Hong Kong Can Be China’s Stablecoin Staging Ground, Policy Adviser Says

As one of the world’s frontrunners in promoting and regulating stablecoins, Hong Kong is the ideal place for China to develop offshore yuan-pegged stablecoins, which could contribute to internationalizing the redback, a top policy adviser said.

“Stablecoins play a key role in today’s international monetary and financial landscape,” said Li Yang, chairman of the National Institution for Finance and Development (NIFD), on Tuesday at an investor summit hosted by China Securities Finance Co. Ltd. in Shanghai. The NIFD is a state-backed think tank providing policy advice to the Chinese government.