Hong Kong Monetary Authority Vice President: Stablecoin issuers must obtain approval from mainland regulatory authorities if they want to issue a renminbi stablecoin

According to the Hong Kong Wen Wei Po, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the choice of which currency to issue for stablecoin issuers mainly depends on the applicant's own choice. The Hong Kong dollar stablecoin will be launched first, and in the future, other currencies including the Renminbi can be issued, which is allowed under Hong Kong's system, but the applicant also needs to obtain approval from mainland regulatory authorities.

Regarding when the second batch of stablecoin issuer licenses will be issued, Chen Weimin mentioned that there is currently no relevant timetable, but they have been in communication with applicants interested in applying for licenses. It is reported that HSBC's stablecoin will connect to the PayMe and HSBC HK App applications and support real-time transfers between individuals, as well as person-to-merchant (P2M) services.