Point of view: Hong Kong's stablecoin regulations may shake the dominance of the US dollar and curb large participants.

2025-06-30 05:32:27

Gate News bot news, Hong Kong has reiterated its support for stablecoins and is preparing to implement a new regulatory regime for fiat-referenced issuers in August. Some believe this move may curb the participation of large players and challenge the dominance of the US dollar in the region.

The Financial Secretary of Hong Kong, Paul Chan, linked the development of stablecoins with the growing demand for trade settlement in local currencies rather than US dollars in global South countries and certain regions of Asia last Saturday.

Chen Maobo wrote in his official blog after visiting Tianjin and Beijing to attend the World Economic Forum “Summer Davos”: “Stablecoins provide an economically efficient alternative to the traditional financial system.”

The official added that they also “have the potential to bring changes to payment and capital market activities, including cross-border payments.”

Source: Decrypt

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