<p>最近，香港发布了关于稳定币的几个关键信号。从监管机构明确许可时间表，到市场机构启动第二批许可证申请，再到银行系统开始推动稳定币与本地支付网络的整合——从个别来看，这些都是常规的政策驱动行动。然而，当在同一时间框架内观察时，方向非常明确：稳定币正从 “试点工具” 过渡到 “系统建设阶段”。在 4 月 13 日，香港财政司司长陈茂波的声明为香港的稳定币战略定下了基调：“小步快跑。” 这意味着监管机构正在寻求在拥抱创新与降低风险之间取得微妙的平衡。第一批许可证将以 “小数量” 发放，并对申请机构施加严格要求——它们必须具备 “真实的应用场景”。这显然是为了确保稳定币项目能够真正扎根，而不是空中楼阁。监管机构将采取 “先试点，再推广” 的策略，考虑在第一批项目成熟并积累经验后再发放第二批许可证。这种谨慎恰恰反映了香港金融系统的稳健性。性质与定位：金融服务局局长陈茂波明确表示，稳定币本质上是 “支付工具”，而不是 “投资工具”。这一定义为稳定币在香港未来的发展设定了明确的边界，也表明其监管重点将围绕支付清算和反洗钱等领域展开。在这一监管框架下，市场参与者的结构也正在发生重大变化。根据披露，富途证券和 OSL 集团等机构已参与第二批稳定币许可证申请。这一信号清楚地表明，稳定币的发行和流通正从主要由本土加密项目驱动，转向由持牌金融机构和合规平台主导。这意味着稳定币不再仅仅是链上生态系统中的流动性工具，而是被纳入传统金融系统的基础设施中。更重要的是，这标志着应用场景的进步。汇丰银行正在推动其稳定币与本地支付系统的整合，包括 PayMe 和汇丰香港应用程序，支持点对点转账和商户支付。这一举措标志着稳定币的使用案例正在从交易和结算扩展到零售支付。一旦相关系统完成闭环，其功能定位将经历根本性的转变：从 “数字资产的一类” 转变为 “可以直接参与日常经济活动的数字货币形式”。在货币层面，香港金融管理局（HKMA）也释放了更灵活的政策空间。4 月 11 日，HKMA 副总裁陈伟文透露，稳定币发行者可以自由选择发行货币。尽管香港市场最初将推出港元稳定币，但未来允许发行其他货币。这透露出大量信息：港元稳定币将成为香港稳定币市场的先锋，巩固其作为国际金融中心的地位，为本地和国际用户提供一个受监管的港元数字通道。</p>
<p>多币种展望：香港的政策灵活性为未来基于更多主要国际货币的稳定币发行打开了大门，突显了其作为国际金融中心的多样性和开放性。通过考虑上述多个维度，可以看出香港目前所推动的并不是单一的政策试点，而是相对完整的制度设计：在入口层面，许可机制控制参与实体。在实体层面，将引入持牌金融机构作为核心参与者。在应用层面，将优先推动支付场景的实施。在制度边界上，为多种货币，特别是人民币，保留空间。该系统的核心目标不仅仅是扩大数字资产市场的规模，而是将稳定币整合到可控风险的金融基础设施系统中。在当前复杂多变的国际环境中，陈茂波强调香港需要保持高度警惕，通过增强金融市场的竞争力和全球影响力来实现 “主动防御”。这一表述不仅涉及传统金融风险，还包括新兴数字资产体系内的制度竞争。稳定币目前正处于这一竞争的十字路口。24/7 的跨市场监测系统也意味着其发展路径将始终处于强监管和高透明度之下。这进一步表明，香港推动稳定币并不是市场驱动的被动选择，而是基于金融战略考量的主动部署。在这种背景下，稳定币的意义正在发生转变。它们不再仅仅是加密市场中的流动性工具，也不仅仅是跨境资金转移的技术手段，而是逐渐演变为在不同监管体系下具有 “制度属性” 的金融媒介。换句话说，未来稳定币的使用将不再依赖于技术可行性，而是取决于你所处的监管体系。</p>

富途控股-W

汇丰控股有限公司

汇丰控股

富途控股

HSBH

<p>香港正在推进其稳定币战略，从试点阶段过渡到系统建设阶段。主要进展包括为稳定币项目发放有限数量的许可证，强调其作为支付工具而非投资工具的角色。汇丰银行和富途证券等主要金融机构正在引领这一潮流，将稳定币整合到本地支付系统中。香港金融管理局允许货币发行的灵活性，为多币种稳定币市场铺平道路。该倡议旨在提升香港作为国际金融中心的地位，同时确保合规性和风险管理</p>

<p>Recently, Hong Kong has released several key signals regarding stablecoins. From regulators clarifying the licensing schedule, to market institutions initiating the second batch of license applications, and the banking system beginning to promote stablecoin integration into local payment networks—these are all routine policy-driven actions when viewed individually. However, when viewed within the same timeframe, the direction is quite clear: stablecoins are transitioning from a &#34;pilot tool&#34; to a &#34;system building phase.&#34; On April 13th, Hong Kong Financial Secretary Paul Chan's statement set the tone for Hong Kong's stablecoin strategy: &#34;small steps, quick progress.&#34; This signifies that regulators are seeking a delicate balance between embracing innovation and mitigating risks. The first batch of licenses will be issued in a &#34;small number,&#34; and stringent requirements will be imposed on applicant institutions—they must have &#34;real-world application scenarios.&#34; This is clearly to ensure that stablecoin projects can truly take root, rather than being castles in the air. The regulatory authorities will adopt a &#34;pilot first, then rollout&#34; strategy, considering issuing a second batch of licenses only after the first batch of projects have matured and accumulated experience. This caution precisely reflects the robustness of Hong Kong's financial system. Nature and Positioning: Secretary for Financial Services Paul Chan clearly stated that stablecoins are essentially &#34;payment instruments,&#34; not &#34;investment instruments.&#34; This definition sets clear boundaries for the future development of stablecoins in Hong Kong and also indicates that their regulatory focus will revolve around areas such as payment clearing and anti-money laundering. Under this regulatory framework, the structure of market participants is also undergoing significant changes. According to disclosures, Futu Securities and OSL Group, among other institutions, have participated in the second batch of stablecoin license applications. This signal clearly indicates that the issuance and circulation of stablecoins is shifting from being primarily driven by native crypto projects to being dominated by licensed financial institutions and compliant platforms. This means that stablecoins are no longer just liquidity tools within the on-chain ecosystem, but are being incorporated into the infrastructure of the traditional financial system. More significantly, this signifies the advancement of application scenarios. HSBC is pushing forward with the integration of its stablecoin into local payment systems, including PayMe and the HSBC HK App, supporting peer-to-peer transfers and merchant payments. This move signifies that the use cases for stablecoins are expanding from transactions and settlements to retail payments. Once the relevant system completes its closed loop, its functional positioning will undergo a fundamental transformation: from &#34;a category of digital assets&#34; to &#34;a form of digital currency that can directly participate in daily economic activities.&#34; At the currency level, the Hong Kong Monetary Authority (HKMA) has also released more flexible policy space. On April 11, HKMA Deputy Chief Executive Chan Wai-man revealed that stablecoin issuers can freely choose the currency to issue. Although the Hong Kong market will initially launch a Hong Kong dollar stablecoin, the issuance of other currencies is permitted in the future. This reveals a significant amount of information: The Hong Kong dollar stablecoin will become a pioneer in the Hong Kong stablecoin market, consolidating its position as an international financial center and providing a regulated digital channel for Hong Kong dollars for local and international users.</p>
<div class="lb-trans"><p>最近，香港发布了关于稳定币的几个关键信号。从监管机构明确许可时间表，到市场机构启动第二批许可证申请，再到银行系统开始推动稳定币与本地支付网络的整合——从个别来看，这些都是常规的政策驱动行动。然而，当在同一时间框架内观察时，方向非常明确：稳定币正从 “试点工具” 过渡到 “系统建设阶段”。在 4 月 13 日，香港财政司司长陈茂波的声明为香港的稳定币战略定下了基调：“小步快跑。” 这意味着监管机构正在寻求在拥抱创新与降低风险之间取得微妙的平衡。第一批许可证将以 “小数量” 发放，并对申请机构施加严格要求——它们必须具备 “真实的应用场景”。这显然是为了确保稳定币项目能够真正扎根，而不是空中楼阁。监管机构将采取 “先试点，再推广” 的策略，考虑在第一批项目成熟并积累经验后再发放第二批许可证。这种谨慎恰恰反映了香港金融系统的稳健性。性质与定位：金融服务局局长陈茂波明确表示，稳定币本质上是 “支付工具”，而不是 “投资工具”。这一定义为稳定币在香港未来的发展设定了明确的边界，也表明其监管重点将围绕支付清算和反洗钱等领域展开。在这一监管框架下，市场参与者的结构也正在发生重大变化。根据披露，富途证券和 OSL 集团等机构已参与第二批稳定币许可证申请。这一信号清楚地表明，稳定币的发行和流通正从主要由本土加密项目驱动，转向由持牌金融机构和合规平台主导。这意味着稳定币不再仅仅是链上生态系统中的流动性工具，而是被纳入传统金融系统的基础设施中。更重要的是，这标志着应用场景的进步。汇丰银行正在推动其稳定币与本地支付系统的整合，包括 PayMe 和汇丰香港应用程序，支持点对点转账和商户支付。这一举措标志着稳定币的使用案例正在从交易和结算扩展到零售支付。一旦相关系统完成闭环，其功能定位将经历根本性的转变：从 “数字资产的一类” 转变为 “可以直接参与日常经济活动的数字货币形式”。在货币层面，香港金融管理局（HKMA）也释放了更灵活的政策空间。4 月 11 日，HKMA 副总裁陈伟文透露，稳定币发行者可以自由选择发行货币。尽管香港市场最初将推出港元稳定币，但未来允许发行其他货币。这透露出大量信息：港元稳定币将成为香港稳定币市场的先锋，巩固其作为国际金融中心的地位，为本地和国际用户提供一个受监管的港元数字通道。</p>
</div><p>Multi-currency outlook: Hong Kong's policy flexibility opens the door for the future issuance of stablecoins based on more major international currencies, highlighting its diversification and openness as an international financial center. ...span inline-dir=&#34;ltr&#34; ql-global=&#34;true&#34;&gt;Multi-currency outlook: Hong Kong's policy flexibility opens the door By considering the above multiple dimensions, it can be seen that what Hong Kong is currently promoting is not a single policy pilot, but a relatively complete institutional design: At the entry point, the licensing mechanism controls the participating entities. At the entity level, licensed financial institutions will be introduced as core participants. At the application level, priority will be given to promoting the implementation of payment scenarios. At the institutional boundaries, space will be reserved for multiple currencies, especially the RMB. The core objective of this system is not simply to expand the size of the digital asset market, but rather to integrate stablecoins into the financial infrastructure system under controllable risks. In the current complex and volatile international environment, Paul Chan emphasized that Hong Kong needs to remain highly vigilant and achieve &#34;proactive defense&#34; by enhancing the competitiveness and global influence of its financial markets. This statement refers not only to traditional financial risks, but also to institutional competition within the emerging digital asset system. Stablecoins are currently at the crossroads of this competition. The 24/7, cross-market monitoring system also means that its development path will always be under strong regulation and high transparency. This further demonstrates that Hong Kong's promotion of stablecoins is not a passive choice driven by the market, but a proactive deployment based on financial strategic considerations. Against this backdrop, the significance of stablecoins is shifting. They are no longer merely liquidity tools in the crypto market, nor simply technical means of cross-border fund transfers, but are gradually evolving into a financial medium with &#34;institutional attributes&#34; under different regulatory systems. In other words, the future use of stablecoins will no longer depend on technological feasibility, but rather on the regulatory system you operate under.</p>
<div class="lb-trans"><p>多币种展望：香港的政策灵活性为未来基于更多主要国际货币的稳定币发行打开了大门，突显了其作为国际金融中心的多样性和开放性。通过考虑上述多个维度，可以看出香港目前所推动的并不是单一的政策试点，而是相对完整的制度设计：在入口层面，许可机制控制参与实体。在实体层面，将引入持牌金融机构作为核心参与者。在应用层面，将优先推动支付场景的实施。在制度边界上，为多种货币，特别是人民币，保留空间。该系统的核心目标不仅仅是扩大数字资产市场的规模，而是将稳定币整合到可控风险的金融基础设施系统中。在当前复杂多变的国际环境中，陈茂波强调香港需要保持高度警惕，通过增强金融市场的竞争力和全球影响力来实现 “主动防御”。这一表述不仅涉及传统金融风险，还包括新兴数字资产体系内的制度竞争。稳定币目前正处于这一竞争的十字路口。24/7 的跨市场监测系统也意味着其发展路径将始终处于强监管和高透明度之下。这进一步表明，香港推动稳定币并不是市场驱动的被动选择，而是基于金融战略考量的主动部署。在这种背景下，稳定币的意义正在发生转变。它们不再仅仅是加密市场中的流动性工具，也不仅仅是跨境资金转移的技术手段，而是逐渐演变为在不同监管体系下具有 “制度属性” 的金融媒介。换句话说，未来稳定币的使用将不再依赖于技术可行性，而是取决于你所处的监管体系。</p>
</div>

With HSBC and securities firms entering the market simultaneously, Hong Kong's stablecoin has entered its next phase.

- 香港稳定币政策明确，逐步从 “试点工具” 转向 “系统建设阶段”。  
- 金融秘书表示将小步快跑，强调风险控制与创新平衡。  
- 稳定币的应用场景扩展，逐渐融入传统金融基础设施。

随着汇丰控股有限公司和证券公司同时进入市场，香港的稳定币发展进入了新的阶段