Regulatory tune: Hong Kong stablecoin is a 'payment tool' rather than a speculative target!

1、 From "printing money" to "payment", the regulatory caliber has completely shifted

In the past five years, the total market value of global stablecoins has skyrocketed from $5 billion to $220 billion, with over 90% anchored in the US dollar. USDT and USDC have become the de facto central banks of the crypto world through the "dollar on chain" approach, but it has also alerted regulators around the world that once they become unanchored, it is a systemic risk.

Chen Weimin clearly drew a red line: "The primary task of Hong Kong stablecoins is not to increase traders' leverage by 100 times, but to save 2 working days for cross-border payments, reduce supply chain settlement costs by 3 percentage points, and reduce the number of banks involved in tokenizing shipping rent." In other words, "payment efficiency" has replaced "asset attributes" as the underlying logic for issuing licenses in Hong Kong.

2、 License plate "few but refined", a brutal elimination match of 36 in 3

The Hong Kong Monetary Authority disclosed that there were a total of 36 formal applications in the first batch, but "only single digits will be issued in the end". Those who want to stay must meet four hard targets at the same time: 100% cash or high liquidity treasury bond reserves, and daily disclosure of audit reports; Local bank custody, dual key mechanism for fund flow and custody account; T+0 real-time redemption, any user can exchange 1:1 for fiat currency within 24 hours; On chain address real name penetration, AML/CFT system is directly connected to the Hong Kong Police Force and the Hong Kong Monetary Authority.

3、 Double anchoring of Hong Kong dollar and Chinese yuan, first order scene has landed

In the regulatory blueprint, Hong Kong dollar stablecoin (HKDR) and offshore renminbi stablecoin (CNHR) will be given priority approval. The former serves the Hong Kong Stock Connect and trade settlement, while the latter targets the 3.5 trillion offshore renminbi pool.

The scene has been rehearsed in advance:

Shipping: One of the world's largest container shipping companies, OOCL, has completed a pilot program to settle $1.3 million in ocean freight using CNHR, with on chain confirmation taking 30 seconds and a cost reduction of 42%;

Cross border e-commerce: Shenzhen Hong Kong Dubai triangular trade route, piloting HKDR settlement of HKD 4.8 million for 3C products, reducing the transit time of funds from 3 days to 2 hours;

Commodities: Zijin Mining and Tuoke Group tried CNHR to purchase 10000 tons of electrolytic copper, resulting in zero exchange losses and a 15 basis point savings in hedging costs.

4、 Side effects on cryptocurrency traders: end of leverage feast

The shift in regulatory standards means that Hong Kong stablecoins will not be prioritized for listing on high leverage derivative platforms, but will first connect to the three traditional financial interfaces of banks, payments, and clearing.

If the exchange wants to use Hong Kong dollars/Chinese yuan stablecoins as margin, it must hold dual qualifications of license number 18 (automated trading services) and license number 1 (securities trading); Prohibit the issuance of derivative stablecoins through "re pledging" and eliminate "nested" leverage; The blacklist of on chain addresses is synchronized in real-time, and if it involves coin mixers or dark web, redemptions will be immediately frozen.

5、 New variables in the global stablecoin landscape

When the EU's MiCA pushed the USD stablecoin to a daily limit of 1 billion euros, and when the US FIT21 bill was still being debated in Congress, Hong Kong took the lead in using its "payment tool" positioning to open a hole: providing offshore RMB with a compliant digital carrier to promote internationalization; Enable the Hong Kong dollar to find new opportunities on the blockchain and consolidate its position as the two poles of the Asian dollar; Providing "instant" settlement options for multinational corporations, forming a tripartite alliance with Ubin+in Singapore and mBridge in the United Arab Emirates.

As Chen Weimin said, "Hong Kong does not want a 'US dollar 2.0', but a visible, manageable, and affordable digital currency payment network. The ultimate goal of stablecoins is not speculation, but to make global trade settlement as simple as sending WeChat."