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Hong Kong's stablecoin dual-track pattern: a new driving force for Renminbi internationalization
[Block Rhythm] On July 23, Ping An Securities released a stablecoin report indicating that Hong Kong may form a dual-track regulatory framework of "US Dollar stablecoin connecting to the international market + Hong Kong Dollar stablecoin connecting to the mainland", which not only consolidates the financial attributes of the Hong Kong Dollar but also provides a "testing ground" for the internationalization of the Renminbi. The scope of stablecoins in Hong Kong is defined relatively broadly and is not limited to a specific type of fiat stablecoin. With the rapid development of the Hong Kong stablecoin market, it is expected that the market share of non-US Dollar stablecoins will gradually increase, potentially promoting the establishment of a unified international regulatory system in the future.
In addition, the report from Ping An Securities also mentioned that the jurisdiction of Hong Kong for regulated stablecoin business activities not only includes the issuance of designated stablecoins in Hong Kong but also includes the issuance of stablecoins pegged (or partially pegged) to the Hong Kong dollar in areas outside of Hong Kong. China's active layout in the stablecoin market can inject new momentum into the internationalization of the Renminbi and break the monopoly position of the US dollar stablecoin.