Hong Kong legalizes stablecoins; JD.com will issue HKD-pegged one

ithome.com (Chinese)

Hong Kong's Stablecoin Ordinance has officially become law, paving the way for regulated stablecoins. This new legislation will establish a licensing framework for stablecoin issuers. The ordinance, published on May 30th, aims to foster financial innovation while ensuring stability in the digital asset sector. JD.com announced plans last year to launch a Hong Kong dollar-pegged stablecoin, currently in its second phase of sandbox testing. The stablecoin will be backed by liquid assets held in licensed financial institutions. Other participants in the "sandbox" include Circle, Standard Chartered, and HKT.


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Hong Kong legalizes stablecoins; JD.com will issue HKD-pegged one | News Minimalist