On May 21, the Hong Kong Legislative Council passed the "Stablecoin Ordinance Bill," which will officially take effect on August 1, 2025. The enactment of this bill has brought about various impacts, as detailed below:

- For the Hong Kong financial market: It helps attract compliant global virtual asset enterprises and talent aggregation, enhancing Hong Kong's attractiveness as an innovative financial hub. A clear regulatory framework can boost investor confidence, expand market size, and create new growth points for Hong Kong's financial industry. At the same time, it can also promote digital payment interoperability between Hong Kong and the mainland as well as international markets, strengthening its position as a global offshore RMB center.
- For the stablecoin industry: The bill establishes a capital threshold of HKD 25 million and reserve custody requirements, which will lead to a reshuffling of the industry. Small and medium-sized institutions may be cleared out, while giants like Standard Chartered are expected to seize the licensing dividends, promoting Hong Kong as a "strategic highland" for compliant stablecoins. At the same time, the bill provides a clear regulatory framework for stablecoin issuers, clarifying specific guidelines for reserve management, redemption mechanisms, etc., which helps to enhance regulatory transparency.
- In the field of cross-border payments: The Hong Kong dollar stablecoin is expected to significantly reduce cross-border settlement costs, potentially lowering costs to one hundred thousandth, which may challenge the SWIFT system. Companies like JD.com and Sifang Jingchuang have already laid out related tests, which may lead to a new transformation in cross-border payment services in the future.
- On the internationalization of the RMB: The bill reserves space for the RMB peg, and offshore RMB stablecoins may become a cross-border channel for digital RMB, facilitating local currency settlement for the "Belt and Road" initiative, providing new avenues for the circulation and use of the RMB in international markets, and helping to enhance the international status of the RMB.
- On Global Regulation: As the world explores the regulation of crypto assets in major financial centers, Hong Kong has pioneered the "Hong Kong Solution" for stablecoin regulation, providing a model for the Asia-Pacific region and even globally. This initiative promotes Hong Kong's leading position in the integration of traditional finance and digital finance and offers valuable experience for global virtual asset regulation. #内容挖矿，赚丰厚返佣