TechFlow, July 23 — Ping An Securities' latest report indicates that Hong Kong is actively developing stablecoin-related products, establishing a dual-track regulatory framework of "USD stablecoins connecting to international markets and HKD stablecoins linking to the mainland." This structure reinforces the financial attributes of the Hong Kong dollar while serving as a "testing ground" for RMB internationalization. In June this year, the SAR government released the "Hong Kong Digital Assets Development Policy Statement 2.0," proposing the "LEAP" framework encompassing optimized legal regulation, expanded tokenized products, application scenario development, and talent cultivation. The Hong Kong Monetary Authority has launched a "Stablecoin Issuer Sandbox," with institutions including JD Digits and Ant Group testing innovative applications such as cross-border payments and "stablecoins + DeFi." Experts anticipate that as Hong Kong's stablecoin market rapidly grows, the market share of non-USD stablecoins will gradually increase, potentially promoting the establishment of a unified international regulatory system.
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