Stablecoin – Page 2 – Charm

Who can become the technological foundation for China’s stablecoin? Four major “national-level” public chains compete on the same stage

Cs news9 months ago019 mins

Author: Frank, PANews Stablecoins are becoming a strategic new track for major global economies, with the United States, the European Union, Hong Kong, and others competing to introduce regulatory frameworks in an effort to seize the initiative. However, the issuance of any stablecoin relies on a key underlying infrastructure—public chains. Against this backdrop, the industry…

HKMA’s strict stablecoin regime to shape Hong Kong’s crypto future

Cs news9 months ago03 mins

Hong Kong’s stablecoins ordinance, which took effect on Friday, puts cryptocurrency’s most-traded cash substitute under the same regulatory framework as banks, triggering a rush for a limited number of licences from the Hong Kong Monetary Authority (HKMA). Some market observers were caught by surprise after learning that the first batch of stablecoin licences was only…

Hong Kong set to issue first stablecoin licences ‘early next year’

Cs news9 months ago02 mins

The Hong Kong Monetary Authority (HKMA) is likely to issue the first batch of stablecoin licences early next year, as the city’s de-facto central bank urged potential issuers to submit their applications by the end of September. Ahead of the stablecoin ordinance taking effect on August 1, the HKMA unveiled on Tuesday licensing procedures and…

Exclusive | Global financial system must rewrite its rules for the tokenised future, says BIS adviser

Cs news9 months ago03 mins

The worldwide financial system needs to rewrite its rules for a future of tokens, as the rise of stablecoins poses new challenges to the global infrastructure for instant payment, clearing and settlement, according to the gatekeeper of the world’s central banks. Stablecoins, which are digital tokens backed by fiat currencies or other reserve assets, could…

China Merchants Bank’s brokerage arm receives virtual asset licence in Hong Kong

Cs news10 months ago03 mins

CMB International Securities (CMBI), the brokerage arm of China Merchants Bank, said it received a virtual asset licence from Hong Kong’s Securities and Futures Commission, making it the first mainland broker to conduct cryptocurrency trading services and other activities in the city. The licence, issued on Monday, allowed CMBI to engage in a variety of…

Geopolitics spur Hong Kong’s renewed focus on South Korean trade collaboration

Cs news10 months ago03 mins

Hong Kong’s finance chief has launched a strategic offensive to forge closer business ties with South Korea, with investors showing interest in the city’s latest cryptocurrency policy and its role as a “superconnector” to international markets amid geopolitical tensions. Concluding a three-day visit to Seoul on Thursday, Financial Secretary Paul Chan Mo-po proposed a direct…

J.P.Morgan wary of stablecoin’s trillion-dollar growth bets, cuts them by half

Cs news10 months ago03 mins

By Rashika Singh (Reuters) -J.P.Morgan on Thursday forecast stablecoin growth will only reach $500 billion by 2028, calling trillion-dollar projections “far too optimistic”, as there was little evidence of mainstream adoption of the dollar-pegged cryptocurrency token. Stablecoins have moved beyond their crypto trading roots to attract interest from fintechs and banks aiming to speed up…

Economist Huang Yiping floats Hong Kong as stablecoin staging ground

Cs news10 months ago03 mins

Issuing a stablecoin pegged to the offshore yuan in Hong Kong may be more feasible than in mainland China due to the latter’s capital controls, a central bank adviser has said. The comments from Huang Yiping, also dean of Peking University’s National School of Development, came as worries arise in Beijing’s policy circles that Washington…

Opinion | Hong Kong developing a yuan-pegged stablecoin would be a game changer

Cs news11 months ago03 mins

In just the past month, stablecoin has moved from the fringes of cryptocurrency into the heart of mainstream finance. Hong Kong enacted its stablecoin ordinance, creating a regulatory framework to legitimise and support the issuance of stablecoins, while US lawmakers discuss similar legislation aimed at fostering large-scale stablecoin adoption. Meanwhile, stablecoin issuer Circle Internet Group…

With stablecoin law, Hong Kong looks for ‘first-mover’ edge over US, Singapore in payments

Cs news11 months ago03 mins

With the passage of one of the world’s most comprehensive stablecoin laws two weeks ago, Hong Kong is looking to stay at the forefront of global finance while addressing lessons from past industry setbacks, according to analysts. Being a “first mover” in stablecoin legislation “reflects the determination” of the city’s government to “unlock value that…