Advocates call for Hong Kong govt stablecoin to compete with Tether and USD Coin

Advocates propose a government-backed stablecoin for Hong Kong to boost its leadership in blockchain and strengthen its fintech capabilities.

Yang, Wensheng, Zhibin, and Yizhou argued that the government’s plan of encouraging private institutions to issue stablecoins pegged to the Hong Kong dollar was “too conservative” in contrast to its intention of promoting crypto and blockchain. The report claimed that Hong Kong’s foreign exchange reserves as of March 2023 totaled roughly $430 billion, “significantly surpassing” the”HKDG backed by the SAR government will have higher credibility and lower risk [...

“The risks borne by the government-issued HKDG are significantly lower than those of the Hong Kong Dollar stablecoin issued by private institutions,” said the report.

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