<p>最近，香港發佈了關於穩定幣的幾個關鍵信號。從監管機構明確許可時間表，到市場機構啓動第二批許可證申請，再到銀行系統開始推動穩定幣與本地支付網絡的整合——從個別來看，這些都是常規的政策驅動行動。然而，當在同一時間框架內觀察時，方向非常明確：穩定幣正從 “試點工具” 過渡到 “系統建設階段”。在 4 月 13 日，香港財政司司長陳茂波的聲明為香港的穩定幣戰略定下了基調：“小步快跑。” 這意味着監管機構正在尋求在擁抱創新與降低風險之間取得微妙的平衡。第一批許可證將以 “小數量” 發放，並對申請機構施加嚴格要求——它們必須具備 “真實的應用場景”。這顯然是為了確保穩定幣項目能夠真正紮根，而不是空中樓閣。監管機構將採取 “先試點，再推廣” 的策略，考慮在第一批項目成熟並積累經驗後再發放第二批許可證。這種謹慎恰恰反映了香港金融系統的穩健性。性質與定位：金融服務局局長陳茂波明確表示，穩定幣本質上是 “支付工具”，而不是 “投資工具”。這一定義為穩定幣在香港未來的發展設定了明確的邊界，也表明其監管重點將圍繞支付清算和反洗錢等領域展開。在這一監管框架下，市場參與者的結構也正在發生重大變化。根據披露，富途證券和 OSL 集團等機構已參與第二批穩定幣許可證申請。這一信號清楚地表明，穩定幣的發行和流通正從主要由本土加密項目驅動，轉向由持牌金融機構和合規平台主導。這意味着穩定幣不再僅僅是鏈上生態系統中的流動性工具，而是被納入傳統金融系統的基礎設施中。更重要的是，這標誌着應用場景的進步。滙豐銀行正在推動其穩定幣與本地支付系統的整合，包括 PayMe 和滙豐香港應用程序，支持點對點轉賬和商户支付。這一舉措標誌着穩定幣的使用案例正在從交易和結算擴展到零售支付。一旦相關係統完成閉環，其功能定位將經歷根本性的轉變：從 “數字資產的一類” 轉變為 “可以直接參與日常經濟活動的數字貨幣形式”。在貨幣層面，香港金融管理局（HKMA）也釋放了更靈活的政策空間。4 月 11 日，HKMA 副總裁陳偉文透露，穩定幣發行者可以自由選擇發行貨幣。儘管香港市場最初將推出港元穩定幣，但未來允許發行其他貨幣。這透露出大量信息：港元穩定幣將成為香港穩定幣市場的先鋒，鞏固其作為國際金融中心的地位，為本地和國際用户提供一個受監管的港元數字通道。</p>
<p>多幣種展望：香港的政策靈活性為未來基於更多主要國際貨幣的穩定幣發行打開了大門，突顯了其作為國際金融中心的多樣性和開放性。通過考慮上述多個維度，可以看出香港目前所推動的並不是單一的政策試點，而是相對完整的制度設計：在入口層面，許可機制控制參與實體。在實體層面，將引入持牌金融機構作為核心參與者。在應用層面，將優先推動支付場景的實施。在制度邊界上，為多種貨幣，特別是人民幣，保留空間。該系統的核心目標不僅僅是擴大數字資產市場的規模，而是將穩定幣整合到可控風險的金融基礎設施系統中。在當前複雜多變的國際環境中，陳茂波強調香港需要保持高度警惕，通過增強金融市場的競爭力和全球影響力來實現 “主動防禦”。這一表述不僅涉及傳統金融風險，還包括新興數字資產體系內的制度競爭。穩定幣目前正處於這一競爭的十字路口。24/7 的跨市場監測系統也意味着其發展路徑將始終處於強監管和高透明度之下。這進一步表明，香港推動穩定幣並不是市場驅動的被動選擇，而是基於金融戰略考量的主動部署。在這種背景下，穩定幣的意義正在發生轉變。它們不再僅僅是加密市場中的流動性工具，也不僅僅是跨境資金轉移的技術手段，而是逐漸演變為在不同監管體系下具有 “制度屬性” 的金融媒介。換句話説，未來穩定幣的使用將不再依賴於技術可行性，而是取決於你所處的監管體系。</p>

富途控股-W

匯豐控股有限公司

匯豐控股

富途控股

HSBH

<p>香港正在推進其穩定幣戰略，從試點階段過渡到系統建設階段。主要進展包括為穩定幣項目發放有限數量的許可證，強調其作為支付工具而非投資工具的角色。滙豐銀行和富途證券等主要金融機構正在引領這一潮流，將穩定幣整合到本地支付系統中。香港金融管理局允許貨幣發行的靈活性，為多幣種穩定幣市場鋪平道路。該倡議旨在提升香港作為國際金融中心的地位，同時確保合規性和風險管理</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，香港發佈了關於穩定幣的幾個關鍵信號。從監管機構明確許可時間表，到市場機構啓動第二批許可證申請，再到銀行系統開始推動穩定幣與本地支付網絡的整合——從個別來看，這些都是常規的政策驅動行動。然而，當在同一時間框架內觀察時，方向非常明確：穩定幣正從 “試點工具” 過渡到 “系統建設階段”。在 4 月 13 日，香港財政司司長陳茂波的聲明為香港的穩定幣戰略定下了基調：“小步快跑。” 這意味着監管機構正在尋求在擁抱創新與降低風險之間取得微妙的平衡。第一批許可證將以 “小數量” 發放，並對申請機構施加嚴格要求——它們必須具備 “真實的應用場景”。這顯然是為了確保穩定幣項目能夠真正紮根，而不是空中樓閣。監管機構將採取 “先試點，再推廣” 的策略，考慮在第一批項目成熟並積累經驗後再發放第二批許可證。這種謹慎恰恰反映了香港金融系統的穩健性。性質與定位：金融服務局局長陳茂波明確表示，穩定幣本質上是 “支付工具”，而不是 “投資工具”。這一定義為穩定幣在香港未來的發展設定了明確的邊界，也表明其監管重點將圍繞支付清算和反洗錢等領域展開。在這一監管框架下，市場參與者的結構也正在發生重大變化。根據披露，富途證券和 OSL 集團等機構已參與第二批穩定幣許可證申請。這一信號清楚地表明，穩定幣的發行和流通正從主要由本土加密項目驅動，轉向由持牌金融機構和合規平台主導。這意味着穩定幣不再僅僅是鏈上生態系統中的流動性工具，而是被納入傳統金融系統的基礎設施中。更重要的是，這標誌着應用場景的進步。滙豐銀行正在推動其穩定幣與本地支付系統的整合，包括 PayMe 和滙豐香港應用程序，支持點對點轉賬和商户支付。這一舉措標誌着穩定幣的使用案例正在從交易和結算擴展到零售支付。一旦相關係統完成閉環，其功能定位將經歷根本性的轉變：從 “數字資產的一類” 轉變為 “可以直接參與日常經濟活動的數字貨幣形式”。在貨幣層面，香港金融管理局（HKMA）也釋放了更靈活的政策空間。4 月 11 日，HKMA 副總裁陳偉文透露，穩定幣發行者可以自由選擇發行貨幣。儘管香港市場最初將推出港元穩定幣，但未來允許發行其他貨幣。這透露出大量信息：港元穩定幣將成為香港穩定幣市場的先鋒，鞏固其作為國際金融中心的地位，為本地和國際用户提供一個受監管的港元數字通道。</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>多幣種展望：香港的政策靈活性為未來基於更多主要國際貨幣的穩定幣發行打開了大門，突顯了其作為國際金融中心的多樣性和開放性。通過考慮上述多個維度，可以看出香港目前所推動的並不是單一的政策試點，而是相對完整的制度設計：在入口層面，許可機制控制參與實體。在實體層面，將引入持牌金融機構作為核心參與者。在應用層面，將優先推動支付場景的實施。在制度邊界上，為多種貨幣，特別是人民幣，保留空間。該系統的核心目標不僅僅是擴大數字資產市場的規模，而是將穩定幣整合到可控風險的金融基礎設施系統中。在當前複雜多變的國際環境中，陳茂波強調香港需要保持高度警惕，通過增強金融市場的競爭力和全球影響力來實現 “主動防禦”。這一表述不僅涉及傳統金融風險，還包括新興數字資產體系內的制度競爭。穩定幣目前正處於這一競爭的十字路口。24/7 的跨市場監測系統也意味着其發展路徑將始終處於強監管和高透明度之下。這進一步表明，香港推動穩定幣並不是市場驅動的被動選擇，而是基於金融戰略考量的主動部署。在這種背景下，穩定幣的意義正在發生轉變。它們不再僅僅是加密市場中的流動性工具，也不僅僅是跨境資金轉移的技術手段，而是逐漸演變為在不同監管體系下具有 “制度屬性” 的金融媒介。換句話説，未來穩定幣的使用將不再依賴於技術可行性，而是取決於你所處的監管體系。</p>
</div>

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

- 香港穩定幣政策明確，逐步從 “試點工具” 轉向 “系統建設階段”。  
- 金融秘書表示將小步快跑，強調風險控制與創新平衡。  
- 穩定幣的應用場景擴展，逐漸融入傳統金融基礎設施。

隨着滙豐控股有限公司和證券公司同時進入市場，香港的穩定幣發展進入了新的階段