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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.
Shin Hyun-Song, economic adviser and the head of the monetary and economic department of the Bank for International Settlements (BIS), during an interview in Hong Kong, with a photo of the bank’s headquarters in Basel, Switzerland, behind him on July 14, 2025. Photo: Jonathan Wong
Banking & finance

Exclusive | The world must rewrite its financial rules for the tokenised future: BIS

The rise of stablecoins poses new challenges to the global infrastructure for instant payment, clearing and settlement, said the gatekeeper of the world’s central banks.

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China digital currency

Yuan stablecoin, China-EU summit and more

United States

US House passes ‘Genius Act’ crypto regulation bill, sending it to Trump

Digital currencies

ChinaAMC launches first tokenised yuan fund amid Hong Kong stablecoin push

Asset manager’s tokenised financial products are aligned with Hong Kong’s stablecoin framework, ChinaAMC (HK) CEO Tian Gan says.

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ChinaAMC (HK) on Thursday launched the world’s first yuan-denominated tokenised fund. Photo: Shutterstock
Banking & finance

Stablecoin scams put China’s financial regulators in a high-stakes balancing act

After millions were defrauded by a stablecoin-linked investment ploy, local-level governments started sending out warnings.

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Cryptocurrency

Bitcoin soars past US$120,000 as US pushes crucial digital asset legislation

The prospect of a clear US regulatory framework, along with bitcoin’s steady advance, has bolstered confidence among investors.

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Banking & finance

Exclusive | Hong Kong embraces digital assets to solve economic problems: Chris Hui

Hong Kong’s push for stablecoins and tokenised assets aims to solve global economic challenges, positioning the city as a leading fintech hub.

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Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, during an interview with the Post on July 9, 2025. Photo: Jonathan Wong
Cryptocurrency

China’s state-asset watchdog explores role of stablecoins, other digital assets

The State-owned Assets Supervision and Administration Commission calls on state-backed firms to study the role of digital assets in trade.

Yuan

Why the yuan can be safe-haven currency: former bank official flags ‘advantages’

Authors, including the PBOC’s former statistics head, call for ‘a new vision where multiple currencies jointly support global financial stability’.

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Blockchain

Eric Trump to headline Bitcoin Asia 2025 conference in Hong Kong

The August event comes as the race for crypto supremacy has intensified, with both Hong Kong and the US moving to legalise stablecoins.

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Eric Trump, the second eldest son of US President Donald Trump, is set to attend next month’s Bitcoin Asia conference in Hong Kong. Photo: Reuters
Banking & finance

Economist Huang Yiping floats Hong Kong as stablecoin staging ground

A digital currency pegged to the offshore yuan would be more workable in Hong Kong than mainland China, the central bank adviser says.

Huang Yiping, an economist and adviser to the People’s Bank of China, has suggested Hong Kong launch a stablecoin backed by the offshore yuan. Photo: Dickson Lee
Digital currencies

Mainland Chinese digital yuan partner to develop stablecoin tech in Hong Kong

Shenzhen-listed North King says Hong Kong will be a springboard into international fintech markets, with plans for stablecoin wallets.

Banking & finance

Explainer | The world is going all in on stablecoins. Is China’s digital yuan any different?

While the two appear similar, China’s digital currency is quite different from the cryptocurrencies many economies are rushing to regulate.

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China digital currency

Stablecoins get a new home

Hong Kong’s stablecoin licensing regime takes effect on August 1, positioning the city as a global leader in the sector and bolstering the virtual currency by providing legitimacy for an asset that offers the convenience of crypto minus the volatility.

Hong Kong enters the stablecoin field
Hong Kong economy

Hong Kong striving to create favourable environment for stablecoins: Paul Chan

Financial secretary says authorities ‘aim to help resolve practical pain points for businesses and everyday citizens’.

Hong Kong is seeking to cement its role as a global cryptocurrency hub. Photo: Eugene Lee
Banking & finance

China’s stablecoin edge? WeChat and Alipay, says top economist

As calls grow for Beijing to embrace digital currencies, e-payment giants seen as aiding yuan’s global push.

Digital currencies

Hong Kong sharpens crypto hub focus amid rising global competition

Hong Kong is seeking an early lead in stablecoins and tokenisation as Trump pushes the US to become the ‘crypto capital of the planet’.

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Digital currencies

Hong Kong makes public stablecoin adoption a top priority in digital asset push

The government is calling for new proposals to test stablecoin applications and make tax concessions for digital asset holdings.

Pedestrians walk past a cryptocurrency dealership with ATMs on the outside in Causeway Bay on January 31. In a new policy statement, the Hong Kong government has proposed tax concessions for profits on cryptocurrencies. Photo: Antony Dickson
Banking & finance

Are stablecoins the future? Don’t bank on it, warns the bank for central banks

Bank for International Settlements releases ‘advance chapter’ on stablecoins ahead of its Annual Economic Report that paints a future picture of a different financial system.

Banking & finance

Beijing could use Hong Kong to test yuan-linked stablecoins: Morgan Stanley

Beijing’s digital currency ambitions are unlikely to unlock the full potential of the yuan’s internationalisation, analysts say.

Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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With US dollar-pegged stablecoins increasingly popular, analysts say in Chinese state media that the development of yuan-backed stablecoins should come sooner rather than later. Photo: Shutterstock
Blockchain

Hong Kong Web3 group issues blueprint for accelerating blockchain development

Web3 Harbour, in collaboration with PwC Hong Kong, will launch five action groups in August on stablecoins, funds and other critical segments.

Visitors attend the Web 3 Festival at the Hong Kong Convention and Exhibition Centre in Wan Chai on April 14, 2023. Photo: Yik Yeung-man
Currency war

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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