HKMA Chief: Hong Kong Dollar Stablecoin to Launch Within the Year, Wealth Management Connect 3.0 Continues Discussions

June 9. According to a report from Caixin, Norman Chan, Chief Executive of the Hong Kong Monetary Authority, led a delegation from the Hong Kong Association of Banks to Beijing recently and sat for a group media interview on June 8. During the interview, Chan covered key market topics including Hong Kong’s stablecoin licensing framework, cross-border financial oversight, and the internationalization of the renminbi (RMB). Chan noted Hong Kong stands as a core hub for accessing the mainland Chinese market, boasting three key advantages: a robust institutional system, strategic geographic positioning, and a mature market ecosystem. Going forward, the city will continue attracting global capital inflows. On stablecoin licensing plans, Chan revealed that AnChain Technology is on track to launch a stablecoin by mid-year, with trial usage likely kicking off in the coming weeks. HSBC, meanwhile, is set to launch its own stablecoin between the third and fourth quarters of this year. The two firms’ stablecoin projects are distinct. Per Chan, AnChain Technology’s stablecoin is geared toward cross-border payments, aiming to lower cross-border remittance costs, speed up transactions, and support use cases like cross-border e-commerce and regional trade. HSBC’s stablecoin, by contrast, will focus on expanding into retail payment scenarios. Long-term plans for HSBC’s project include integrating with clearing platforms to advance the settlement of tokenized assets.