of Hong Kong dollar stablecoins. In this context, institutions preparing to issue compliant Hong Kong dollar stablecoins are not only responding to the market's demand for digital payment tools, but also a strategic choice to seize policy dividends and lay out new tracks in digital finance.

2、 Application scenarios focus on three core areas, empowering the real economy and improving financial efficiency

The Hong Kong dollar pegged stablecoin being prepared this time does not remain at the conceptual level, but precisely anchors three practical scenarios, aiming to empower the real economy and improve financial transaction efficiency through digital technology. In the field of cross-border trade, traditional payment methods have pain points such as long settlement cycles, high transaction fees, and cumbersome processes, which especially bring capital turnover pressure to small and medium-sized enterprises. The Hong Kong dollar stablecoin, with its programmable features and blockchain technology advantages, can achieve real-time receipt of cross-border funds, significantly shorten settlement cycles, reduce transaction costs, and provide a more efficient payment solution for trade between Hong Kong and various parts of the world.

In the field of tokenized deposits, Hong Kong dollar stablecoins are expected to break down the barriers between traditional deposits and the digital asset market. By tokenizing deposits, investors can achieve flexible circulation and efficient allocation of deposit assets, while relying on blockchain technology to enhance the transparency of asset ownership and transactions, injecting more liquidity into the financial market. In the scenario of on chain bond clearing, stablecoins can serve as a natural valuation and settlement tool, simplifying the clearing process of bond transactions, reducing intermediate links, lowering operational risks, and improving the trading efficiency and operational stability of the bond market.