Hong Kong's New Policies Bring Tailwinds to Crypto: HBTC Launches TCNH, Sparking New Expectations for HT
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Hong Kong's New Policies Bring Tailwinds to Crypto: HBTC Launches TCNH, Sparking New Expectations for HT
Hong Kong has continuously introduced favorable new policies for cryptocurrency, prompting many exchanges to embrace the regulatory environment and begin applying for relevant licenses to establish a presence in the Hong Kong market.
Navigating Web3 tides with focused insightsSince last year, Hong Kong has continuously introduced favorable new policies for cryptocurrency. Paul Chan, Financial Secretary of Hong Kong, said that the government is finalizing legislation to establish a licensing regime for virtual asset service providers and welcomes crypto companies from around the world. The favorable regulatory winds blowing through Hong Kong have prompted many exchanges to embrace the policy shift and begin applying for licenses to enter the Hong Kong market. While Binance and OKX are naturally at the forefront, Huobi—a long-established exchange that previously suffered setbacks due to its withdrawal from mainland Chinese users—has drawn particular attention with its renewed moves.
According to an official announcement from Huobi, the exchange opened TCNH (TrueCNH, TRC-20) deposits on February 20 at 8:00 PM, launched the TCNH/USDT trading pair on February 21 at 8:00 PM, and enabled withdrawals on February 22 at 8:00 PM. Huobi became the first exchange to list TCNH.
TCNH is an offshore stablecoin pegged to the offshore Chinese yuan (CNH), and Hong Kong is one of the primary circulation hubs for CNH. Against the backdrop of Hong Kong’s growing prominence in the crypto space, Huobi’s move clearly signals its strategic positioning in the region. Sun Dongbo, CEO of Huobi, directly stated in an interview with Bloomberg that Hong Kong is “one of the experimental zones for cryptocurrency development,” and that Huobi will continue expanding its operations there.
Meanwhile, after downloading the Huobi app, I discovered a dedicated “Hong Kong Zone” in the spot trading section, with HT, the platform's native token, ranked first in this zone. Connecting these dots naturally sparks fresh speculation about HT.
HT Empowered Internally and Externally: Huobi Aims to Build a Web3 Ecosystem
In fact, Huobi’s current push to boost HT appears to be part of a long-planned strategy. After completing its rebranding last year, Huobi began focusing heavily on HT, rapidly building out its ecosystem with both internal and external initiatives. Previous reports indicate that activities such as Prime, PrimePool, and PrimeVote were all designed to empower HT, steadily increasing the rights and returns associated with holding HT and reinforcing community consensus through tangible ecosystem growth.
Of particular note is the PrimeVote listing-by-vote program, which has now completed three rounds. Each round recruits high-quality global projects selected under Huobi’s six rigorous criteria. HT holders can lock their HT to vote for preferred projects, with the winning project earning a listing slot and supporters receiving voting rewards in HT. Data from the first three rounds show that while decentralizing decision-making power to the community, the program has delivered substantial ecosystem benefits to HT holders and driven secondary market activity through real-world use cases and strengthened community consensus. During the conclusion of Round Three, HT surged by 19.20% within 24 hours, reaching a high of $6.4084.
On the external front, Huobi has also aggressively expanded HT’s utility. For example, Huobi partnered with TRON and DMC Labs to launch the Dominica National Coin (DMC) and the Dominica Metaverse Decentralized Identity (Dominica DID), with HT serving as the sole accepted asset for subscription. Subsequently, Huobi teamed up with Visa to launch the Huobi Visa debit card, offering exclusive benefits to HT holders.
Based on these developments, Huobi’s trajectory—and that of HT—is becoming increasingly clear. For existing users on the platform, Huobi strengthens consensus by continuously empowering HT, incentivizing more people to hold it. Externally, HT is being integrated into more on-chain and off-chain use cases, gradually aligning with key Web3 concepts like digital identity. As Huobi expands its Hong Kong operations amid strong local support for crypto and Web3 policies, Web3 infrastructure will accelerate its deployment. HT is poised to become the core bridge linking the crypto market with the real world, helping Huobi build a new Web3 gateway—with potential to expand globally from its Hong Kong base. In this future, HT, backed by Huobi’s Web3 ambitions, could truly shine.
TCNH Is Just the Lever—HT Will Rise Accordingly
From the perspective of the crypto market, TCNH’s main role as a stablecoin is to provide smoother and stickier liquidity. Huobi previously stated that listing TCNH aims to build an offshore RMB stablecoin trading market, enhance liquidity in Hong Kong’s crypto ecosystem, and support Hong Kong’s goal of becoming a digital asset hub. Once Huobi’s Hong Kong market launches, offshore RMB stablecoins may gain significant traction due to Hong Kong’s status as a primary CNH circulation center, potentially ushering in a new peak in trading volume for Huobi.
This surge will further energize HT, which already enjoys numerous privileges. Since December last year, users have been able to use HT to pay trading fees on Huobi at a 25% discount. Holding HT also allows users to upgrade their Huobi Prime membership with a 3x growth multiplier, unlocking higher-tier benefits such as reduced fees, additional airdrop rewards, and access to PrimeEarn products offering premium annual yields exclusively for HT holders. Combined with the various programs and perks mentioned earlier, the outcome is self-evident.
Moreover, recent market conditions have added even more momentum to HT. According to analysis by a well-known financial blogger: “If China’s A-share index breaks above 3,900 points within the next six months, the Chinese government will likely officially launch the registration-based IPO system, aligning with international standards. This would mean China’s stock market could remove price fluctuation limits and implement T+0 trading. In a global environment marked by tightening elsewhere and stimulus-driven easing in China, the role of Chinese capital in supporting and investing in the crypto industry becomes a particularly intriguing topic.” Considering Hong Kong’s current crypto-friendly policies, large amounts of capital could initially flow into the crypto market via TCNH, then circulate through exchanges and incentive mechanisms—making HT’s potential immeasurable.
Looking at the present, Huobi’s listing of TCNH has already triggered a rise in HT’s secondary market performance. According to CoinGecko data, Huobi’s platform token $HT has seen a long-awaited rally, climbing from $5.4 yesterday afternoon—shortly after the TCNH listing news was announced—to a high of $6.75. At the time of writing, it had slightly pulled back to $6.22, marking an 18.3% gain over the past 24 hours.
With Hong Kong’s new crypto regulations taking effect and Huobi’s expansion progressing, hopes are high that HT will continue its upward trajectory, turning speculation into reality, opening a new chapter in Web3, and leading the next wave of crypto investment.
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