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\n\t\t\t\t\t\t\t\t\tHong Kong is officially embracing stablecoins following the latest decision of its Monetary Authority. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
In an industry first, Hong Kong has awarded HSBC and a consortium led by Standard Chartered the city\u2019s first stablecoin issuer licenses, marking its latest step towards embracing the industry\u2019s leading use case.<\/p>\n
Commenting on the matter was Darryl Chan, the deputy chief executive of the Hong Kong Monetary Authority (HKMA), who said:<\/p>\n
\nThe two applicants have experience in traditional financial and risk management, which fits the mission of stablecoins that aim to bridge traditional finance and digital finance.<\/p>\n<\/blockquote>\n
Both licenses allow the issuance of stablecoins pegged to the Hong Kong dollar and the conduct of cross-border payments.<\/p>\n
The South China Morning Post reports<\/a> that, according to the licensees\u2019 business plans, they intend to complete the necessary preparations and launch operations within the next few months.<\/p>\n
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