TechFlow news, November 4 — According to reports by Sing Tao Financial News, the Hong Kong government aims to submit its stablecoin issuer regime for legislative review by the end of this year. Several major international stablecoin issuers have expressed interest. Jeremy Allaire, co-founder and CEO of Circle, the issuer of the world's second-largest stablecoin USDC, said Hong Kong is an important market for USDC. The company intends to hire more staff and establish operations in Hong Kong. It is currently awaiting the release of Hong Kong’s new stablecoin regulations before deciding whether to apply for a license.
In addition, Kelvin Chan, Vice President of Circle for the Asia-Pacific region, stated that Hong Kong holds significant advantages in developing stablecoins, including the ability to conduct same-day USD settlements and being the largest capital market in the Asia-Pacific region. With its proximity to the mainland China market, Hong Kong has the potential to become an international stablecoin hub. He believes there will be substantial market demand for Hong Kong-issued stablecoins.
