#HKCompletesFirstHKDStablecoinUseCase
completed HKD stablecoin use case is worth more than another framework announcement, because it's the gap between a licence regime and a working settlement rail.
The detail that decides how far it reaches: whether it's redeemable at par by anyone, or a closed loop between permitted institutions. Most first use cases are the second kind.
Hong Kong moving here also puts the regional competition on a clock — Singapore and Japan aren't going to sit still.
Does a bank-issued stablecoin compete with USDT and USDC, or do a different job entirely?
completed HKD stablecoin use case is worth more than another framework announcement, because it's the gap between a licence regime and a working settlement rail.
The detail that decides how far it reaches: whether it's redeemable at par by anyone, or a closed loop between permitted institutions. Most first use cases are the second kind.
Hong Kong moving here also puts the regional competition on a clock — Singapore and Japan aren't going to sit still.
Does a bank-issued stablecoin compete with USDT and USDC, or do a different job entirely?
