TechFlow, on October 29, according to Hong Kong media "The Edge," Kenneth Chow, Assistant Chief Executive (Financial Infrastructure) of the Hong Kong Monetary Authority (HKMA), said that based on expressions of interest received by the HKMA, seven banks currently intend to launch tokenized deposits this year. Regarding market rumors that the HKMA is temporarily not advancing the retail application of the digital Hong Kong dollar, HKMA Deputy Chief Executive Thomas Li responded: "We are not ruling out retail applications of stablecoins. We believe there is significant potential for stablecoins in retail usage, though the actual implementation will be determined by commercial institutions."
Thomas Li added that the digital Hong Kong dollar, stablecoins, and tokenized deposits share similar technical characteristics but differ in issuers. The digital Hong Kong dollar is considered "public money," while tokenized deposits and stablecoins are classified as "private money." The digital Hong Kong dollar and tokenized deposits tend to use private blockchains, whereas stablecoins are mostly issued on public blockchains.
