TechFlow, October 29 — According to the Hong Kong Economic Times, in response to market rumors that the Hong Kong Monetary Authority (HKMA) has temporarily shelved plans for retail-level applications of the digital Hong Kong dollar, HKMA Deputy Chief Executive Eddie Yue stated: "We have not ruled out the retail use of stablecoins. We see significant potential for stablecoins in retail applications, though actual implementation will ultimately be determined by commercial institutions."
Eddie Yue 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 a "public-sector currency," while tokenized deposits and stablecoins are "private-sector currencies." The digital Hong Kong dollar and tokenized deposits tend to operate on private blockchains, whereas stablecoins are mostly issued on public blockchains. Meanwhile, Joseph Zhou, HKMA Assistant Chief Executive (Financial Infrastructure), said that based on expressions of interest received by the HKMA, seven banks currently aim to launch tokenized deposits this year.
