TechFlow news, August 1 — According to Hong Kong's Ming Pao, as the Hong Kong market opens up stablecoin issuance, local banks may enhance their wealth management services and potentially attract more mainland customers through such services. S&P Global Ratings credit analysts said stablecoin issuance in Hong Kong could intensify competition among banks, especially in retail payments, due to stablecoins' potential advantages in cost and speed. Stablecoins are expected to remain a gateway for cryptocurrency asset transactions, and local Hong Kong banks may attract both local and cross-border clients seeking offshore cryptocurrency investments.
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