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Stablecoins

Stablecoins
Stablecoins are cryptocurrencies that maintain a stable value by being pegged to a reference asset, typically backed by fiat currency such as the US dollar, offering a less volatile alternative to other digital assets.
Hong Kong’s stablecoin initiative is part of efforts strengthen the city’s bid to become a global digital asset hub. Photo: Getty Images
Fintech

Exclusive | HSBC, Standard Chartered tipped to win Hong Kong stablecoin licences in 2 weeks

The approvals would mark a milestone in Hong Kong’s push to regulate stablecoins while positioning itself as a global digital asset centre.

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Hong Kong budget 2026-27

Hong Kong’s virtual asset sector considered for taxation under policy review

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Hong Kong budget 2026-27

Hong Kong seeks to hone edge as offshore yuan hub, digital-asset front runner

Hong Kong budget 2026-27

Hong Kong budget 2026-27: should the coming blueprint boost yuan’s global push?

Experts say Hong Kong has ‘distinct advantages’ that can support the country’s financial development amid geopolitical uncertainties.

Given mainland China’s current capital controls, the internationalisation of the yuan has largely proceeded through offshore markets. Photo: Reuters
Fintech

Can Hong Kong lead a digital gold trading revolution with blockchain innovation?

Beyond banks, asset managers, fintechs and crypto firms are racing to launch innovative tokenised gold products for investors.

Banking & finance

Hong Kong bridges traditional, digital finance with new virtual asset initiatives

The first initiative will allow licensed virtual asset brokers to offer margin financing to clients with strong credit profiles.

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Cryptocurrency

Consensus 2026 kicks off in Hong Kong amid tighter Beijing oversight

Organised by CoinDesk, the event is an important gathering for digital finance and cryptocurrency professionals.

Visitors attend a panel discussion at Consensus 2025 in Hong Kong, February 19, 2025. Photo: AFP
Yuan

China keen to realise ambitions for digital currency amid slow uptake

Despite record transactions last year, most users prefer alternatives – while Beijing likely to maintain gradual expansion, analysts say.

Cryptocurrency

Scams and outflows: why China slammed the door on real-world asset tokens

Beijing’s clampdown aims to help safeguard financial security and monetary sovereignty while leaving room for regulated fintech innovation in Hong Kong.

Cryptocurrency

China tightens crypto crackdown with onshore RWA tokenisation ban

Domestic entities, as well as offshore entities under their control, cannot issue virtual currencies overseas without approval.

The notice also said that no entities can issue yuan-pegged offshore stablecoins without approval. Photo: Shutterstock Images
China stock market

Stocks fall, Xi-Trump-Putin calls, Japan election

This week: Chinese and Hong Kong stocks tumble in global sell-off, Xi speaks with Trump and Putin, CK Hutchison pursues arbitration after losing Panama ports case. Next week: Japan voters head to the polls on Sunday, world leaders attend the Munich Security Conference, January inflation figures come out and more.

Photo: Reuters
US-China trade war

US Treasury chief warns of China’s push for digital asset dominance

Scott Bessent tells senators the US must pass the Clarity Act to counter Hong Kong’s ‘sandbox’ and maintain global financial leadership.

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Bitcoin

Hong Kong crypto investors stay cautious but upbeat as bitcoin sell-off deepens

Bitcoin’s steep pullback has rattled global crypto markets, but in Hong Kong clearer rules on stablecoins are underpinning confidence.

Fintech

Digital finance in 2026: what to expect as pilots move into real-world adoption

While digital money experiments promise greater efficiency, they also risk deeper fragmentation and regulatory pitfalls, experts warn.

Blockchain and Web3 technology are “inherently global”, but real-world applications must be “embedded in regulation and local use cases”, expert says. Photo: Shutterstock
Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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A booth promotes the digital yuan at an expo in Beijing. China is upgrading its digital currency as it aims to create an alternative to stablecoins and cryptocurrencies. Photo: AP
Banking & finance

Opinion | To harness crypto ingenuity, financial threat must first be neutralised

Future of money must be shaped by competition between private ingenuity and public purpose, not by rent seeking and speculative bubbles.

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Hong Kong economy

Hong Kong to broaden crypto rules with new licences for dealers and custodians

New frameworks mooted for virtual asset dealing and custodian services, as Hong Kong forges ahead with plans to become a digital-asset hub.

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Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

A customer makes a payment using China’s digital currency, or e-CNY, at a store in Beijing. Photo: Getty Images
Yuan

What China’s global yuan push looks like – and what could hold it back

Currency sees wider use in trade, but high domestic savings and partial capital controls still act as constraints, analysis shows.

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Blockchain

Coins in sand: how the UAE draws in the global crypto community

At Abu Dhabi Finance Week, insiders give credit to the UAE’s regulatory infrastructure and institutional adoption of digital assets.

United States

‘Crypto king’ Do Kwon gets 15 years in prison for misleading investors

The South Korean founder of Terraform Labs had previously pleaded guilty to fraud charges stemming from a US$40 billion stablecoin crash.

Police officers escort Terraform Labs founder Do Kwon in Montenegro’s capital Podgorica in March 2024. Photo: AP
IPO

HashKey aims for US$214 million in Hong Kong IPO amid Beijing’s crypto pressure

Retail investors oversubscribe crypto exchange operator’s offering despite China central bank’s tough stance on virtual assets.

HashKey’s listing date is December 17. Photo: Getty
Blockchain

Chinese industry bodies issue RWA tokenisation warning amid Beijing’s crackdown

This was the mainland associations’ first warning to members as Chinese authorities have explicitly targeted RWA tokenisation.

Open Questions series

Open Questions | Huang Yiping on AI and stablecoins’ risks and rewards for China

Influential economist says growth in artificial intelligence must protect livelihoods and Chinese central bank’s cryptocurrency caution is warranted.

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Cryptocurrency

HashKey’s IPO seeks US$300 million under shadow of Beijing’s regulatory scrutiny

HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’.

HashKey on Monday cleared its Hong Kong listing hearing after a confidential filing earlier this year. Photo: Handout
China digital currency

Beijing’s crypto warning casts shadow over Hong Kong’s stablecoin ambitions

Hong Kong’s pioneering stablecoin rules have attracted 30 applicants – will Beijing’s latest warning force the city to rethink its ambitions?

The People’s Bank of China has said stablecoins do not meet the mainland’s requirements on customer identification and anti-money laundering. Photo: Shutterstock
IPO

Hong Kong crypto exchange HashKey wins listing nod in test of investor appetite

HashKey could raise around US$300 million this month amid Hong Kong’s push to develop its digital asset sector.

Fintech

Does tokenisation in China risk a repeat of the P2P lending crisis?

Tokenisation provides value, but the interest of multilevel marketers raises ‘genuine concerns’, forum speaker says.

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