Citi: The Hong Kong stablecoin market size could reach $16 billion and has room for further growth

ZkProver · 2026-03-17T08:15:46+00:00

Citigroup's analysis report indicates that by drawing on the experience of mainland payment institutions, Hong Kong's stablecoin market size is expected to reach $16 billion. If money supply growth increases and overseas demand rises, the market size will further expand, and relevant companies will benefit. The Hong Kong Monetary Authority is about to announce the first batch of stablecoin issuance licenses.

ZkProver

2026-03-17 08:15:46

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ChainCatcher reports that, according to Hong Kong media outlet Sing Pao, Citibank’s analysis indicates that, by referencing mainland Chinese payment institutions’ experiences, the user balances within mainland Chinese payment institutions account for approximately 20% of China’s circulating cash, about 2.5% of demand deposits and savings deposits, and roughly 0.8% of total deposits. The stablecoin market size in Hong Kong is expected to reach $16 billion (approximately HKD 124.8 billion), with fluctuations of around $8 billion. If the money supply continues to grow, combined with increasing demand from overseas users for Hong Kong stablecoins or a surge in on-chain activity, this scale could further expand, benefiting issuers, trading platforms, and payment companies.

Earlier reports suggest that the Hong Kong Monetary Authority may announce the first batch of stablecoin licensing approvals this month.

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