Hong Kong to launch stablecoin licensing in August 2025

【香港计划在 2025 年 8 月推出稳定币许可——详细信息】

Hong Kong plans to introduce a stablecoin licensing framework by August 2025, initially granting a limited number of licenses. The framework aims to enhance cross-border payments and address challenges in regions with unstable currencies. The Hong Kong Monetary Authority is developing guidelines for stablecoin issuers, focusing on asset backing and redemption obligations. However, Hong Kong faces competition from the U.S. stablecoin market, which is currently dominant, and must navigate geopolitical and economic challenges to establish itself as a digital asset hub in Asia.

香港计划在 2025 年 8 月之前推出稳定币许可框架，最初将授予有限数量的许可证。该框架旨在增强跨境支付，并解决货币不稳定地区的挑战。香港金融管理局正在制定稳定币发行者的指导方针，重点关注资产支持和赎回义务。然而，香港面临来自美国稳定币市场的竞争，该市场目前占主导地位，并且必须应对地缘政治和经济挑战，以确立其在亚洲的数字资产中心地位

Hong Kong is set to launch stablecoin licensing by August 2025, with limited initial approvals.
香港计划在 2025 年 8 月之前推出稳定币许可，最初将有限批准。

Global leaders warn stablecoins may threaten monetary sovereignty if left unregulated.
全球领导人警告称，如果不加以监管，稳定币可能威胁货币主权。

Hong Kong is gearing up to launch its stablecoin licensing framework as early as August 2025.

香港正准备在 2025 年 8 月之前推出其稳定币许可框架。

Only a limited number of licenses, likely in the single digits, will be granted at the start, according to Christopher Hui, Secretary for Financial Services and the Treasury.

根据财政事务及库务局局长许正宇的说法，最初将仅发放有限数量的许可证，可能只有个位数。

Remarking on the same, in the report, Hui noted that stablecoins will serveto ‘address the difficulties and pain points in the real economy.’

在报告中，许正宇指出，稳定币将用于 ‘解决实体经济中的困难和痛点’。

He explained that one of the most valuable use cases is improving cross-border payments, especially in regions with unstable local currencies or underdeveloped financial systems.

他解释说，最有价值的用例之一是改善跨境支付，特别是在当地货币不稳定或金融体系不发达的地区。

In such areas, sending money across borders can be slow, expensive, and unreliable.

在这些地区，跨境汇款可能会缓慢、昂贵且不可靠。

Hui further added,

许正宇进一步补充道，

“If there are stablecoins based on fiat currencies serving as effective payment tools, they can facilitate cross-border transactions and reduce transaction costs.”
“如果有基于法定货币的稳定币作为有效的支付工具，它们可以促进跨境交易并降低交易成本。”

However, approving such tokens would require close coordination with regulators in other jurisdictions to manage risks like exchange rate volatility and systemic financial impact.

然而，批准此类代币需要与其他司法管辖区的监管机构密切协调，以管理汇率波动和系统性金融影响等风险。

Not everything is pegged to the dollar

并非所有东西都与美元挂钩

Following the approval of the Stablecoins Bill, the Hong Kong Monetary Authority (HKMA) launched a consultation on draft supervision guidelines.

在稳定币法案获得批准后，香港金融管理局（HKMA）启动了对草案监管指南的咨询。

The upcoming directives will clarify the minimum standards under the Stablecoins Ordinance. These include full asset backing and client asset segregation and require strict redemption obligations for stablecoin issuers.

即将发布的指令将明确稳定币条例下的最低标准。这些标准包括完全资产支持和客户资产隔离，并要求稳定币发行人严格遵守赎回义务。

Initially, the framework focused on stablecoins pegged to the Hong Kong dollar. However, interest is growing in offshore yuan-backed tokens.

最初，该框架专注于与港元挂钩的稳定币。然而，离岸人民币支持的代币的兴趣正在增长。

Major Chinese firms like JD.com and Ant Group are reportedly seeking approval from Beijing.

据报道，京东和蚂蚁集团等主要中国公司正在寻求北京的批准。

Notably, Christopher Hui emphasized a key regulatory point. He said, any yuan-pegged stablecoin must be discussed with the relevant monetary authorities.

值得注意的是，许正宇强调了一个关键的监管点。他表示，任何与人民币挂钩的稳定币必须与相关货币当局进行讨论。

This is because it involves the currency of another jurisdiction.

这是因为这涉及到另一个司法管辖区的货币。

Will it be able to compete against the U.S. market?

它能否与美国市场竞争？

Despite its growing efforts, Hong Kong faces significant global challenges in the stablecoin race, particularly from the United States.

尽管香港在不断努力，但在稳定币竞争中面临来自美国的重大全球挑战。

Currently, the U.S. dominates the stablecoin market, with USDT and USDC accounting for the vast majority of usage across both centralized and decentralized finance platforms.

目前，美国主导着稳定币市场，USDT 和 USDC 占据了集中和去中心化金融平台上绝大多数的使用量。

This dominance is being further reinforced by regulatory momentum.

这种主导地位正在通过监管势头进一步加强。

The GENIUS Act, a landmark U.S. stablecoin bill, recently passed the Senate with bipartisan support and is now advancing through the House of Representatives.

GENIUS 法案，这是一项具有里程碑意义的美国稳定币法案，最近在参议院获得两党支持，并正在众议院推进。

Backed publicly by President Donald Trump, the bill aims to establish a national regulatory framework for fiat-backed stablecoins.

该法案得到唐纳德·特朗普总统的公开支持，旨在建立一个国家级的法定货币支持稳定币的监管框架。

Meanwhile, Hong Kong has begun building its framework, but it remains limited in scope, focusing primarily on regional currency backing and issuing licenses cautiously.

与此同时，香港已开始构建其框架，但范围仍然有限，主要集中在区域货币支持和谨慎发放许可证上。

Therefore, to compete globally, Hong Kong must overcome geopolitical tensions, economic constraints, and structural limitations, even as it emerges as a promising digital asset hub in Asia.

因此，要在全球竞争中脱颖而出，香港必须克服地缘政治紧张、经济限制和结构性局限，尽管它作为亚洲一个有前景的数字资产中心正在崛起。

—————————————————————————————————————————————————————————

OKX（欧意）：新用户注册且单笔存入 100 USDT，你将获得平台发放的 BTC 奖励。点击大陆或者国际（根据自己所在地选择）：中国大陆/Chinese Mainland 国际/Internationality