TechFlow News: On March 2, according to Hong Kong media outlet Hong Kong 01, Joseph Yam, member of Hong Kong’s Executive Council and former Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that evolving geopolitical dynamics have heightened the importance of the Hong Kong dollar’s peg to the U.S. dollar—and bluntly declared, “The Hong Kong dollar is, in fact, the world’s largest U.S. dollar stablecoin.” Yam pointed out that as of 2025, Hong Kong holds approximately USD 256 billion in U.S. Treasury securities—exceeding the total market capitalization of any so-called U.S. dollar stablecoin currently in existence. Therefore, Hong Kong’s financial direction is clear: maintain the linked exchange rate system. Hong Kong is Asia’s most active U.S. dollar market; forcing such a major buyer to dump its U.S. Treasuries would be unwise.
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