Chinese tech companies may collaborate with digital banks to apply for the issuance of stablecoins in Hong Kong

ChainCatcher news, according to Hong Kong media Ming Pao, Chinese technology companies may collaborate with digital banks (formerly known as virtual banks) to apply for a stablecoin in Hong Kong. Many Chinese tech giants are shareholders of local digital banks in Hong Kong, and they are focusing on tokenized asset trading and cross-border payments with financial institutions. Therefore, they may establish partnerships with Hong Kong digital banks to promote the issuance of stablecoins.

Futu Group's Managing Director, Zeng Yuchao, has stated that they will explore allowing users to use stablecoins as platform balances or holding assets to purchase stocks, and assist in handling fiat currency clearing and settlement processes for their investments.