Ping An Securities: Hong Kong may adopt dual-track regulation of stablecoins

PANews reported on July 23 that according to the Hong Kong Wen Wei Po, Ping An Securities released a stablecoin report pointing out that Hong Kong may form a dual-track regulatory structure of "US dollar stablecoins connecting to the international market + Hong Kong dollar stablecoins connecting to the mainland", which not only consolidates the financial attributes of the Hong Kong dollar, but also provides a "test field" for the internationalization of the RMB. Hong Kong's definition of stablecoins is relatively broad and is not limited to a certain type of legal currency stablecoins. With the rapid development of Hong Kong's stablecoin market, it is expected that the market share of non-US dollar stablecoins will gradually increase, and it is expected to promote the establishment of a unified international regulatory system in the future.

In addition, Ping An Securities also mentioned in the report that the stablecoin business activities regulated by Hong Kong jurisdiction include not only the issuance of specified stablecoins in Hong Kong, China, but also the issuance of stablecoins anchored (or partially anchored) to the Hong Kong dollar outside Hong Kong. China's active layout of the stablecoin market can inject new impetus into the internationalization of the RMB and break the monopoly of the US dollar stablecoin.