TechFlow news: Arthur Chan, Chairman of Circle Tech, stated that the company has proposed to the Hong Kong Monetary Authority (HKMA) to pilot a Hong Kong dollar stablecoin on a trial basis prior to formal regulation. The company is technically ready and only awaits approval from regulators. Chan emphasized the goal of being among the first institutions to issue HKD stablecoins through a pilot program, ensuring full compliance with the regulatory framework.
He noted that with the rapid development of Web3, Hong Kong already has licensed virtual asset exchanges. Given the HKD's peg to the USD, there is likely market demand for HKD stablecoins, which could facilitate more convenient decentralized value storage and investment channels. Circle Tech plans to primarily issue HKD stablecoins to enterprises, including virtual asset market makers, and hopes to list them on approved platforms, enabling investors to directly purchase virtual assets using stablecoins.
