---
title: "12. Hong Kong Market Stablecoins:1) Purposea. Cross-border settlement; b. Interbank settlement; c. F"
description: "12. Hong Kong Market Stablecoins:1) Purposea. Cross-border settlement; b. Interbank settlement; c. Facilitating the purchase of USD assets.2) Issues:Hong Kong lacks high-quality public blockchains in "
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/30419903.md"
published_at: "2025-06-06T04:02:14.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# 12. Hong Kong Market Stablecoins:1) Purposea. Cross-border settlement; b. Interbank settlement; c. F

**12\. Hong Kong Market Stablecoins:**

**1) Purpose**

a. Cross-border settlement; b. Interbank settlement; c. Facilitating the purchase of USD assets.

**2) Issues:**

Hong Kong lacks high-quality public blockchains in the entire industry chain. Additionally, there is insufficient global demand for HKD stablecoins.

**3) Operations:**

**Users:** HK users can use licensed exchanges (HashKey/OSL) to convert HKD into USDT/USDC and then trade assets like BTC to reduce exchange rate losses.

Users can use stablecoins from different issuers for cross-border payments, which may eventually integrate with platforms like WeChat Pay and Alipay.

**Issuers:** Regulated by licenses: a. Deposit HKD 25 million as collateral; b. Only operate 1:1 HKD-backed models; c. Algorithmic stablecoins are prohibited.

Currently, only three issuers are approved: a. JD.com’s blockchain; b. RD Technologies; c. Standard Chartered. A sandbox mechanism is also established, allowing unlicensed institutions to participate in testing to foster innovation.

**4) Application Scenarios:**

**a. Commercial Payments:** Nigerian merchants can use HKD stablecoins for cross-border trade settlements, promoting HKD internationalization while avoiding local currency volatility risks.

b. After the HKD is pegged to the USD, due to the **USD’s vast wealth management market** (including U.S. bonds and stocks), users can indirectly invest in stocks via USD stablecoins.

$Circle(CRCL.US) $Robinhood(HOOD.US) $Coinbase(COIN.US) $Digital currency concept(CP00079.US)

### Related Stocks

- [CRCL.US - Circle](https://longbridge.com/en/quote/CRCL.US.md)
- [HOOD.US - Robinhood](https://longbridge.com/en/quote/HOOD.US.md)
- [COIN.US - Coinbase](https://longbridge.com/en/quote/COIN.US.md)
- [CP00079.US - Digital currency concept](https://longbridge.com/en/quote/CP00079.US.md)

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.