Xu Zhengyu: Hong Kong will first implement the Hong Kong dollar stablecoin, with the first batch of licenses to be issued as scheduled at the beginning of next year

ChainCatcher news, according to an exclusive interview with Caixin, Hong Kong's Financial Secretary Xu Zhengyu stated that the application for licenses for compliant stablecoins is progressing according to the original framework, with the first batch of licenses expected to be issued in early 2026.

Hong Kong's regulatory positioning is very clear, aiming to achieve a balance in three aspects: innovation, integration into the real economy, and risk management. The first step will be the implementation of the Hong Kong dollar stablecoin. Regarding the issuance of renminbi stablecoins in Hong Kong, Xu Zhengyu stated that from Hong Kong's perspective, the legal framework allows for different fiat currencies to serve as the underlying benchmarks for stablecoins. However, currency carries sovereign intent and strategic considerations; linking to the renminbi must take into account national exchange rates and monetary policy, requiring a comprehensive assessment of the associated risks and benefits.