Chinese officials have named the "offshore RMB stablecoin" as a key player. Can it help Hong Kong become a global stablecoin center?
In the context of increasingly stringent global regulations on Crypto Assets, Hong Kong is actively seeking to become a hub for virtual assets. Chinese officials recently stated that the greatest opportunity for Hong Kong to develop stablecoins lies in promoting the "offshore RMB stablecoin," rather than the HKD stablecoin. Officials suggested that the Hong Kong SAR government should seek central support to develop an officially verified RMB stablecoin, enhance market confidence, and assist Hong Kong in becoming a global hub for stablecoin issuance. This proposal outlines a direction for Hong Kong's future development in the stablecoin sector and has sparked in-depth discussions within the industry regarding the potential of the stablecoin market and regulatory challenges.