Last mentioned: Mar 25, 2026
Licensing Commencement
Expected issuance of the first batch of official stablecoin licenses in Hong Kong.
Institutional Integration
Expansion of stablecoins into mainstream cross-border trade and institutional settlement.
Regulatory Framework Finalized
Guidelines for stablecoin issuers are established, focusing on reserves and AML.
Consultation Period
Hong Kong regulators conduct public consultations on stablecoin and VASP licensing.
Industry leaders Gary Liu and Liu Xiaochun examine the evolving role of stablecoins as the 'plumbing' of digital finance. As Hong Kong prepares to issue its first stablecoin licenses, the dialogue reveals a deepening strategic divide between the US and Chinese approaches to digital asset sovereignty.
Industry leaders Gary Liu and Liu Xiaochun analyze the evolving role of stablecoins as the 'plumbing' of digital finance. As Hong Kong prepares to issue its first batch of stablecoin licenses, the dialogue highlights a strategic shift in how China and the US approach blockchain-based fiat equivalents.
Hong Kong is poised to issue its first batch of stablecoin licenses, marking a pivotal moment in the region's digital asset strategy. Industry experts Gary Liu and Liu Xiaochun argue that while stablecoins currently serve as 'plumbing' for crypto markets, they are evolving into critical infrastructure for international finance and cross-border trade.