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HKD-backed GBA stablecoin offers opportunity
Hong Kong is well-suited for pilot financial projects, thanks to its well-regarded monetary and regulatory authorities, and its open, market-oriented and globally connected institutional environment. One such scheme could involve the creation of a stablecoin pegged to the offshore renminbi for use in China’s Greater Bay Area
Andrew Sheng and Xiao Geng
1 Mar 2024
The Hong Kong Monetary Authority ( HKMA ) and Financial Services and the Treasury Bureau ( FSTB ) are working to establish a regulatory regime for stablecoin issuers in the territory as soon as possible. Asset managers and fintech firms are reportedly following the effort very closely. Other governments should do so as well.
