Hong Kong has set the launch date for its limited stablecoin licensing program in August 2025.

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Hong Kong will issue stablecoin licenses starting from August 2025, according to an announcement by Financial Services Secretary Christopher Hui. This plan will focus on cross-border payment solutions, targeting fiat-pegged stablecoins for international transactions. Hui emphasized that these digital assets could help reduce transaction costs and stabilize the economy amid currency devaluation pressures. The government will maintain close supervision in the initial phase, issuing a limited number of licenses to ensure regulatory control. This development helps Hong Kong compete with Singapore, which already has a stable digital payment license regime. Currently, Tether (USDT) still leads the stablecoin market with a market cap of 159.52 billion USD, despite a 46.65% drop in trading volume.

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