Ping An Securities: Hong Kong may adopt a dual-track regulation for stablecoins

Ping An Securities released a report on stablecoins, indicating that Hong Kong may form a "dual-track regulatory framework of USD stablecoins connecting to the international market + HKD stablecoins linking to the mainland," which not only consolidates the financial attributes of the HKD but also provides a "testing ground" for the internationalization of the RMB. Hong Kong's definition of stablecoins is relatively broad and is not limited to a specific type of fiat stablecoin. With the rapid development of the stablecoin market in Hong Kong, it is expected that the market share of non-USD stablecoins will gradually increase, potentially promoting the establishment of a unified international regulatory system in the future.

In addition, the Ping An Securities report also mentioned that the regulatory scope in Hong Kong for stablecoin business activities includes not only the issuance of specified stablecoins in Hong Kong but also the issuance of stablecoins pegged (or partially pegged) to the HKD outside of Hong Kong. China's active layout in the stablecoin market can inject new momentum into the internationalization of the RMB, breaking the monopoly position of USD stablecoins.