HK stablecoin license attracts big names

Issuances to play big role in boosting efficiency, cross-border transactions

Chinese mainland internet heavyweights have accelerated steps to apply for stablecoin licenses in Hong Kong as the city's Stablecoins Ordinance will come into effect on Aug 1.

This, industry experts said, is a significant step that will lower cross-border transaction costs and improve the efficiency of international payments.

Christopher Hui, secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region government, said the authorities aim to issue stablecoin licenses this year, although the number will likely remain in the "single digits".